Despite the Fed’s most aggressive interest rate hike since 2000, consumer prices continued to surge in May, adding to fears that inflation may be out of control

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) increased 8.6 percent over the last 12 months before seasonal adjustment, the highest reading since December 1981.

As the following chart shows, inflation has now been outpacing nominal wage growth for 14 months straight, meaning that Americans can afford less than they could a year ago, despite wages rising on paper

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