By WCCO-TV Staff

MINNEAPOLIS (WCCO) — If it feels like you’re paying more for everything, you’re right.

Consumer prices pushed higher again in May. Looking back over the last year, prices have gone up 5%. That’s the largest 12-month inflation spike since 2008.

Experts say the economy is reopening faster than employers can hire.

According to financial news website MarketWatch, all three major surveys of consumer confidence fell in May due to concerns about higher prices.

MarketWatch reports the Federal Reserve insists prices will come back down once the economy has “mostly recovered” from the COVID-19 pandemic and demand that has been pent-up is satisfied.