For the 12 months that ended in March, consumer prices rocketed 8.5%, the fastest year-over-year jump since 1981.
Yet after having been merely an afterthought for decades, high inflation reasserted itself last year with brutal speed. In February 2021, the government’s consumer price index was running just 1.7% above its level a year earlier. From there, the year-over-year increases accelerated — 2.6% in March, 4.2% in April, 5% in May, 5.4% in June.
The American consumer price index, which measures inflation through the cost of popular goods, is up 8.5%. Price increases of this magnitude haven't been seen since 1981, and the U.S. is not the only country dealing with high levels of inflation right now, NBCLX Political Editor Noah Pransky explains.Good news — mostly.
Suddenly, businesses had to scramble to meet demand. They couldn’t hire fast enough to fill job openings or buy enough supplies to meet customer orders. As business roared back, ports and freight yards couldn’t handle the traffic. Global supply chains seized up. The U.S. is dealing with the coronavirus pandemic, a worker shortage and soaring prices. NBCLX Political Editor Noah Pransky breaks down what's causing these complex issues, and what the Biden White House is able to do about them.Elevated consumer price inflation could endure as long as companies struggle to keep up with consumers’ demand for goods and services. A recovering job market — employers added a record 6.
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