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| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our news-inspired Spotify playlist a listen. It features every song quoted here. |
| Happy Friday, Daily Money readers. Jayme Deerwester here with you after getting up early this morning to watch the Season 3 premiere of one of my favorite shows, "For All Mankind." To quote the three original residents of Jamestown Base (NASA's moon settlement), " BOHICA." |
| Unfortunately, that military acronym, which warns something bad is about to happen yet again, also applies to this morning's inflation report, as you'll see below. |
Inflation hits new 40-year high as gas, food, rent prices surge |
| Inflation unexpectedly hit a new 40-year high in May as gas, food and rent prices surged, underscoring that its anticipated decline could be painfully slow. |
| The consumer price index increased 8.6% annually, up from 8.3% the prior month and the largest rise since December 1981, the Labor Department said Friday. |
| On a monthly basis, consumer prices increased 1%, compared with a 0.3% rise the prior month. |
| After inflation eased off its recent four-decade high in April, economists thought it had begun a grindingly slow descent. May's return to historic levels reveals just how intractable it has become as a broad range of goods and services rose sharply. |
| Gas prices rose 4.1% and 48.7% annually while grocery prices increased 1.4% and 11.9% over the past year. Russia's war in Ukraine continued to curtail global supplies of oil, wheat, corn and other commodities and extend supply chain troubles. |
📰 More stories you shouldn't miss 📰 |
| Costco to NJ drivers: Want to buy cheap gas here? Now you have to be a member. |
| Weirdest insurance claim ever? Geico must pay $5.2M to woman who contracted STD in insured car. |
| Tabitha Brown countdown: Her hotly anticipated Target collection drops Saturday. |
| Alexa, help! How your device can help you find your phone or lock the door. |
| Stress-free side hustle? Make extra cash by renting out your car, boat, bike or pool. |
Bad news for Sriracha lovers |
| First it was toilet paper. Then baby formula and tampons . And now, the supply chain crisis has claimed yet another unexpected victim: Sriracha sauce. |
| Bottles of the popular hot sauce, recognizable by its rooster logo and green cap, could be hard to find on store shelves this summer. |
| Southern California-based Huy Fong Inc. told customers in an email earlier this year that it would suspend sales of its famous spicy sauce over the summer due to a shortage of chili peppers. |
| The company said in its April 19 email that all orders submitted after that date would be fulfilled after Labor Day. |
| "Unfortunately, this is out of our control and without this essential ingredient we are unable to produce any of our products," the company said. |
🎧 Mood music 🎧 |
| The Sriracha shortage may come as especially bad news to rapper Tech N9ne, who named a song after it. |
| "Sometime I think they all gum bumpin'. So I tell them all to put that on somethin'. Sriracha, I put that on everything." |
| LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. |
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