Inflation is 'here for a while': Investment expert

Roschelle noted that the higher prices are forcing Americans to"make choices."

Energy prices rose 3.9% in May from the previous month, and are up 34.6% from last year. Gasoline, on average, costs 48.7% more than it did one year ago and 7.8% more than it did in April. In all, fuel prices jumped 16.9% in May on a monthly basis, pushing the one-year increase to a stunning 106.7%.

Gas prices have been hitting records recently with the national average above $5 a gallon two weeks ago, according to the association. "Food on the table has to get from wherever it came, to the store that you bought it in or the restaurant that serves it," he continued.

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