Prices rose 5 percent in May over the past year as recovery continues

[George II]

14. Comparing last May to this May is a little misleading. Last year prices were flat or in some areas..

...were even down with everyone locked up in their homes. Some businesses couldn't give their products away because no one wanted them or could use them.

Looking at the last three years in May might be more informative. The Fed has a 2% target. In 2019 it was slightly lower at 1.7%, last year it was 0%, and this year 5%. That averages out at 2.2% per year, close to the Fed's target.

This is an interesting explanatory graphic from the linked article - "But prices plunged a year ago, making comparisons difficult - prices are not far above where they'd be if they had grown at a steady 2 percent during the pandemic" :

https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AAKUU3U.img?h=768&w=1080&m=6&q=60&o=f&l=f