PSCU Payments Index June 2022: Deep Dive on Inflation
Summary: This month’s report finds continued strong consumer purchasing activity amidst ongoing inflationary pressures, while our Deep Dive highlights consumer payment trends during the rapid rise of inflation. We take a deeper look into contributing factors of spending growth over the past 17 months, in which the rate of inflation has risen from 1.4% to 8.6%.
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Key takeaways include:
- The Consumer Price Index (CPI-U) increased on an annual basis to 8.6% in May, which was a 1.0% increase from April – and the highest level of inflation since 1981.
- Consumer spending on cards continues to be strong, with credit purchases up 15% and debit purchases up 6% year over year.
- Consumer data indexed to January 2021 (when inflation was 1.4%) highlights the trend of greater growth in credit purchases (over debit) beginning in May 2021 and continuing through May 2022.
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