"According to the CPI, prices on all consumer goods shot up by 3.8 percent over the past year. The report indicates that Americans' wages are no longer keeping up with the pace of inflation - in other words, the rise in costs for goods has overtaken the 3.6 percent average wage gain workers received over the past year."
"Multiple factors relating to Trump administration policy or consequences from President Donald Trump's actions likely played a role in higher price increases, including his unpredictable adjustment of tariffs as well as his decision to launch a war on Iran, resulting in the closure and disruption of exports (including oil) through the Strait of Hormuz."
"Food costs also increased, the CPI showed, with prices increasing by 3.2 percent over the past year. Fruits and vegetables prices went up by 6.1 percent, fish and seafood by 6.2 percent, salt and seasonings were up by 7.1 percent, and beef saw a 14.8 percent increase in costs, according to the report."
"Shelter costs, which had been easing in recent months, increased by 0.6 percent in April, with a 3.3 percent increase for the past year overall. Heather Long, chief economist at Navy Federal Credit Union, said the report made clear what most Americans were already feeling when it comes to being able to afford basic goods."
Consumer prices increased 3.8% over the past year, with costs rising faster than average wage gains of 3.6%. Multiple policy-related factors and consequences tied to tariff adjustments and a conflict involving Iran contributed to higher prices through disruptions to exports, including oil, via the Strait of Hormuz. Food prices rose 3.2% overall, with fruits and vegetables up 6.1%, fish and seafood up 6.2%, salt and seasonings up 7.1%, and beef up 14.8%. Food away from home increased 3.6%. Shelter costs rose 0.6% in April and 3.3% over the past year, reversing recent easing. Inflation is described as a drag on the economy and a source of financial squeeze.
Read at Truthout
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