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.
Prices rose by 4.1 percent for gasoline in May alone, and skyrocketed by 48.7 percent from this time last year. Notably, fuel oil rose an astounding 106.7 percent compared to last year.
The energy index, which includes both gasoline and fuel oil, rose by 34.6 percent compared to last year, a spike not seen since September of 2005.
Food rose by 1.2 percent in May, and by 10.1 percent compared to last year. This is the first increase of 10 percent or more since the period ending in March of 1981.
In March Treasury Secretary Janet Yellen told Americans to prepare for at least another year of inflation.
Her warning was in contrast to President Biden who has falsely claimed to have created the greatest American economic recovery in the history of the country.
The pressure of inflation has reduced the value of wages and contributed to a stark economic climate that could lead to recession. In early June JPMorgan Chase CEO Jaime Dimon warned of an impending economic "hurricane."
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