Are we starting to see the stirrings of higher inflation? Commodity prices for many consumer goods are on the rise, according to the latest ISM Non Manufacturing Report. According to its latest monthly survey, the price of beef, bacon, coffee, dairy products, paper and plastic are all on the rise.
The survey asks respondents about 22 different categories of commodity, and whether those prices are rising or falling. April's survey found that 18 items were rising in price while only four were falling. That's the highest percentage of rising commodities this survey has found in two years.
Gasoline prices have also been rising - but not by as much as normal. The usual pattern is for gas prices to rise from January through May and stay elevated over the summer. The cost of a gallon of gas has increased by 10.6 percent so far this year, but that's less than half the usual increase of 21.6 percent for the first five months of the year.
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