Americans are suffering from sticker shock.
With inflation running at 8.6 percent, its fastest pace in 40 years, people are balking at the rising cost of everything from groceries to gas.
In May 2021, the average price of a dozen large eggs was $1.60. A year later, it was $2.80 — an increase of 75 percent. Ground beef is up 13 percent per pound. A gallon of whole milk costs one-fifth more. Overall, grocery prices were 12 percent higher last month than they were a year earlier, according to the Bureau of Labor Statistics. That was the largest year-over-year increase since 1979.
At the same time, the average driver was paying nearly $275 a month at the pump, up from $167 in June 2021, when a gallon of gas was $3.07, according to Kelley Blue Book’s calculations. Rents, too, are escalating. The median monthly rent was nearly $1,850 in May, according to Realtor.com, up 26 percent from 2019, before the pandemic.