Inflation in the U.S. hit a fresh 40-year high in May, with Americans paying significantly more money in a category crucial for their survival — food.
The Bureau of Labor Statistics’ May Consumer Price Index (CPI) rose 8.5% compared to the same month last year, up from 8.3% in April. The cost of food rose 10.1%, with food in the at-home category rising 11.9%. That’s the highest increase since April 1979.
On a 12-month basis, meats, poultry, fish, and eggs led the spike with an increase of 14.2% — with eggs specifically up a whopping 32.2%. This leap was followed by the other food at-home categories including dairy and related products, up 11.8%, with milk specifically up 15.9%.
Unlike in April, when the price of bananas was down month-over-month, in May it jumped 1.3% month-over-month. Oranges are down 1.8% compared to last month but up a whopping 14.6% compared to May 2021.
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Article URL : https://finance.yahoo.com/news/inflation-food-prices-may-cpi-151941573.html