The U.S. Bureau of Labor Statistics released its Consumer Price Index for All Urban Consumers last week, which showed an increase of 1% in May, after rising 0.3% in April, and an inflation rate of 8.6%, the highest the U.S. has seen since 1981.
The energy index rose 3.9% with energy prices up 34.6%, and the gasoline index was up 4.1% with a 106.7% increase in fuel costs. The food index jumped 1.2% with food costs up 10.1%, and shelter costs rose at the highest pace in 31 years.
The National Retail Federation (NRF) shared the 4 Things Retailers Need to Know About Inflation, offering insights on how the U.S. has gotten to this point economically, the impact inflation is having on consumers and how consumers are responding. NRF also provided resources for contacting Congress about implementing policies that lower the inflation rate.
“President Biden and Congress can provide relief to consumers and encourage economic growth,” says Katherine Cullen, senior director, industry and consumer insights. “Over the past several months, NRF’s ‘Lower Inflation Now’ grassroots campaign has generated hundreds of messages to the administration and Congress.”