Here’s How Inflation Is Punishing Most Americans
There are areas of inflation that have impacted Americans the most, a punishing blow to the working-class taxpayers of the country.
Energy prices increased 3.9% in May alone and 34.6% over the past year. BLS reported that the cost of gas rose 4.1% in May and is up 48.7% over the past 12 months.
“The energy index rose 34.6 percent over the past 12 months. The gasoline index increased 48.7 percent over the span. The index for fuel oil more than doubled, rising 106.7 percent; this represents the largest increase in the history of the series, which dates to 1935,” the report reads.
As of Saturday morning, gas prices have reached a record-high of more than $5 per gallon.
“The index for fuel oil more than doubled [in the last 12-months], rising 106.7 percent; this represents the largest increase in the history of the series, which dates to 1935,” the BLS report stated. “The index for electricity rose 12.0 percent, the largest 12-month increase since the period ending August 2006., The index for natural gas increased 30.2 percent over the last 12 months, the largest such increase since the period ending July 2008.”
Food price increases have also dealt a punishing blow to most Americans.
Food prices rose 1.2% for the month, with eggs leading the increase at 5% for the month and dairy just behind at 2.9%.
The report states, “The food at home index rose 11.9 percent over the last 12 months, the largest 12-month increase since the period ending April 1979.”
The index for meats, poultry, fish, and eggs increased the most, rising 14.2%, with the index for eggs increasing 32.2%. The impact will be felt by all Americans, both in grocery stores and in restaurants.
Groceries +11.9% y/y –>Biggest inc. since 1979
Chicken +17.4% ->Largest ever
Restaurants +9% -> Largest ever
Fuel oil +107% ->Largest ever
Electricity +12% ->Largest since ’06
Rent +5.2% ->Largest since 1987
Airfare +37.8% ->Largest since 1980
Services +5.7% ->Largest since 1990
— Heather Long (@byHeatherLong) June 10, 2022
Americans are experiencing crippling price increases in food purchases for eating at home, and away from home, BLS reported.
Other items leading the increase were airfare, increasing 12.6%, for a total rise of 39.7% for the last year.
The household furnishings and operations index increased 8.9% over the last 12 months.
Bottom line, it appears there is no relief in sight for Americans, as they face record-high inflation, stagnant wages, and a constant struggle to survive.