(CNN)Americans have seen double-digit prices rise at levels never seen since the inflation-soaked 1970s. , Faces rising prices in grocery stores. According to the Ministry of Labor's latest consumer price index, everything from eggs to poultry.
Friday's inflation report is a three-fold blow to consumers, significant in food, housing, energy (the sector that accounts for the majority of household costs) and almost every other sector. The price has been raised. Category.
However, some of the most exponential increases were in the household food sector, where food costs surged almost 12% in the year to May. This is the largest year-on-year increase since 1979.
The categories that are experiencing the greatest price increases are usually staple foods such as dairy products, eggs and meat.
According to the latest CPI, egg prices rose 32.2% from May 2021 to May 2022. Meat, chicken and fish increased 14.2% year-on-year, and dairy products increased 11.8%.
"Food and fuel are driving inflation and causing pain to American homes," RSM Chief Economist Joe Brusuelas said in a Friday memo.
"We need to listen to what consumers say, but more importantly, we need to monitor consumer behavior," said Jeffrey Roach, chief economist at LPL Financial. I am.
"Inflation and uncertainty have a major impact on emotions, so we expect a slowdown in consumer spending," he said in a statement.
The Federal Reserve, which has the dual mission of maintaining price stability and maximum employment, is raising interest rates as a way to mitigate rising inflation and cool the economy. It's far from an overnight process.
While inflation reports have brought a new attack on the Biden administration from the Republican Party, the White House has sought to blame the worst inflation on rising oil and gasoline prices after Russia's invasion of Ukraine. ..
"Today's inflation reports confirm that Americans already know. Putin's price increases have hit Americans hard," President Joe Biden said at the Port of Los Angeles. Told. The most pressing current issue is: high prices for everything from gas to groceries.
Biden acknowledged the pain that Americans were feeling, explained how he was trying to resolve it, and tried to blame others.
"OK," Biden said. "Inflation is a real challenge for American families."
He chose oil giant Exxon for making "more money than God" and raised prices last year, a shipping conglomerate. And blamed the oil company for buying its own shares.
-CNN's Kevin Liptak contributed to this report.