Prices rise as inflation hits highest levels since Great Recession

Consumer prices were up 5% in May compared with one year ago, marking the biggest surge since the Great Recession in 2008.
2:18 | 06/11/21

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Transcript for Prices rise as inflation hits highest levels since Great Recession
Michael to the sharp rise in prices up 5% since 2020. That's feeling concerns about in in flags. Rebecca Jarvis is tracking at this time all. Reporter: We're all coming out of hibernation. Consumers are spending more and you have inflation. Prices up 5% in may. It's across the board. Beef prices up 2.3%. Clothing prices up 5.6%. You really see it in airfares. The price for tickets up 24%. Hotels up 9%. Gasoline prices, this is staggering, up 56% from a year ago. We weren't using it a year ago. One of the biggest price increases has come in used cars. Since a year ago used car prices are up 30%. A big part is that there's a supply shortage of new cars on the market because there is a chip shortage and the pandemic. Amy, you see the impact. The price of a new car last year would have been about $10,000, today you might be about to sell for $13,000. That's significant and unusual. Rebecca, there are top economists including the federal reserve chair who believe the inflation is just temporary. Reporter: Yeah. This is what's interesting. Economists in the country are split on whether this is something that will subside by the end of the year, that's what the fed chair and a number of other economists believe. Others see it as having a lasting impact, seeing prices continuing to climb because of the shortage we've seen in supplies and some labor issues the economy is facing. We're looking for the Goldie locks economy, not too hot, not too cold. Thank you very much. Coming up we'll show you how and where to find savings.

This transcript has been automatically generated and may not be 100% accurate.

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