As I am writing this, the Bureau of Labor Statistics just published the Consumer Price Index (CPI) for March 2022. The inflation rate rose to 8.5%. This is the largest increase in prices in over 40 years.
And the inflation rate for basic necessities is even higher. Overall grocery prices are up 10% since last year, with 14% average increases for milk, eggs, meat, and fish. Gas prices are up 48% and used car prices are up 35% from last year. Housing prices, including rents, are also up significantly. And while there have been wage increases for families that were just getting by, the rising prices of basic necessities have more than wiped out their pay raises.
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