{"id":271884,"date":"2021-06-10T16:16:29","date_gmt":"2021-06-10T13:16:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/inflation-surges-as-consumer-prices-leap-5-biggest-jump-since-2008\/"},"modified":"2021-06-10T16:16:29","modified_gmt":"2021-06-10T13:16:29","slug":"inflation-surges-as-consumer-prices-leap-5-biggest-jump-since-2008","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/inflation-surges-as-consumer-prices-leap-5-biggest-jump-since-2008\/","title":{"rendered":"#Inflation surges as consumer prices leap 5%, biggest jump since 2008"},"content":{"rendered":"

“#Inflation surges as consumer prices leap 5%, biggest jump since 2008<\/strong>”<\/p>\n

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Inflation continued to surge in May, with consumer prices accelerating at the fastest pace in more than 12 years as the economy emerges from the pandemic, the feds said Thursday.<\/p>\n

The Labor Department\u2019s Consumer Price Index, which measures a basket of goods and services as well as energy and food costs, jumped 5 percent in May from a year earlier.<\/p>\n

That\u2019s higher than April\u2019s 4.2 percent year-over-year rise in prices, and the biggest 12-month rise since August 2008, just before the financial crisis sent the US into the worst recession it had seen since the Great Depression.<\/p>\n

Economists surveyed by Dow Jones expected a 4.7 percent spike in May.<\/p>\n

\u201cToday\u2019s data on consumer prices app<\/a>ears to be an extension of what we witnessed back in April with the core consumer price index running hotter than expected,\u201d\u00a0Charlie Ripley, senior investment strategist for Allianz Investment Management, said.\u00a0\u201cWithin the data, strong contribution continues to come from sectors that are rebounding quickly with pandemic restrictions easing.\u201d<\/p>\n

Consumer prices rose 0.6 percent from the month prior on a seasonally adjusted basis, the Labor Department said.<\/p>\n

\"\"
The Labor Department\u2019s Consumer Price Index jumped 5 percent in May from a year earlier. <\/figcaption>
Justin Sullivan\/Getty Images<\/span><\/figcaption><\/figure>\n

The core consumer price index, which excludes volatile food and energy costs, rose 3.8 percent from a year ago, the fastest acceleration since 1992.<\/p>\n

Used car and truck prices surged 7.3 percent, lower than the 10 percent gain it saw the month prior.<\/p>\n

But that alone accounted for about one-third of the index\u2019s gain.\u00a0Food prices\u00a0rose 0.4 percent, matching April\u2019s increase.\u00a0Energy prices were unchanged from April, driven by falling gas prices and\u00a0an increase in natural gas and electricity costs.<\/p>\n

One driver of the massive annual gain is very low inflation this time last year, when the pandemic gutted the economy and consumers were staying indoors and spending less. That could distort year-over-year comparison as the economy reopens.<\/p>\n

\"Sen.
Consumer prices are rising at the fastest pace in more than 12 years.<\/figcaption>
Kevin Dietsch\/Getty Images<\/span><\/figcaption><\/figure>\n

Those comparisons aside,\u00a0prices are spiking\u00a0throughout the economy for a variety of reasons. A global microchip shortage that\u2019s hurt car manufacturing has sent the prices of used cars soaring.<\/p>\n

Commodities from lumber to corn and other crops have risen dramatically, though some of those prices have begun to fall again in recent weeks. A labor shortage that\u2019s preventing many businesses from fully reopening and meeting demand is also driving up some costs. <\/p>\n

\"Patrons
The recent inflation seems to reflect rapidly strengthening consumer demand as Americans venture out of their homes after a year pandemic restrictions.<\/figcaption>
AP Photo\/Gerry Broome<\/span><\/figcaption><\/figure>\n

Many companies are now passing those costs on to consumers, sending the price for new houses, food \u2014 and more \u2014 upward.<\/p>\n

For now, the surge in prices appears to reflect rapidly strengthening consumer demand as Americans venture out of their homes after a year of social<\/a> distancing and pandemic-related restrictions.<\/p>\n

\"Used
Recently, the prices of used cars have soared.<\/figcaption>
Justin Sullivan\/Getty Images<\/span><\/figcaption><\/figure>\n

But the rise in costs is also fueling a debate among economists over whether the inflation bout will be temporary this summer or be here to stay.<\/p>\n

\u201cAs prices continue to rise by substantial amounts each month, the debate is going to intensify about whether all of these price increases are temporary or whether they are going to become entrenched,\u201d said\u00a0Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.\u00a0\u201cIt\u2019s easy to see that a burst in consumer spending is a likely outcome as everyone tries to get back to their pre-pandemic lives, but it\u2019s questionable that once people start paying higher prices and, as more people come back into the workforce, people begin getting paid higher wages, how any of those increases will ever be rolled back.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Inflation surges as consumer prices leap 5%, biggest jump since 2008” Inflation continued to surge in May, with consumer prices accelerating at the fastest pace in more than 12 years as the economy emerges from the pandemic, the feds said Thursday. The Labor Department\u2019s Consumer Price Index, which measures a basket of goods and services…<\/p>\n","protected":false},"author":1,"featured_media":271885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/inflation-prices-02-1.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[108888,5069,70551,74132],"class_list":["post-271884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-10-21","tag-economy","tag-inflation","tag-prices"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=271884"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/271885"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=271884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=271884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=271884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}