Consumer prices surged 5% in May from a year ago, the highest annual rise in inflation since 2008, according to government data released Thursday.
The Consumer Price Index showed that prices rose .06% higher in May from April. The index measures consumer prices for goods and services, including groceries, clothes and vehicles.
As the COVID-19 pandemic eases and demand increases, prices are rising for a wide variety of goods and services. Supply-chain bottlenecks are contributing to shortages of everything from semiconductor chips to lumber.
The chip shortage has caused a spike in the price of new cars, which has resulted in rising demand for used cars.