HomeEconomyBREAKING: Inflation Rose 8.6% In May, Highest Since 1981, Fuel, Oil Up...

BREAKING: Inflation Rose 8.6% In May, Highest Since 1981, Fuel, Oil Up 106% In 1 Year

Things are not looking good for Joe Biden’s America as inflation continues to skyrocket out of control. Despite Biden promising to curb inflation, we’ve seen yet again another jump in May, with prices rising 8.6% from a year ago, the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday. Inflation is now officially at a 41-year high.

The consumer price index, a wide-ranging measure of goods and services prices, increased more than the 8.3% Dow Jones estimate.

Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%.

According to CNBC, some of the biggest increases came in airfares (up 12.6% on the month), used cars and trucks (1.8%), and dairy products (2.9%).

Inflation has been a political headache for the White House and President Joe Biden as he continues to fail to curb inflation as he has promised to do several times.

Administration officials pin most of the blame for the surge on supply chain issues related to the Covid pandemic, imbalances created by outsized demand for goods over services, and the Russian attack on Ukraine.

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