Costs of gas, food, and other necessities jumped in May, raising inflation to new 4-decade high

LOS ANGELES (KABC) -- It's the biggest jump in inflation in four decades. The price of everything, from gas to groceries, is going up fast, and experts warn that price hikes have not peaked.

Southern Californians are stunned by the soaring prices they're paying for food and almost everything.

"I've never experienced anything like this before. The prices are higher than ever," said shopper Tonje Larsgard. "Trying to go light but it ain't easy."

Many shoppers are doing everything they can think of to cut costs.

"It's like it's a job trying to use this coupon, trying to see if this store is better than this one," said shopper Victoria Jacobs.

A new government report says inflation is accelerating at the fastest pace in 40 years.

The consumer price index rose 8.6% in May compared to a year ago. Gas prices jumped nearly 50%. Prices for food and energy also increased significantly.

"Definitely putting a strain on my budget. It's very like paying Peter to meet Paul right now," said shopper Shelby Adams. "That is a big strain on my budget every day."

RELATED | During visit to Port of Los Angeles, Pres. Joe Biden gets more bad news on inflation

The fight against inflation has gotten a bit tougher for Biden after the U.S. Department of Labor announced consumer prices surged 8.6% last month from 12 months earlier, faster than April's year-over-year surge of 8.3%.

The average American family is spending $346 dollars a month more than in 2021 for the same goods.

President Biden promised to take action during a visit to the Port of Los Angeles.

"Inflation outside of energy and food, what the economists call core inflation, moderated the last two months," President Biden said. "We need it to come down much more quickly."

Many are hoping relief will come soon. Analysts predict the Federal Reserve will raise interest rates the next time it meets.