Inflation soared by 5 percent in May, the fastest year-over-year pace since 2008, as surging demand from the reopening economy met supply chains choked with shortages.

Rising prices in the heating, yet fragile, economy continue to erode consumer purchasing power, according to the latest Consumer Price Index report, which the Bureau of Labor Statistics released Thursday morning.

Manufacturers cut production during the early days of the coronavirus pandemic and are scrambling to catch up. That has led a wave of producers to flex their purchasing contracts and bulk up on materials at once, sending prices of limited commodities higher, raising input costs and passing down higher prices to consumers. Nationwide, there are shortages of chicken wings to ketchup packets, copper, lumber, semiconductors and furniture.

Airline fares are up by over 24 percent and clothing by 5.6 percent, and household furnishing prices rose by nearly 3 percent, according to the report, as vaccinated consumers increase travel, update wardrobes for spring and back at work and upgrade their homes. From April to May, jumps in prices for used cars and trucks drove a third of the overall increase. The food price index was up by 2.2 percent compared to last year.

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