Inflation Continues to Soar Reaching Highest Level Since 1981

Objectivity 3.9 | Credibility 4.7 | Relevance 4.8

Consumer Price Index shows inflation soaring to 8.5% over the last year, the highest year-over-year increase since 1981. The Biden administration is blaming the war in Ukraine for the ongoing spike in America’s cost of living. Although the Russian invasion of Ukraine has pushed energy costs higher, prices were already climbing sharply the months before the war. Chief economist at Moody’s Analytics, Mark Zandi, said, “It’s in this kind of environment, high inflation, high interest rates when things kind of go off the rails and recessions can occur.”