Consumer Price Index shows Rising Prices and Slowed Supply Chains

A customer pumps gas into his vehicle at a Chevron gas station on March 3, 2021 in Mill Valley, Calif.Justin Sullivan / Getty Images file

Inflation soared 5 percent in May, the fastest year-on-year pace since 2008, as surging demand from the reopening economy met supply chains choked with shortages.

Rising prices in the heating, yet fragile, economy are continuing to erode consumer purchasing power, according to the latest Consumer Price Index report from the Bureau of Labor Statistics, released Thursday morning.

Prices at the grocery store spiked during pandemic lockdown in spring of 2020 as shoppers stocked up and lean supply chains sputtered under the sudden, nationwide demand. Prices have never gone back down to their pre-pandemic levels.

Source: NBC