As consumer prices spike, Kansas City-area economist suggests avoiding 3 certain markets Inflation surged 5% in May, the fastest year-over-year pace since 2008. While spiking demand and limited supply is driving up prices, William Black, associate professor of economics and law at the University of Missouri-Kansas City said inflation is not happening everywhere. and last updated 2021-06-10 19:41:37-04 KANSAS CITY, Mo. â Inflation surged 5% in May, the fastest year-over-year pace since 2008. While spiking demand and limited supply is driving up prices, William Black, associate professor ...