Americans hungry to return to their pre-pandemic habits better be prepared to pay top dollar.
Across the board, Americans can expect to shell out 5 percent more for goods and services than they would have a year ago, the fastest rise of prices the US has seen since the summer of 2008. And there’s no sign of inflation slowing down, with prices rising 0.8 percent just from April to May.
The white-hot inflation is coming right as people and businesses across the country are emerging from the pandemic, ready to spend and return to their old habits.
Some of the rapid rise in costs seen now is being driven by wonky comparisons to the same time a year ago, when the pandemic gutted the economy and sent prices to the floor.
But other factors, including supply-chain constraints, shortages and a labor crunch, are all creating the perfect storm for higher prices. Here’s where it’s hitting Americans’ wallets the most:
Groceries The prices of fruits and vegetables have soared, compared to prices a year ago.Noam Galai/Getty Images
Food prices rose 0.4 percent from the prior month and are now up 2.2 percent compared with the same month a