Another jump in prices tightens the squeeze on US consumers | www.WDIO.com

Another jump in prices tightens the squeeze on US consumers

Annual Forecast Predicts More Michigan Economic Growth Annual Forecast Predicts More Michigan Economic Growth | 

MARTIN CRUTSINGER
Created: June 10, 2021 04:14 PM

WASHINGTON (AP) - American consumers absorbed another surge in prices in May -  a 0.6% increase over the past month and 5% over the past year, the biggest 12-month inflation spike since 2008.

The May rise in consumer prices 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. 

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MARTIN CRUTSINGER

Copyright 2021 The Associated Press. All rights reserved.

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