Consumer prices jump 5% in May, fastest since 2008
LOUISVILLE, Ky. (WAVE) - Consumer prices jumped at their fastest pace in more than a decade, the United States Department of Labor said Thursday. As a whole, the consumer price index rose 5% from a year ago, the fastest yearly climb since 2008, just before the Great Recession.
According to the report, food outside the home jumped 4%, while rent rose 1.8%. Used cars and airline fares saw the biggest jumps in price, up 29.7% and 24.1% respectively. Still, experts with Louisville’s Better Business Bureau told WAVE 3 News the uptick is natural.
“I don’t know if it’s a sign of inflation,” Whitney Adkins said. “More so, I think it’s just we’re coming out of a difficult time and we are all across the board, businesses and business owners included, able to sort of go back a little bit to the way things were before.”
Adkins also offered tips for those looking to save money amid the financial climate.
“I would say comparison shop, make sure that the business is a reliable organization and just be wary of any potential scams,” Adkins said.
The jump in consumer prices was concerning to some visiting Louisville this weekend. Josiah Bender and his friends flew in from Denver and noticed their ticket prices were higher than usual. Still, they were excited to explore the city.
“Our friend’s getting married and we’re just kind of going to celebrate doing a whisky tour and all that good stuff,” Bender said. “I think it’s refreshing, being around people again. I’m excited I’m glad that we’re getting back to normal.”
Others, like Randall Bohannon, believe the prices of consumer goods are just signs of the current times.
“It’s just one of those things we’re going to have to chalk up,” Bohannon said. “It’s not like we can do anything about it anyway.”
A spokesperson for the Louisville Muhammad Ali International Airport told WAVE 3 News the airport has not necessarily followed the national trend, thanks to the addition of both Breeze Airways and Spirit Airlines, which have added low-cost nonstop flights to Louisville’s airport.
To view the consumer price index, click here.
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