Consumer prices in January were up 7.5% from a year ago, the biggest annual gain since 1982. That may seem like a lot for those under 40, but older folks have lived through even sharper price hikes.
Makers of everything from pasta sauce to vinegar say it's getting harder to find glass bottles for their products, and it's leading to higher prices.
Federal Reserve Chairman Jerome Powell says the economy continues its recovery, hinting the central bank could dial back its extraordinary efforts to prop up the economy later this year.
Consumer prices rose 5.4% in July, compared to a year ago. Here's one thing to watch going forward: How rising wages impacts inflation.
The Labor Department says consumer prices jumped 5% for the 12 months ending in May. That's the sharpest increase in nearly 13 years, as the economy rebounds from the pandemic recession.
Prices for a range of goods from used cars to bacon surged last month, pushing consumer inflation to 4.2% in April, the highest since September 2008.