“Et tu,” I bitterly exclaimed after finding out my favorite brand of coffee had jumped $7 since December 2021, going from $30.00 to $36.99 a package over the course of a couple of months.
And, if you have seen the same thing, brace yourself, because prices will only be going higher.
According to the US Bureau of Labour and Statistics, at 7.5%, inflation in America is now at its highest rate since 1982.
The Western Journal explains:
Inflation took its biggest leap in 40 years in January, according to new figures.
The Consumer Price Index rose 7.5 percent over January 2021, the U.S. Bureau of Labor Statistics said in a release Thursday. That was the highest jump since February 1982.
“Increases in the indexes for food, electricity, and shelter were the largest contributors to the seasonally adjusted all items increase,” the bureau said.
Inflation is due primarily to government policy such as reckless spending, printing money, or COVID mandates that hinder the delivery of goods.
In an interview with the NY Post, Bankrate Chief Financial Analyst Greg McBride warned that things are not going to improve anytime soon.
“Omicron has caused factory shutdowns and threatened port closures in parts of Asia,” McBride said, “which will only perpetuate the type of supply chain constraints that are driving inflation higher.”