Soaring inflation is hitting Americans hard as energy costs rose 11% in March, and groceries jumped another 1.5%. Most of us don’t remember inflation this bad, and for good reason. It’s not been this severe since the 1980s.
“Everything’s going up at least a dollar, which, you know, adds up, of course, especially when you have kids, and I’m going to get groceries,” said Jason Emerson, a typical American struggling with the higher cost of living.
On Tuesday, the Labor Department announced consumer prices jumped by 8.5% last month, the fastest clip since 1981. Then on Wednesday, it reported that wholesale prices – the Producer Price Index – climbed 11.2% last month from a year earlier.
Economist Dr. Steven Skancke said, “The big driver was the gasoline prices which were up 18 percent month over month.”
Skancke has worked for multiple administrations. He says rising energy prices and…