The Labor Department offered proof of what most of us already know: inflation remains historically high.
US inflation hit 8.6% in May, a new 40-year high
Soaring gas prices have dominated headlines, up nearly 17% in just a month, and more than double in a year. The May reports also found food prices rose 10%, with meats and eggs even higher. Car prices also remain high, up 16% over a year ago. What can people expect if they need a new energy plan right now? How are prices?
"When you go back to the store, double-check it. Then, consider switching brands to one that hasn't downsized, and use unit-pricing on the shelf to see which is really the best deal," says Edward Dworsky of Consumer World.In downtown Houston, as the CPI report was being released, activists inflated, what they called, a 7-foot tall 'corporate fat cat', blaming corporate greed for runaway prices.
On Facebook, FOX 26 viewers shared how prices are affecting them. Nancy Spagna, for example, says, "Shopping the clearance area of supermarkets. No vacation plans. And pray nothing major breaks down!!" while Roger Zewe wrote, "I eat once a day now."For economic watchers, the inflation report does not come as a surprise, and some suggest the higher costs of buying and borrowing will eventually cool the economy.
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