The Labor Department reported Thursday the U.S. consumer price index grew at the fastest annual rate in nearly 13 years, since the 2008 economic collapse, as concerns about rising inflation in the U.S. economy continue to build.
The index represents the average change in prices of goods and services such as food, energy, housing costs, and others. It rose 5% in May compared to the same time year earlier. The increase was higher than expected, with the Dow Jones forecasting a slightly lower of 4.7% rise, according to CNBC.
The increase is the largest since 5.3% rise In 2008, just before the financial crisis causing the worst recession since the Great Depression.
The goods with the highest price increases were used cars and trucks, with prices surging 7.3%. Airline tickets were a close second, with prices climbing 7% from a year earlier as the pandemic cut air travel substantially. Food prices have stayed similar to those a year ago, up only 2.2%.