CPI logs highest increase in 43 years

Consumer inflation rose 8.6% in May from a year ago, marketing the fastest increase in prices since December 1981, the Bureau of Labor Statistics reported Friday. Month-over-month, CPI was up 1% in May. Food prices increased 1.2% in May, compared with the month earlier, following a 0.9% increase the prior month.

The index for food bought to eat at home rose 1.4% in May, the fifth consecutive monthly increase of at least 1.0%, the BLS reported. The food at home index rose 11.9% over the last 12 months, the largest 12 month increase since the period ending April 1979. 

The index for meats, poultry, fish and eggs rose 1.1% over the month, with the index for eggs rising 5.0%. For the 12 month period, the index for meats, poultry, fish and eggs increased the most of the six major food categories, rising 14.2%, with the index for eggs alone increasing 32.2%. Five of the six major food categories saw prices rise more than 10% over the past year. 
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The food away from home index rose 0.7% in May after rising 0.6% in April, and rose 7.4% over the last year, the largest 12 month change since the period ending November 1981. The index for full service meals rose 9.0% over the last 12 months, and the index for limited service meals rose 7.3% over the last year.