The Clap
U.S. annual inflation rose 8.6% in May 2022, more than the expected 8.3%.
The deets
The usual culprits, food & beverage, energy, & shelter were the main drivers behind the jump in the consumer price index (CPI). Excluding food & beverage & the energy baskets, inflation rose 6% YoY, also more than expected.
Why this matters
May 2022’s inflation reading shows that inflation hasn’t necessarily peaked, something that was flown around a lot when April 2022’s inflation showed a slight dip.
Wages continue getting hit. Real wages, which take into account inflation figures, have decreased 3% YoY.
