Inflation Takes Its Toll On American Consumers – By Panos Mourdoukoutas Ph.D. (IB Times) / May 13, 2022
Inflation took its toll on American consumers in May, as evidenced by the University of Michigan Consumer Sentiment index released Friday. It came in at 59.1, down from 65.2 in April, the lowest number in about a decade thanks to a spike in the cost of living as measured by several indexes.
Consumer expectations for inflation, published by the Federal Reserve Bank of New York early in the week, registered an annual rate of 6.3% for April, easing slightly from 6.6% in March.
The Consumer Price Index (CPI), a measure of inflation at the retail level published by the Bureau of Labor Statistics (BLS) on Wednesday, reached an annual rate of 8.3% in April, slightly below the 8.5% in March. However, core inflation, which excludes the volatile food and energy component from calculations, hit 6.2%, meaning that inflation is spreading beyond food and energy.
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