{"id":460662,"date":"2022-06-10T15:45:56","date_gmt":"2022-06-10T12:45:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/inflation-stayed-red-hot-in-may-as-high-energy-prices-drive-soaring-prices\/"},"modified":"2022-06-10T15:45:56","modified_gmt":"2022-06-10T12:45:56","slug":"inflation-stayed-red-hot-in-may-as-high-energy-prices-drive-soaring-prices","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/inflation-stayed-red-hot-in-may-as-high-energy-prices-drive-soaring-prices\/","title":{"rendered":"#Inflation stayed red-hot in May as high energy prices drive soaring prices"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3eba96d46e0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3eba96d46e0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/inflation-stayed-red-hot-in-may-as-high-energy-prices-drive-soaring-prices\/#%E2%80%9CInflation_stayed_red-hot_in_May_as_high_energy_prices_drive_soaring_prices%E2%80%9D\" >&#8220;Inflation stayed red-hot in May as high energy prices drive soaring prices&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CInflation_stayed_red-hot_in_May_as_high_energy_prices_drive_soaring_prices%E2%80%9D\"><\/span>&#8220;Inflation stayed red-hot in May as high energy prices drive soaring prices&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>American consumers continue to be weighed down by soaring levels of inflation as the consumer price index remained at a sky-high clip of 8.6% \u2014 the highest since 1981 \u2014 thanks to skyrocketing oil prices as well as the rising cost of food, rent and health care.<\/p>\n<p>The 8.6% year-over-year figure is higher than the 8.3% that was predicted by analysts.<\/p>\n<p>Experts at Dow Jones expected the consumer price index to rise 0.7% \u2014 an increase from 0.3% in April. Instead, it rose 1%, according to the US Bureau of Labor Statistics.<\/p>\n<p>Analysts had hoped the US had reached \u201cpeak inflation\u201d and that the CPI would begin to show signs of cooling.<\/p>\n<p>But as long as the price of oil continues to climb, it is unlikely that the CPI will moderate.<\/p>\n<p>\u201cThat\u2019s what changed our view over the last few weeks,\u201d Sarah House, a senior economist at Wells Fargo, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/06\/09\/may-consumer-inflation-expected-fiery-hot-as-gas-food-and-rent-rose.html\">told CNBC<\/a>. <\/p>\n<p>\u201cWe\u2019ve seen gasoline hit record levels. And naturally what\u2019s prevented the peak from being behind us is what\u2019s coming out of the energy sector.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-feat-image.jpg?w=1024\" alt=\"Soaring gas prices are driving record levels of inflation as the federal government released new data indicating that the consumer price index rose year-over-year to 8.6%.\" class=\"wp-image-22606376\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-feat-image.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-feat-image.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-feat-image.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Soaring gas prices are driving record levels of inflation as the federal government released new data indicating that the consumer price index rose year-over-year to 8.6%.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Inflation-May2022-V2.jpg?w=1024\" alt=\"inflation graf\" class=\"wp-image-22606686\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Inflation-May2022-V2.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Inflation-May2022-V2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Inflation-May2022-V2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Data released by the federal government on Friday indicates that the consumer price index rose by 8.6%.<\/figcaption><\/figure>\n<p>The US national average of a gallon of fuel is fast <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching the $5 benchmark \u2014 which would be a record.<\/p>\n<p>According to AAA, the national average stood at $4.98 as of Friday. Motorists in nineteen states in the union are now paying at least $5 per gallon of gas.<\/p>\n<p>Biden administration officials said they have limited means to lower the price of gas, which is emerging as a key political issue in the run-up to mid-term elections this fall. <\/p>\n<p>The Republican Party is expected to take back the majority in the House and possibly the Senate.<\/p>\n<p>Treasury Secretary Janet Yellen said on Thursday she did not expect the US economy to tip into a recession, but growth would \u201cabsolutely\u201d slow down and gasoline prices were unlikely to fall anytime soon.<\/p>\n<p>\u201cI don\u2019t think we\u2019re (going to) have a recession. Consumer spending is very strong. Investment spending is solid,\u201d she told a New York Times Dealbook event.<\/p>\n<p>\u201cI know people are very upset and rightly so about inflation, but there\u2019s nothing to suggest that a\u2026recession is in the works.\u201d<\/p>\n<p>Commerce Secretary Gina Raimondo admitted Tuesday that the Biden administration is running out of options as it scrambles to\u00a0bring down gas prices\u00a0that have surged to record highs across the nation in recent weeks.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"808\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-09.jpg?w=1024\" alt=\"The US economy has been weighed down by record levels of inflation not seen in four decades.\" class=\"wp-image-22606368\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-09.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-09.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-09.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The US economy has been weighed down by record levels of inflation not seen in four decades.