CHICOPEE, Mass. (WWLP) – Inflation increased yet again in May, with prices rising at the fastest pace in decades.
“Everything’s up. It’s very overwhelming,” said Joe Courchesne of Holyoke.
The Bureau of Labor Statistics released inflation numbers for May. Inflation is up 8.6% in May compared to the same time last year, making it the fastest increase in prices since December 1981.
“Too, much, too much. We are spending too much money out there,” said Frances Burgos who live sin Springfield. “We have had to stop buying food sometimes. There’s a lot of things we cut out.”
The price of pretty much everything is going up right now – from food, to housing, to gas.
“It’s a good thing I don’t drive much, I only fill up a couple times a month, but now it’s gone way too far,” said Courchesne who put nearly $70 in his tank Friday morning.
Energy prices soared 34.6% compared with May 2021, while food prices jumped 10%. The rising prices are forcing businesses to charge more.
“Anyone who has a van or a delivery service, the transportation of goods, suddenly those prices have skyrocketed,” said Michelle Theroux of the South Hadley and Granby Chamber of Commerce. “The cost of food for our hospitality and members , suddenly they’re needing to pass those costs onto customers.”
As prices rise, wages decrease. The Bureau of Labor Statistics reporting that compared to this time last year, pay is down 3%.