Prices up 7.5%

US Inflation Soared 7.5 Percent Over Past 12 Months, Biggest Spike Since 1982

The Labor Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year.

In the past year, sharp increases in the cost of gas, food, cars and furniture have upended many Americans' budgets. In December, economists at the University of Pennsylvania's Wharton Business School estimated that the average household had to spend $3,500 more to buy the same amount of goods and services than they did in 2020.

This is affecting all of us daily and some items are now out of reach. Inflation is eating away at wages and those of us on fixed incomes are watching our budgets very carefully.

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