The trip to the ice cream shop is going to cost a lot more this summer.
Ice cream prices rose 4.3 percent in May. That’s a seasonally adjusted number, so no funny business about the ice cream season starting triggered this rise.
Compared with a year ago, ice cream prices are up 9.6 percent, the biggest year-over-year rise since 1981.
Dairy and related products are up 11.8 percent compared with a year ago, part of the dramatic rise in consumer prices that has gripped the U.S. economy this year. Milk prices are up 15.9 percent after rising 2.8 percent in May. Cheese prices are up 8.7 percent.
Overall inflation is up 8.6 percent, including a 10.1 percent rise in grocery store prices. Prices for restaurant food are up nine percent.
The Biden administration has tried to blame “Putin’s price hikes” for high inflation but that is not likely a cause of soaring ice cream and milk prices.