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The Bureau of Labor Statistics released their monthly Consumer Price Index (CPI) report on Friday, which revealed an overall 8.6 percent increase in the price of goods and services compared to this time last year, marking a 41-year high.
That’s a .3 percent increase from April’s 8.3 percent inflation and, as Fox Business reports, higher than the original 8.3 percent estimated for this month.
The last time American inflation was this high was December of 1981, and the recent CPI numbers reflect a recent trend of the Biden administration continually setting records for skyrocketing inflation.
The Consumer Price Index (CPI) measures the price of everyday goods and services which include gas, groceries, and rent, with core inflation looking at all categories minus the more volatile food and energy prices. This metric is up 6 percent from last year, and has risen .6 percent from last month.
CPI as a whole rose by 1.0 percent in May, up from the 0.3 percent seen in April.
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