Gage Skidmore via Wikimedia Commons

The new numbers for May on the Consumer Price Index (CPI) are now showing that inflation skyrocketed in May to 5 percent well above most analysts’ expectations. Core CPI rose to 3.8 percent, the most since 1992.

As CNBC reports:

Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday.

The consumer price index, which represents a basket including food, energy, groceries, housing costs, and sales across a spectrum of goods, rose 5% from a year earlier. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.

The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the U.S. spiraling into the worst recession since the Great Depression.

Used cars and truck prices continued their climb higher, rising 7.3% on the month and 29.7% for the past 12 months. The new vehicles index increased 1.6%, its biggest-single month gain since October 2009 and was up 3.3% for the 12-month period, the highest move since November 2011.

The numbers are terrible news for President Joe Biden as they reflect an economy that is heading off the rails and which may spell doom for his far-left plan to unleash an additional two trillion dollars in spending for ‘infrastructure.’

 


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Bug D
Bug D
22 hours ago

Way to GO…Pedo Joe!

Dan Moylan
Dan Moylan
22 hours ago
Reply to  Bug D

didn’t think anyone could wreck Trumps economy this bad or fast. Sadly, I was wrong
what a disaster

gretta
gretta
15 hours ago
Reply to  Dan Moylan

What Joe has done is more devastating than we were informed. His EO were thorough, he was brutal. It was his every intention to ruin our economy and to devastate everything that our President Trump did, and it was done out of pure hate. And, he was told by Kamala, Obama, Valarie Jarrett, and Susan Rice, Xi from China, and let’s not forget George Soros. This is Obama’s team, all the way. And, you have to remember, dirty old Joe was Hussein Obama’s VP. They HAVE to destroy our citizens and our country to make their communist UN new world order happen. This is the communist UN’s new world order, THEIR utopia. They are salivating and rejoicing with joy.

Rick
Rick
21 hours ago

Buckle your seat belts ladies and gentlemen, Its Going to be A turbulent ride from here to 2022, there will be Inflation, stagflation, deflation, and tears at all levels untill we can a handle on the purse strings from the Comrade Idiot In Chief, It’s going to be a wet wild and tough ride !

Mary
Mary
21 hours ago
Reply to  Rick

Fiasco after fiasco! What a disaster these 2 are and I can’t wait for the sweep in 2022!

gretta
gretta
15 hours ago
Reply to  Mary

I pray that voter fraud will be stopped, because if the republican party and the supreme court do not do their job, we will be decimated. But, they need to do it NOW, not wait for 2022. Waiting for 2022 is insane…. these incompetent tyrants need to be removed form office and tried for treason NOW.

P W
P W
21 hours ago

It’s OK, Jen Psaki will tell us its not happening and CNN and MSNBC will parrot that so we are all good. Who else would you want steering the ship, an orange guy that has worked in a business and understands economics and taxes and growing an economy OR a lifelong civil servant/grifter with dementia whose son is a crackhead racist???

Oirish1953
Oirish1953
20 hours ago
Reply to  P W

With a Marxist communist witch for a VP.