Inflation: Prices Rising At Fastest Rate In 40 Years

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Inflation: Prices Rising At Fastest Rate In 40 Years
The latest consumer price index report found prices for things like food, gas and housing are rising at the fastest rate in four decades.

More and more Americans say they're feeling the squeeze from rising prices on everyday goods.

The U.S Labor Department reported Thursday that the consumer price index – a key gauge on inflation rates — rose 7.5% from a year ago. That’s the largest increase in 40 years.

The cost of food, housing and energy have shot up the most, with gas prices 40% higher year-over-year.

Now some Americans complaining that the price hikes are outweighing increasing benefits and wages.

Continuing logjams in the supply chain and a lack of workers due to the pandemic are largely to blame.

The White House’s top economic advisor this week acknowledged the sticker shock, and said the Biden administration is taking steps to bring prices back down.

Those steps include expanding capacity at shipping ports, meat packing plants and manufacturing facilities.