Skip to main content

Inflation Accelerates to Four-Decade High

1_INFLATION

Inflation in May rose to the highest year-over-year spike in four decades, according to the U.S. Department of Labor.

The Consumer Price Index for May was 8.6 percent higher than in May 2021. The Labor Department called the price increases “broad-based,” underpinned particularly by shelter, gasoline and food.

The increase was 1.0 percent in May compared to April on a seasonally adjusted basis. Not including food and energy, the month-to-month increase was 0.6 percent, which matched the increase in the prior month.

“While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks and new vehicles,” the department wrote in its monthly report this morning. “The indexes for medical care, household furnishings and operations, recreation and apparel also increased in May.”

Among the index components, airline fares jumped the most. The increase in airfares was 12.6 percent.

The department’s recreation index rose 0.4 percent in May, the same percentage increase as in April.

The price of groceries rose the most on a percentage basis since 1979. Five of the six grocery categories posted price gains of more than 10 percent in 12 months. 

Related

1_RIGHWHALES

Industry Pushes Back Against Speed Restrictions

A NOAA Fisheries proposal would restrict boats 35 feet and larger to a 10-knot speed limit along the East Coast to protect right whales from vessel strikes.

4_MAGONIS

Magonis Opens Connecticut Office

The Spain-based, electric-boat builder offers an 18-footer that’s available with motors from Torqeedo and Mag Power.

01_YOUTH.FISHING

Bill Seeks to Increase Youth Fishing

The bipartisan Coastal Fishing Program Act of 2022 would ease barriers to accessing the outdoors in underserved communities.

Norm

Fall Is in Full Swing

With the autumnal equinox ushering in a new season today, the fall boat-show circuit is in high gear. Here are some recent reports and a look at what’s to come.

3_MANUFACTURER.CONFIDENCE

Manufacturer Confidence Drops

Still, U.S. builders remain largely optimistic despite ongoing constraints with the supply chain and workforce, as well as yesterday’s interest rate hike.

1_TEMO.DEFENDER

Defender Adds TEMO Electric Boat Motor

Defender Industries is the official U.S. dealer for the French company’s lightweight, portable electric motors.

2_TWIN.DISC.BELGIUM

Twin Disc Sells Belgium Facility

The transmission manufacturer is still using the facility in a leaseback transaction as it looks to reduce costs.