Consumers continue to pay more as prices jumped again in may.

The U.S. Labor Department says consumer prices were up more than half a percent from April to May.
Also, from May 2020 to May 2021, prices soared five percent. That's the biggest 12-month inflation spike since 2008.

The surge in prices reflect a range of goods and services now in growing demand as the economy rapidly recovers from the pandemic induced recession. 

During much of the pandemic demand for most everything was down but now that people are getting out, demand is up. And as the labor market struggles for workers forcing higher wages, that trickles down to higher consumer prices.

"Anything that effects the supply of goods or the ability for goods to be produced or to get into consumers hands will put upward pressure on prices so we are seeing issues with supply chains," said Sarah Jenyk, a professor of economics at YSU.

At Baird Brothers in Canfield, demand is high for their hardwood products for new construction and for remodelers.

"We are seeing equal amounts of the homeowner and the contractor coming in an picking up material or us delivering material to them," said Steve Stack, Baird Brothers.

Hardwood is only up about 3% but wood needed for construction is through the roof.

"Even though framing material has gone up in some cases 200% people are still looking at it because bank money is so affordable," added Stack.

But those low interest rates are expected to go up in order to clam inflation. So is there an end to these quickly rising prices?

"We should return to more typical levels of inflation which is typically between 2-3% during the second half of the year," said Jenyk.