The rise in prices in May broke a record in 13 years: what has risen in price the most

From furniture to used cars to raw beef roasts, prices have risen steadily since January as the economy recovers and Americans spend money again. What went up in price in May and by how much, the publication said CNN.

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The ongoing pandemic has complicated supply chains by limiting supply, even though demand for goods is skyrocketing, this is also driving prices up.

Overall, consumer prices rose 5% last month from May the previous year, the biggest jump since the summer of 2008 and more than the 4,7% rise expected.

Home furniture

Thinking of buying a new sofa? Maybe you would like to purchase new bedding? Expect to pay more than usual.

Home furniture and bedding prices rose 1,3% last month. This change does not appear to be significant, but it is the largest monthly increase since January 1976.

Last spring, when the pandemic caused economic chaos, sawmills closed in anticipation of a slump in housing. This decline never came. Now, sawnwood prices are skyrocketing as the supply of sawnwood has failed to meet demand.

Transport

For the second consecutive month, prices for used cars and trucks rose sharply. Last month, they increased by 7,3%, accounting for about one third of the total price increase in May. In April, the value of used cars and trucks jumped 10%, the largest monthly price increase since used car data was first collected in 1953.

On the subject: In American stores, food prices have risen at a record: how to save

New cars have also become more expensive - in May the price increased by 1,6%. This is the biggest monthly increase since October 2009.

The shift to working from home, coupled with job losses last year, has led to a sharp drop in car sales. As a result, many car dealerships closed. While demand for cars has returned, supply has not. Automotive factories around the world have been forced to close or limit production due to the recent shortage of computer chips. Now car dealerships have fewer cars. High demand and limited supply continue to drive up prices.

Travels

Americans have been stuck at home for over a year. But with restrictions eased and the number of vaccinations increased, travel is making a comeback, and people are eager to hit the road.

Airfare prices have been on the rise, rising 7% in the past month. Other types of tourist transport also continued to rise in price. Car and truck rentals are 12,1% more expensive, and other intercity transportation is 2% more expensive.

Once you get to your destination, things are not so bad. Prices for intracity transportation last month fell by 0,4%.

Food

If you are planning to buy raw beef roast or steaks at the 4th of July party, you may now need to reconsider your choice. Their price last month increased by 6,4% and 4,3%, respectively. Alternatively, you can try sausages, which are 1,9% cheaper than in April, or ham, which dropped 2,7% in price. In general, meat, poultry, fish and eggs rose in price by 1,3% last month.

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Luckily, pickle prices are down 2,1%, soft drink prices are down 0,5%, and the cost of fruits and vegetables is generally unchanged, so you can at least stock up on side dishes and drinks for your holiday celebrations.

As you know, food prices in general continue to rise in price. The cost of food in May increased by 0,4%. This is the same growth as in April.

Health

While prices are going up, there is good news, especially if you need a doctor.

The Health Care Index, which includes items such as pharmaceuticals, medical equipment and medical services, rose 0,9% over the past 12 months. Yes, this is higher than last year, but this is the smallest increase since March 1941.

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