Sumary of US consumers bear new price increase:
- American consumers absorbed another surge in prices in May – a 0.6-percent increase over April and 5 percent over the past year, the biggest 12-month inflation spike since 2008..
- The May rise in consumer prices that the Labor Department reported on Thursday (Friday in Manila) reflected a range of goods and services now in growing demand as people increasingly shop, travel, dine out and attend entertainment events in a rapidly reopening economy..
- The increased consumer appetite is bumping up against a shortage of components, from lumber and steel to chemicals and semiconductors, that supply such key products as autos and computer equipment, all of which has forced up prices..
- And as consumers increasingly venture away from home, demand has spread from manufactured goods to services – airline fares, for example, along with restaurant meals and hotel prices – raising inflation in those areas, too..
- Among specific items in May, prices for used vehicles, which had surged by a record 10 percent in April, shot up an additional 7.3 percent and accounted for one-third of May’s overall price jump..
- The jump in new and used vehicle prices reflects supply chain problems that have caused a shortage of semiconductors….