Has any checked if Russian leader Vladimir Putin has invaded Costco?
President Joe Biden on Tuesday responded to the highest rate of inflation in 41 years by describing it, without evidence, as a “COVID-related challenge, made worse by Putin’s unconscionable aggression.”
The inflation data released by the Department of Labor, however, show widespread inflation pushing up prices on things that have little to do with Covid-related challenges or the attack on Ukraine. In particular, many of the expenses faced by American families when it comes to housing and home upkeep are soaring.
Shelter costs rose by 0.6 percent in June over the prior month, the same pace of inflation that hit consumers in May. The rent index jumped 0.8 percent over the month, the largest monthly increase since April 1986. Over the course of the year, the rent index is up 5.8 percent, the most since 1991.
Here are some other household-related expenses that are surging.
- Furniture: up 1.1 percent in June and 13.1 percent for the year.
- Appliances: up 0.2 percent in June and 6.5 percent for the year.
- Bedroom furniture: up 1.1 percent in June and 10.3 percent for the year.
- Living room and kitchen furniture: up 2.1 in June and 15.4 percent for the year.
- Clocks, lamps, and home decorating items: up 0.5 percent in June and 7.9 percent for the year.
- House plants: up 0.8 percent for the month and 5.6 percent for the year.
- Dishes: up 0.3 percent for the month and 4.5 percent for the year.
- Pots and pans: up 1.2 percent in June and 9.6 percent for the year.
- House cleaning and other domestic services: up 0.6 percent for the year and 5.1 percent for the year.
- Groceries: up one percent in June and 10.4 percent for the year.
- Electricity: up 1.7 percent in June and 13.7 percent for the year.
- Household cleaning products: up 0.5 percent in June and 11.3 percent for the year.
- Paper towels and toilet paper: up 2.2 percent in June and 9.3 percent for the year.
Even garbage collection costs more. According to the June inflation figures, prices to haul away consumer garbage rose 0.6 percent in June and are up 5.9 percent from a year ago.