On Tuesday, a government report showed that consumer prices jumped 8.5% in March.
The rapidly inflating consumer prices plaguing many markets have left many in Los Angeles County double-checking their bills and forcing them to cut their costs.
The cost of living for Americans has skyrocketed not just for groceries, but for gas and many other goods. In a report from the Department of Labor released Tuesday, consumer prices increased 8.5% in March the fastest inflation rate since 1981, essentially erasing most wage increases. Thornberg and the Beacon of Economics, an independent research and consulting firm, said that there is no easy solution to the rapidly increasing inflation, scaring many politicians.
The newly released inflation numbers were the first to show the full surge of gas prices following Russia's invasion of Ukraine. However, fuel costs have been rising steadily amid the supply chain bottlenecks after the United States emerges from the pandemic.
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