Inflation is at 8.6 percent: “Consumer prices jumped 8.6 percent in May compared to last year as inflation holds grip on U.S. economy” (NBC).
If we dig into the article a little, however, we find that current inflation, month-to-month, is actually at 13 percent per year (up 1 percent from month to month).
Another example… “U.S. inflation hit a new 40-year high last month of 8.6 percent“ (Politico):
America’s rampant inflation is imposing severe pressures on families, forcing them to pay much more for food, gas and rent.
The costs of gas, food and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Consumer prices surged 8.6 percent last month from 12 months earlier, faster than April’s year-over-year surge of 8.3 percent, the Labor Department said Friday.
On a month-to-month basis, prices jumped 1 percent from April to May, a steep rise from the 0.3 percent increase from March to April. Much higher gas prices were to blame for most of that increase.
What does Zillow expect for inflation in house prices in our ZIP code (the non-waterfront parts of Jupiter, Florida)? (note that real estate inflation is explicitly excluded from official government CPI) A 14.6 percent boost.