The prices of just about all goods and services are still on the rise, with consumer demand surging and supply chains unable to keep up. Data from the U.S. labor department shows that prices were up nearly 5.5% in July compared to the previous month. Prices for new and used cars, hotels and airplane tickets are going up.
Policymakers at the Federal Reserve say the increases are directly tied to the reopening of the economy with expectations that inflation will settle closer to the 2% annual prediction.
