The latest inflation report showed a year-over-year increase of 8.58 percent, but the true amount is much higher for numerous items–as high as 110%. Here are all the products you are paying way more for today than last year.
The US and inflation
The US inflation rate is based on the consumer price index (CPI), which looks at a select group of goods and services purchased in the US and how those specific goods increase or decrease in price over a year. Inflation is a metric the US Federal Reserve uses to gauge the health of the nation’s economy. Since 2012, the Federal Reserve has considered an inflation rate of 2% as a standard expected amount and will make changes to monetary policy if inflation is not within that range.
US inflation at highest amount in 40 years
According to the latest inflation numbers that represent the consumer price index (CPI), year-over-year inflation in the United States ending May 31, 2022, sits at 8.58%, according to YCharts. A year earlier inflation was 4.99%. The year before that, in May 2020, inflation was 0.12%.
Currently, inflation is at the highest it’s been since the 1980s.
Inflation up, wages down
During this same period of time from May 2021 to May 2022, wages dropped 3 percent, according to the Bureau of Labor Statistics.
List of goods that cost higher than the inflation amount
As mentioned earlier, the CPI is based on a select group of goods. The important thing to remember here is that inflation can be much higher than the CPI average on certain goods. That’s the case right now, where Americans are paying an amount that is much higher than inflation on many of its most-needed or used goods, as much as 110 percent inflation in some cases!
Here is a list of goods that cost significantly more than the current rate of inflation, according to the Bureau of Labor Statistics.
Fuel oil: 103.7% increase.
Gasoline: 49% increase (110% increase since Joe Biden took office). The current US average for a gallon of unleaded gasoline is $5.016, according to AAA.
Electricity: 12% increase.
Piped (natural) gas service: 30.2% increase.
Food at home: 11.9% increase.
Eggs: 32% increase.
Meat/poultry/fish: 14.2% increase.
Used cars & trucks: 16% increase.
New vehicles: 13% increase.
Airline fares: 38% increase.
Increase, but less than inflation amount
Fruits & vegetables: 8% increase.
Transportation services: 7.9% increase.
Dining out: 7.4% increase.
Apparel: 5% increase.
Rent: 5% increase.
Medical care services: 4% increase.
