Inflation makes everything more expensive for Americans and severely weakens our economy. 

From Fox Business. Soaring U.S. inflation is expected to continue its surge with no sign of relief in sight, as the costs of consumer goods like gasoline and household items climb to new heights.

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The Labor Department’s consumer price index jumped 7.5% in January from a year before, hitting a level not seen in four decades. But even before Russia invaded Ukraine, experts were predicting that February’s numbers, due out Thursday, would be higher….

The average price for a gallon of gas in the U.S. hit consecutive all-time highs on Monday, Tuesday, and Wednesday, when it reached $4.252 according to data from AAA. Meanwhile, President Biden warned earlier this week when he banned imports of Russian oil and gas that energy prices would continue to go up….

While Americans have seen wage gains in recent months with average hourly earnings climbing 5.1% year-over-year in February, the pay boosts have been erased by the higher rate of inflation.

The Federal Reserve has signaled that it will move to raise interest rates at its meeting next week for the first time in two years in an effort to combat surging prices, but Chairman Jerome Powell has said that uncertainty brought on by the Russia-Ukraine war could impact the central bank’s plans.

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(Excerpt from Fox Business. Photo Credit: sippakorn yamkasikorn on Unsplash)