The Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, a Friday report from the U.S. Bureau of Labor Statistics revealed. Even though wages are nominally rising, real average hourly wages dropped 3% during the same period — meaning Americans must tighten their budgets or work more than last year to enjoy the same standard of living.
The Friday report also reveals that energy is seeing the most severe price increases. Fuel oil has risen 107% year-over-year. Gasoline rose 49%; utility gas service rose 30%; and electricity rose 12%.
The rise in fuel cost is driven by the Russian invasion of Ukraine, as well as