The annual inflation rate in the U.S. unexpectedly accelerated to 8.6% in May of 2022, the highest since December 1981.
Energy prices, in particular, have skyrocketed, rising 34.6%, the most since September of 2005. This includes gasoline (up 48.7%), fuel oil (up 106.7%, the largest increase on record), electricity (up 12%, the largest 12-month increase since August 2006), and natural gas (up 30.2%, the most since July 2008).
“The simplest explanation for higher prices is that we know that the economy was completely shut down two years ago, at the global economy,” said CBS News business analyst Jill Schlesinger on KIRO Newsradio. “And that put a lot of pressure
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