Consumer prices jump the most since the Great Recession


DENVER (KDVR) — Prices continue to climb across the country, continuing a trend that’s been happening since the beginning of the year.

The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index report on June 10. All items are 5% more expensive than a year ago.

This is the second straight month of price increases that haven’t been seen since the Great Recession. April’s price increases were unseen since September of 2008, and May has experienced year-over-year price spikes unseen since August 2008.

“The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in May on a seasonally adjusted basis after rising 0.8 percent in April, the U.S. Bureau of Labor Statistics reported today,” reads the release. “Over the last 12 months, the all items index increased 5.0 percent before seasonal adjustment; this was the largest 12-month increase since a 5.4-percent increase for the period ending August 2008.”

Nationally, year-over-year prices have risen every month since last fall.

Not on single price category has gone down, but certain categories drove the overall price increase.

These areas were naturally depressed during the throes of last year’s pandemic. Now, as American with good savings are reemerging from their homes, pent-up demand is driving prices higher.

Gasoline, energy and used cars and trucks saw some of the highest year-over-year growth.

Gasoline prices are up 56.2% in May compared to last year, which is the largest 12-month increase since 1980.

Energy commodities are up 54.5% and used cars and trucks are up 29.7% over the same time period.

Prices have steadily climbed month-to-month and sped up since last fall.

For all items, the monthly price index rose 0.6% in May from the previous month. Only certain energy sections did not see month-over-month price increases in May.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Most Read

Top Stories