Biggest Price Hikes From Inflation in United States
US inflation hits new record 40-year high, as price hikes are spread
The data provided from the Labor Department Friday revealed the most significant inflation levels over the past 40 years.
Prices for consumers increased 8.6 percent in the 12 months that ended in May, which was higher than expectations and rising 1 percent from April.
Fuel oil (106.7 percent) as well as gasoline (48.7 percent) and airline tickets (37.8 percent) as well as used vehicles and trucks (16.1 percent) are among the top price increases during the 12 month.
Most importantly, Prices for energy raised 6.1 percent from April to May, with an increase of 16.9 percent increase in the price of fuel oil, and a 7.8 percent increase in gas costs.
Grocery Cost rose just 1.1 percent overall between April and May, few items rose quickly like Eggs grew 5 % , non-chicken raw poultry increased 4.4 % , and cookies climbed 4 percent.
If you are milk lover then we are sorry. The price of dairy products increased 2.6 percent between April and May, the highest of any category of food.
Airline ticket fares increased by 16.1 percent last month as public transportation overall increased by 11.2 percent.
The majority of about 71 % goods that are included within the Consumer Price Index goods basket have risen by at least 4% over the past twelve months.
Peter Earle, a research fellow at the non-partisan American Institute for Economic Research wrote in an email to his colleagues. The data provides "clear evidence that inflation is accelerating.
The average price for gas was $5 on Thursday, for only the second time ever in U.S. history, according to the tracker of fuel prices GasBuddy.