Inflation in the U.S. hit a fresh 40-year high in May, with Americans paying significantly more money in a category crucial for their survival — food.
The Bureau of Labor Statistics' May Consumer Price Index (CPI) rose 8.5% compared to the same month last year, up from 8.3% in April. The cost of food rose 10.1%, with food in the at-home category rising 11.9%. That's the highest increase since April 1979.
On a 12-month basis, meats, poultry, fish, and eggs led the spike with an increase of 14.2% — with eggs specifically up a whopping 32.2%. This leap was followed by the other food at-home categories including dairy and related products, up 11.8%, with milk specifically up 15.9%.
Unlike in April, when the price of bananas was down month-over-month, in May it jumped 1.3% month-over-month. Oranges are down 1.8% compared to last month but up a whopping 14.6% compared to May 2021.
Americans with a sweet tooth are out of luck, too. The price of cakes, cupcakes, and cookies jumped 11.8% year-over-year, marking the biggest jump since July of 1981. The cost of these treats was likely impacted by the rising prices of fats and oils, up 16.9% compared to a year ago, with butter and margarine up 20.2%.
Zachary Griffiths, senior macro strategist at Wells Fargo, noted to Yahoo Finance that this is yet "another huge increase in the food at home category" — giving consumers "really no relief here in this inflation print."
"Fed has a very difficult job on their hands," he added, alluding to the fact that it's generally considered the Fed's job to manage soaring inflation by raising interest rates.
Still, PNC Asset Management Chief Investment Officer Amanda Agati recently suggested to Yahoo Finance that the central bank can't tackle inflation on its own.
"I don't think the Fed can solve it [inflation] alone," she said.
Brooke DiPalma is a producer and reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at firstname.lastname@example.org.