Chances are, you’ve noticed a lot of things are getting more expensive as the economy recovers.
An article written by CNN Business found overall that consumer prices rose 5% last month compared to May 2020, and it was the biggest jump since summer of 2008.
Titus Pittman, a financial planner, says the jump is because of inflation, which can occur when there is a surge in demand for products and services.
“The airlines basically shut down last year,” Pittman said. “Now, they’re trying to make up revenue by increasing prices.”
The same article finds airline fare prices rose by 7% last month, and cars and trucks are 12.1% more expensive to rent. Not surprisingly, used car and truck prices surged for the second-consecutive month — 7.3%.
In April, used car prices rose 10%, which CNN Business said was the biggest monthly price rise since used car data first started being tracked in 1953.
The article found new car prices rose 1.6% in May.
The cost of food overall was up 0.4% in May — the same increase as April.
“Everything has been up — five cents, 10 cents — it’s ridiculous,” said Jacksonville resident Babsie Rosemblett.
The price for beef roasts and beef steaks also rose 6.4% and 4.3% respectively last month. Meat, poultry, fish and egg prices rose over 1.3% last month.
Pittman says prices are expected to continue on the upswing as things have reopened.
“On average, it’s been about 20% we’ve saved not going to events,” Pittman said.
He said it’s best to start budgeting your money now.
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