The rest of the year looks bad for the American consumer, and the reality is that there’s very little anyone can do about it. KevinTDugan writes
Get ready for a shock. Photo: David Paul Morris/Bloomberg via Getty Images Just about every month since December, we’ve heard the same thing: Inflation was getting worse, but it’s probably topped out, and relief was on the way. Last month, it looked like the predictions might have finally started to come true, as gas prices moderated and the supply-chain problems started to ease up. But today, the Labor Department released its May consumer price index, and it’s ugly. Very ugly.
But since pretty much everything we do or buy involves the use of oil at some level, the cost of filling up one’s car is really only the most direct way of looking at how rising energy costs are making life more expensive. Airline tickets — which the Labor Department considers part of its non-gas- or non-food-related items, even though they reflect the price of gas priced on futures markets — rose by nearly 38 percent last year.
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