Americans are paying more for pretty much everything. Is inflation here to stay?

As inflation continues to rise — with Americans paying more for food, gas and other basics — so too does the debate among economists and policy makers over whether higher prices are a short-term blip or are here to stay.

The Commerce Department reported on Friday that its personal consumption expenditure price index  — the Federal Reserve's preferred measure of inflation — climbed 0.4% in May. The index is up 3.9% over the last 12 months, nearly double the Fed's annual target of 2%. The latest figures echo other government data showing that inflation is increasing at its fastest clip since 2008. Consumer prices rose 0.6% last month, pushing the annual inflation rate to 5% over the last 12 months, the Labor Department said this month.