Experts believe that growing labour costs, energy prices, and interest rates are driving inflation upward.

You may have to wait a long for the things on your shopping list that you use every day to come down in price.

According to data issued this week by the Bureau of Labor Statistics, inflation increased by 8.5 percent in March compared to the same month a year ago, the highest increase since 1981. There were gains almost everywhere, with energy, lodging, and food costs all reaching new highs.
While consumers throughout the economic spectrum are feeling the pinch, low- and fixed-income workers are the worst hit by rising prices. The “pain” of inflation, according to Richard Curtin, director of the University of Michigan’s Consumer Sentiment surveys, has “hit every corner” of the US economy.

“You have to eat, drive to work and pick up your children from school, and you have to live somewhere.” “These aren’t discretionary areas,” Curtin explained, adding that consumers are searching for other areas where they can save money.

“It hurts,” he said.

According to experts, three key causes are presently driving much of the price increase: rapidly growing labour expenses, rising energy prices, and rising interest rates. Each one raises the price of common consumer items, and returning to pre-pandemic levels would need a complicated collection of factors.