Yahoo Finance breaks down the May CPI report, bringing on top economic experts to analyze the latest inflation data. Join Yahoo Finance'sThe May consumer price index report remained unchanged month over month, but inflation still remains sticky for Americans.
But due to the fact that rates have stayed this high, some industry experts do expect some downside risks ahead because there has been this pullback in construction activity that will put some downward pressure on supply. Now, the cost to dine out something that we've been watching really closely is the cost of food and labor commodities continue to increase.That's higher than the previous monthly increase of 0.3 percent.
But the numbers overall, new cars down a half percent uh for the month and down 8/10 of a percent year over year. So a lot of the insurers had to wait longer and longer to hike those rates and, and it took a long time for them to do so and they're still doing that and, and people are the new, the new premium.And you're absolutely right about repair costs, especially for EVs things like that.Uh Well, I had to sell that before I came to New York Pros.
Now, I want to say that typically rents do go up in the spring and summer months because people take advantage of the warmer weather to move. Is this enough really to reaffirm some of that confidence in the fact that inflation is ticking down and we are on this steady path now here towards that 2% goal.I think there's definitely reasons to be excited.We in the S and P 500 we rallied from 4100 because of rate cuts are right around the corner.
So, you know, we have, even with the latest report, medical expenses are still up, food is still up, you know, housing even above your mortgage bank rate survey. We're talking about the 56 million Americans who work for companies that you do not have retirement plans, employer provided retirement plans and they absolutely have to voluntarily make the decision to save for retirement.
I also think it's really helpful to kind of adjust your mindset if you can possibly just make yourself sit down and run one of these free retirement calculators that are on fidelity vanguard A ARP Schwab, whatever, whichever venue you wanna head to.So it just shifting your picture to looking to the future because I think it's really difficult for people to worry about the future when they're trying to make their monthly bills right now.
Uh, most people who have received wage increases will say that it has happened because, um, of their job performance or career progression, especially for those who have switched jobs during that period.And, and so to what extent do you expect that we'll continue to see people try to job hop potentially to get those wage increases or to get those per, uh, per performance and promotions in order to offset inflation to the best of their ability.
Um Instead, there's much more support for fiscal policy, particularly reducing the government debt, which is, you know, perceived by people to be the number one cause of inflation is, is government action uh according to people. And so all of these things in mind, who who's bearing the brunt of the blame for inflation at, at this point.
So those are the top two reasons that people perceive Stephanie Sancha who is the Harvard University Professor of Economics.
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