The Price of This Household Item Is Soaring

By Douglas A. McIntyre Published Jun 14, 8:00AM EDT

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The Price of This Household Item Is Soaring — © MangoStar_Studio / iStock via Getty Images

The recently released May inflation numbers were extremely high — again. Month after month, government officials, businesses, and individuals hope the upward pressure on prices — of items such as cars, housing, food, and fuel — will begin to taper off. In May, the situation got worse. The consumer price index rose 8.6% from the same month a year ago. It was the sharpest rise since December 1981, with fuel oil prices soaring.

CPI figures have been regularly tied to several factors. One is supply chains, and mostly driven by the pandemic, key items like computer chips have been on backorder for months. Among the products that require millions of these are cars. Auto inventories have collapsed, pushing up prices. (This is the most overpriced used car in America.)

CPI has also been tied to oil prices. In large part because of the embargo on Russian oil due to its invasion of Ukraine, global supply of oil has tightened considerably. This, in turn, has affected the prices of a range of products from gas, to home oil, to jet fuel.

Food costs can also impact consumer prices. Some food prices will eventually be affected by the lack of grain exported from Ukraine. For the time being, other large producers of meats and grains have not been able to keep pace with global demand.

Another major factor affecting prices is interest rates. The Federal Reserve has started to raise them aggressively to bring down inflation. However, this has also caused a rise in mortgage rates, which also affects the cost of housing, whether by ownership or rent.

Several economists have described the Federal Reserve as flat footed. Former Treasury Secretary and Harvard University President Larry Summers, for example, remarks regularly that if the Fed had started to raise rates last year, inflation would not have gotten out of hand.

Inflation, it now seems almost certain, will trigger a recession early next year. As products and services rise in price, the effects on consumer spending and corporate margins will be considerable.

To determine the household items that are soaring in price, 24/7 Wall St. reviewed the Bureau of Labor Statistics’ Consumer Price Index Summary May report. Prices are compared to May 2021.

In May, the cost of fuel contributed substantially to the overall increase in prices. Fuel oil was up over 100% from the same month last year. Gas prices, depending on the blend, were up 40% to almost 50%.

The price of some food items also rose quickly. Eggs prices were higher by 32%, while the price of some chicken products jumped almost 20%. (This is the price of bacon and eggs the year you were born.)

The news about the May CPI was awful. Perhaps worse is that the rise is not expected to end soon.

Click here to see the price of this household item that is soaring

25. Roasted coffee
> Price increase, May 2021 to May 2022: +15.6%

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24. Fresh milk other than whole
> Price increase, May 2021 to May 2022: +15.8%

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23. Butter
> Price increase, May 2021 to May 2022: +15.9%

22. Breakfast sausage and related products
> Price increase, May 2021 to May 2022: +16.0%

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21. Used cars and trucks
> Price increase, May 2021 to May 2022: +16.1%

20. Citrus fruits
> Price increase, May 2021 to May 2022: +16.1%

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19. Delivery services
> Price increase, May 2021 to May 2022: +16.4%

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18. Lunchmeats
> Price increase, May 2021 to May 2022: +16.8%

17. Fats and oils
> Price increase, May 2021 to May 2022: +16.9%

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16. Fresh whole milk
> Price increase, May 2021 to May 2022: +16.9%

15. Motor oil, coolant, and fluids
> Price increase, May 2021 to May 2022: +17.1%

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14. Window coverings
> Price increase, May 2021 to May 2022: +18.9%

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13. Lodging away from home
> Price increase, May 2021 to May 2022: +19.3%

12. Fresh and frozen chicken parts
> Price increase, May 2021 to May 2022: +19.3%

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11. Men’s suits, sport coats, and outerwear
> Price increase, May 2021 to May 2022: +22.3%

10. Margarine
> Price increase, May 2021 to May 2022: +25.0%

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9. Public transportation
> Price increase, May 2021 to May 2022: +26.3%

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8. Propane, kerosene, and firewood
> Price increase, May 2021 to May 2022: +28.0%

7. Utility (piped) gas service
> Price increase, May 2021 to May 2022: +30.2%

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6. Eggs
> Price increase, May 2021 to May 2022: +32.2%

5. Airline fares
> Price increase, May 2021 to May 2022: +37.8%

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4. Gasoline, unleaded premium
> Price increase, May 2021 to May 2022: +42.9%

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3. Gasoline, unleaded midgrade
> Price increase, May 2021 to May 2022: +45.9%

2. Gasoline, unleaded regular
> Price increase, May 2021 to May 2022: +49.5%

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1. Fuel oil
> Price increase, May 2021 to May 2022: +106.7%

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.