The national Consumer Price Index rose five percent in May 2021 compared to the previous year, the fastest growth rate since 2008.
Consumer prices are increasing at an alarming rate in the United States. These price increases can be seen in all sectors, including fuel and food industries. This is causing a massive increase in the cost of living and wages are not increasing at a comparable rate.
Rising food and energy prices are considerably concerning for all Americans, and it is apparent that these prices will not see a decrease in the near future. Federal projects like the Keystone Pipeline have been ceased in order to appease the environmentalist left. This inflation does not have any support from the White House and will only continue to lead to higher prices for Americans.
Additionally, wages are increasing for low skilled workers while wage increases for middle class employees are remaining stagnant. These wage increases are a major contributing factor to the price increase for consumers. Federal officials are “hopeful” that the rapid increase in the cost of living will level out as 2021 progresses.
Americans deserve to make the most of their hard earned wages. This economy is showing that will be impossible for skilled laborers with minimum wage increases and extreme inflation.