U.S. Inflation Reaches 8.6% (YoY) in May 2022, Highest in 4 Decades

Economics & Macro

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Viva Budy Kusnandar 13/06/2022 10:10 WIB

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Last month's high US inflation was driven by rising energy commodity prices.

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U.S. Inflation Reaches 8.6% (YoY) in May 2022, Highest in 4 Decades

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U.S. inflation in May 2022 soared to 8.6% year-on-year (YoY), the highest in four decades.

According to the U.S. Bureau of Labor Statistics (BLS), this inflation rate surpassed the previous record high of 8.5% (YoY) in March 2022.

Compared to the previous month, U.S. inflation in May was 1% month-to-month (m-to-m).

Several factors contributed to the high inflation in the U.S. in May, such as rising energy commodity prices. Energy inflation in the United States reached 4.5% (m-to-m) or 50.3% (YoY).

Specifically, gasoline prices experienced inflation of 4.1% (m-to-m) or 48.7% (YoY). Fuel oil inflation was 16.9% (m-to-m) or 106.7% (YoY).

For information, the price of West Texas Intermediate (WTI) crude oil was US$114.67 per barrel on May 31, 2022. As of Thursday, June 9, 2022, the price of world crude oil had reached US$121.51 per barrel.

Meanwhile, food inflation in May 2022 was 1.2% (m-to-m) or 10.1% (YoY). Specifically, food at home experienced inflation of 1.4% (m-to-m) or 11.9% (YoY), while food away from home experienced inflation of 0.7% (m-to-m) or 7.4% (YoY).

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."