Even their low inflation numbers prove inflation is high
Lam-Balfour and Durana 24 (Tiffany Lam-Balfour is a former investing writer and spokesperson at NerdWallet. Alieza Durana joined NerdWallet as an investing basics writer in 2022. “The Current Inflation Rate is 3.3%. Here’s Why It Matters” 6/12/2024. Accessed 6/18/2024. https://www.nerdwallet.com/article/investing/inflation) wtk
The current U.S. inflation rate is 3.3% for the 12-month period leading up to May 2024. The consumer price index (CPI), which measures changes in prices, remained the same in May after rising 0.3% in April, according to the latest release from the Bureau of Labor Statistics[1]. The BLS notes that the declines in gasoline and energy prices offset a rise in the shelter index. The next monthly update will be released on Wednesday, July 11, 2024.
A 3.3% inflation rate may not seem like a lot, or as much as the price changes you've noticed at the grocery store. But to put inflation in context over the last few years, consumer price inflation rose 21.75% between January 2020 and May 2024, and stubbornly high housing costs persist.