The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May, with used car prices rising 1.8% after having dropped for three straight months. New car prices also rose. And clothing prices increased after having declined in April.
Surveys show that Americans see high inflation as the nation’s top problem, and most disapprove of President Joe Biden’s handling of the economy. Congressional Republicans are hammering Democrats on the issue in the run-up to midterm elections this fall. “With the food, gas and rent — holy cow,” he said. “I’m working a massive amount of overtime, just to make it, just to keep it together.”
In the coming months, goods prices in the United States are expected to finally drop. Many large retailers, including Target, Walmart and Macy’s, have reported that they’re now stuck with too much of the patio furniture, electronics and other goods that they ordered when those items were in heavier demand and will have to discount them.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
US inflation hit 8.6% in May, a new 40-year highConsumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
Baca lebih lajut »
US inflation hits new 40-year high of 8.6% for MaySURGE: The costs of gas, food, and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Baca lebih lajut »
Inflation hits fresh 40-year high in May with consumer prices surging 8.6%The May consumer price report, released on Friday, sheds light on whether inflation is peaking, or whether consumers will continue to face rising costs in coming months.
Baca lebih lajut »
San Jose man arrested in May slaying near Rancho del Pueblo Golf CourseA 23-year-old San Jose man has been arrested in the May 17 fatal shooting near Rancho del Pueblo Golf Course
Baca lebih lajut »
Crypto Billionaire’s Possible Senate Run May Blow Up His Tax ShelterCrypto billionaire Brock Pierce is exploring a run for Senate in Vermont this November. Opting in could mean giving up a lot of money in back taxes to say that Puerto Rico is not his home. KevinTDugan reports
Baca lebih lajut »
EXCLUSIVE: May Migrant Apprehensions Hit 220K -- Breaks Clinton Era RecordBorder Patrol agents apprehended more than 220,000 migrants along the U.S.-Mexico Border in May, setting a record dating back to the Clinton era. Since March 1, agents apprehended more than 633,000 migrants along the southwest border.
Baca lebih lajut »