The rise in prices in May broke a record in 13 years: what has risen in price the most
From furniture to used cars and raw beef roast, prices have risen steadily since January as the economy recovers and Americans spend money again. What has risen in price in May and how much, the newspaper said CNN.
The ongoing pandemic has complicated supply chains by limiting supply, even though demand for goods is skyrocketing, this is also driving prices up.
Overall, consumer prices rose 5% last month from May of the previous year - the largest jump since the summer of 2008 and more than forecast (4,7%).
Thinking of buying a new sofa? Maybe you would like to purchase new bedding? Expect to pay more than usual.
Home furniture and bedding prices rose 1,3% last month. This change does not appear to be significant, but it is the largest monthly increase since January 1976.
Last spring, when the pandemic caused economic chaos, sawmills closed in anticipation of a slump in housing. This decline never came. Now, sawnwood prices are skyrocketing as the supply of sawnwood has failed to meet demand.
For the second consecutive month, prices for used cars and trucks rose sharply. Last month, they increased by 7,3%, accounting for about one third of the total price increase in May. In April, the value of used cars and trucks jumped 10%, the largest monthly price increase since used car data was first collected in 1953.
New cars also rose in price - in May the price increased by 1,6%. This is the largest monthly increase since October 2009.
The shift to work from home, coupled with the loss of a job last year, has resulted in a sharp drop in car sales. As a result, many car dealerships have closed. While demand for cars has returned, supply has not. Automotive factories around the world have been forced to close or restrict production due to a recent shortage of computer chips. Dealerships now have fewer cars. Strong demand and limited supply continue to drive up prices.
Americans have been stuck at home for over a year. But with restrictions eased and the number of vaccinations increased, travel is making a comeback, and people are eager to hit the road.
Airfare prices have climbed up and climbed 7% in the last month. Other types of tourist transport also continued to rise in price. Rent of cars and trucks is 12,1% more expensive, other long-distance transportation - 2%.
Once you get to your destination, things are not so bad. Prices for intracity transportation last month fell by 0,4%.
If you are planning to buy raw beef roast or steaks at the 4th of July party, you may now need to reconsider your choice. Their price last month increased by 6,4% and 4,3%, respectively. Alternatively, you can try sausages, which are 1,9% cheaper than in April, or ham, which dropped 2,7% in price. In general, meat, poultry, fish and eggs rose in price by 1,3% last month.
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Fortunately, pickle prices dropped 2,1%, soft drinks dropped 0,5%, and fruit and vegetable prices generally remained unchanged, so you can at least stock up on side dishes and drinks for your holiday celebrations.
As you know, food prices in general continue to rise in price. The cost of food in May increased by 0,4%. This is the same growth as in April.
While prices are going up, there is good news, especially if you need a doctor.
The Health Care Index, which includes items such as pharmaceuticals, medical equipment and medical services, rose 0,9% over the past 12 months. Yes, this is higher than last year, but this is the smallest increase since March 1941.
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