“The latest Consumer Price Index data, released Wednesday by the Bureau of Labor Statistics, marks the third consecutive month in which the index, a measure of what consumers pay for goods and services, rose by more than 6 percent,” NBC News reported.
“The number of price categories experiencing inflation of 3% or more in the past year has nearly doubled since December 2020. That share is the highest it has been since 1991,” The Wall Street Journal pointed out.
Speaking before the Senate Banking Committee on Tuesday, Federal Reserve Chairman Jerome Powell admitted,“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing and transportation,” Powell said.
