It seems as though nothing could be more cliche than complaining about the price of milk, but if you’ve been to the grocery store and gas station lately, it’s more than just a minor matter. Prices for many day to day expenses have been skyrocketing – but why? It’s important to note that inflation has exploded to 6.8% recently – this is a higher factor than it’s been in over 30 years.
What exactly is inflation? Inflation is based on the consumer price index (CPI) – a composite snapshot of the economy based on a number of factors such as housing, transportation, healthcare, food and beverage, education, recreation, clothing, as well as other such industry markers that are considered to be a ‘basket of goods’.
Is there any hope in sight for things to return to normal any time soon? Learn more about the costs and composition of inflation in the visual deep dive below: