Consumer prices rose 2.1% in April compared to 2017, while suppliers paid 2.6% more.
Auto loans are becoming more expensive because the Federal Reserve is gradually increasing interest rates. And the 30-year fixed-rate mortgage has moved to a maximum in seven years, reaching above 4.6%, according to Freddie Mac.
In recent weeks, dozens of companies said they have already raised their prices or plan to do so in the coming months to combat inflation.
Deere announced this Friday that it would increase the prices of its equipment due to an increase in the costs of materials and shipments.
McDonald’s and Chipotle raised the prices of their burgers and burritos. Amazon is increasing the value of its Prime service memberships by 20%. And Netflix increased monthly subscription prices by 10% at the end of last year.
Tyson Foods plans to make Ball Park sausages more expensive, while Stanley Black & Decker will do the same with its industrial tools.
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