While unusual, these three indicators show just how bad prices are getting.
- Consumer prices soared 8.6% annually in May, the fastest pace in 40 years.
- Most people feel inflation when they fill up their gas tanks or buy groceries.
- But services like haircuts and goods like stamps also show how costs have skyrocketed.
Most people don’t need headlines to tell them that inflation is rising and the odds of a recession are increasing. For many of us, certain telltale signs really make us realize how bad things are getting.
Almost everyone realizes how much more it costs to fill our tanks at the gas station, with a gallon of regular unleaded gasoline hitting a record national average of $5,016 earlier this month. They’re also likely familiar with how much more groceries cost, with staples up 11.9% in the 12 months ending in May.