{"id":1513539,"date":"2022-06-13T12:04:13","date_gmt":"2022-06-13T16:04:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1513539"},"modified":"2022-06-13T12:04:17","modified_gmt":"2022-06-13T16:04:17","slug":"here-are-the-products-gutting-your-bank-account-as-inflation-soars","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-the-products-gutting-your-bank-account-as-inflation-soars\/","title":{"rendered":"Here Are The Products Gutting Your Bank Account As Inflation Soars"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhere-are-the-products-gutting-your-bank-account-as-inflation-soars%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1513539&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.dailywire.com\/topic\/inflation\">Inflation<\/a> soared to new four-decade highs last month \u2014 but some <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">products<\/a> are driving the price increases more than others.<\/p>\n<p>The Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, a Friday report from the <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.t01.htm\">U.S. Bureau of Labor Statistics<\/a> revealed. Even though wages are nominally rising, real average hourly wages <a href=\"https:\/\/www.bls.gov\/news.release\/realer.nr0.htm\">dropped<\/a> 3% during the same period \u2014 meaning Americans must tighten their budgets or work more than last year to enjoy the same standard of living.<\/p>\n<p>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%.<\/p>\n<p>The rise in fuel cost is driven by the Russian invasion of Ukraine, as well as Biden administration policies such as nixing expansions to the <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\">Keystone XL Pipeline<\/a> last year and delaying new <a href=\"https:\/\/www.dailywire.com\/news\/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays\">drilling permits<\/a>. As a result, prices at the pump reached a national average of $5.01 as of Monday, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a> \u2014 amounting to a 110% <a href=\"https:\/\/www.dailywire.com\/news\/the-cost-of-gas-has-more-than-doubled-since-the-day-biden-took-office\">increase<\/a> since the day President Joe Biden took office.<\/p>\n<p>David Bahnsen, the founder of Manhattan-based wealth management firm The Bahnsen Group, told The Daily Wire that energy prices are indeed driven by \u201cinexplicable policy decisions\u201d and the Ukraine conflict.<\/p>\n<p>Food prices are likewise contributing to the surge in inflation. The cost of eggs <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">rose<\/a> 32% over the past year; meat, poultry, and fish rose 14.2%; dairy and cereals each rose about 12%; and fruits and vegetables rose 8%. The cost of food at home, meaning grocery store or supermarket food purchases, saw its fastest increase since April 1979, while the cost for food away from home, such as restaurants and school lunches, increased at its fastest pace since November 1981.<\/p>\n<p>A recent <a href=\"https:\/\/www.dailywire.com\/news\/americans-changing-the-way-they-buy-groceries-as-inflation-soars-study-finds\">survey<\/a> from BMO and Ipsos found that 42% of American adults are \u201cchanging how they shop for groceries,\u201d including \u201copting for cheaper items, avoiding brand names and buying only the essentials.\u201d Meanwhile, 46% are \u201ceither dining out less or consciously spending less when dining out.\u201d<\/p>\n<p>Core CPI \u2014 which factors out food and energy in recognition of their more volatile natures \u2014 has \u201ccome down from its rate of growth,\u201d Bahnsen told The Daily Wire. Goods inflation has likely peaked, even as services inflation continues to worsen.<\/p>\n<p>Beyond energy and food, new and used cars are seeing particularly high price increases. Used cars and trucks are 16% more expensive than in May 2021, while new vehicles are 13% more expensive.<\/p>\n<p>The price surge comes as the automotive industry experiences constraints from a worldwide <a href=\"https:\/\/www.dailywire.com\/news\/hyundai-to-build-5-5-billion-electric-vehicle-plant-in-georgia-marking-the-states-largest-ever-economic-development-project\">computer chip shortage<\/a>. Many Asian economies introduced harsh lockdown measures at the onset of COVID-19, inducing bottlenecks that continue to impact the global semiconductor supply chain. Due to the phenomenon, some automotive companies have been forced to limit or pause production.<\/p>\n<p>Other categories with salient price increases include airline fares, up 38%; rent, up 5%; and apparel, up 5%.<\/p>\n<p>Despite rising from recession-era lows, consumer confidence \u2014 as measured by the University of Michigan\u2019s benchmark <a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\">Survey of Consumers<\/a> \u2014 has been plummeting since the summer of 2021 and is presently near its lowest level in a decade. Because the United States economy is largely centered upon household spending, analysts look to consumer confidence as a key metric to forecast recessions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation soared to new four-decade highs last month \u2014 but some products are driving the price increases more than others. 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 &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1513640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1513539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1513539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1513539"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1513539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1513640"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1513539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1513539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1513539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}