Inflation jumped 7.9% over the past year, it’s the sharpest spike since 1982, according to a report released Thursday by the Labor Department.
Bread, meat, eggs, milk, fruit, even coffee have all increased. But the question is why?
The inflation we are seeing today is a result of the last two years, according to Michael Lahr, a distinguished research professor in public policy at Rutgers University.
“I would say COVID-19 and labor shortages are the main things. And then we have other things like cereal prices– well that’s probably caused by the oil prices that went up last year,” said Lahr, who adds that the war on Ukraine is only exacerbating things.