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Once again, inflation has hit a 40-year high according to a new report from the Bureau of Labor Statistics.
In May, prices grew 8.6% from the same time one year ago — its fastest spike since December 1981 and outpacing the Dow Jones estimate of an 8.3% increase.
The core consumer price index (CPI), which excludes food and energy prices, grew to 6% after being forecasted to reach 5.9%.
Energy costs grew 3.9% from the month prior, while shelter costs rose 0.6%. Food costs increased by 1.2% last month, bringing its year-over-year increase to 10.1%.
Although hourly wages grew 0.3%, wages fell 0.6% in April when accounting for inflation.
As a result of the disappointing report, stocks took a slight dive at open as investors and economists continue to brace for a potential recession.
“It’s hard to look at May’s inflation data and not be disappointed,” said John Leer, chief economist at Morning Consult. “We’re just not yet seeing any signs that we’re in the clear.”
Companies have taken various cost-cutting measures — including layoffs and hiring freezes — in order to alleviate the pressure of price increases.