<\/figcaption><figcaption><span class=\"credit\">U.S. BUREAU OF LABOR STATISTICS<\/span><\/figcaption><\/figure>\n<p>\u201cUnfortunately, that is the brutal reality,\u201d Raimondo\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnn.com\/2022\/06\/07\/politics\/raimondo-gas-prices-white-house-cnntv\/index.html\">told CNN<\/a>.<\/p>\n<p>The stark admission echoed similar remarks from President Biden, who has faced mounting pressure to respond to the gas crisis.<\/p>\n<p>Raimondo echoed Biden\u2019s frequent assertion that Russian President Vladimir Putin and his brutal invasion of Ukraine are most responsible for the spike in gas prices. Biden has referred to the increase as \u201cPutin\u2019s price hike.\u201d<\/p>\n<p>\u201cThis is, in large part, caused by Putin\u2019s aggression,\u201d Raimondo said. \u201cSince Putin moved troops to the border of Ukraine, gas prices have gone up over $1.40 a gallon. The president is asking for Congress and others for potential ideas. But as you say, the reality is that there isn\u2019t very much more to be done.\u201d<\/p>\n<p>The price of fuel is rising in tandem with oil prices, which continued to climb on Friday.<\/p>\n<p>West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude, which is the US benchmark, rose nearly $1 and was selling at $122.50 per barrel as of Friday morning.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-05.jpg?w=1024\" alt=\"Soaring gas prices have also fueled a rise in the cost of food and health care.\" class=\"wp-image-22606365\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-05.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-05.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-05.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Soaring gas prices have also fueled a rise in the cost of food and health care.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>Brent Crude, the international benchmark, rose by nearly 1% and was trading at north of $124 per barrel.<\/p>\n<p>The US central bank will hike its key interest rate by 50 basis points in June and July, with rising chances of a similar move in September, according to a Reuters poll of economists who see no pause in rate rises until next year.<\/p>\n<p>Analysts expect the price of oil to either approach or possibly surpass $140 this summer as demand ramps up \u2014 coinciding with the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> season.<\/p>\n<p>The debate over whether the US has reached \u201cpeak inflation\u201d is critical since analysts say it will give them a better indication as to how the Federal Reserve will adjust monetary policy going forward.<\/p>\n<p>Faced with inflation running at just below a four-decade high and more tightening in the labor market, the Fed is under pressure to quickly take its policy rate to the neutral level that neither stimulates nor restricts \u2014 and beyond.<\/p>\n<p>All 85 economists in a June 6-9 Reuters poll predicted a 50 basis point federal funds rate hike to 1.25%-1.50% on Wednesday, after a similar move last month. <\/p>\n<p>Another such hike was penciled in for July by all but a handful of survey contributors.<\/p>\n<p>\u201cThe bad <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for the Fed is that inflation is now so far above target that it has little choice but to tighten aggressively,\u201d said Ethan Harris, global economist at Bank of America Securities.<\/p>\n<p>Most Americans believe that inflation is going to get worse in the near future, with two-thirds surveyed who said that they expect prices will continue to go up.<\/p>\n<p>The national survey of more than 1,000 adults in late April and early May found that 66% expect the prices of essential goods and services to increase in the next year,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/business\/2022\/06\/09\/inflation-worse-poll-americans\/\">the Washington Post reported.<\/a><\/p>\n<p>Meanwhile, just 21% said they expected the cost of everyday items like gas and groceries to go down, while 12% said they expected inflation to stay about the same, according to the poll conducted by the newspaper along with George Mason University\u2019s Schar School of Policy and Government.<\/p>\n<p><em>With Post wire<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/06\/10\/inflation-stayed-red-hot-in-may-as-high-energy-prices-drive-soaring-prices\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Inflation stayed red-hot in May as high energy prices drive soaring prices&#8221; American consumers continue to be weighed down by soaring levels of inflation as the consumer price index remained at a sky-high clip of 8.6% \u2014 the highest since 1981 \u2014 thanks to skyrocketing oil prices as well as the rising cost of food,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":460663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/inflation-numbers-high-comp-3.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[81188,130176,5069,70550,70509,94183,100568,70551,991,72970,74489],"class_list":["post-460662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-janet-yellen","tag-6-10-22","tag-economy","tag-federal-reserve","tag-food","tag-gas","tag-gas-prices","tag-inflation","tag-joe-biden","tag-oil","tag-oil-prices"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460662","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=460662"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/460663"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=460662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=460662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=460662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}