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The news is not good. Just moments ago, inflation data was released for last month showing consumer prices having soared 7% in the last year. Every month in recent memory has brought more bad news on this front. This latest report represents the highest increase in the last 40 years.

Lots of factors are in play here, not the least of which is the labor shortage, Covid, consumer demand, and supply chain problems. A survey last month indicated almost half of small businesses planned to raise prices (again) within the next three months to help offset their rising costs. So this certainly isn't "transitory" as we were told it would be.

Inflation is a major problem for tens of millions of Americans. The cost of almost everything is going up significantly, and it's more difficult for lower- and middle-income earners to absorb those increases. Costs are rising faster than wage growth, so it's like a regressive tax on them.