News & Views
Yikes: Inflation Hikes
* The Bureau of Labor Statistics’ Consumer Price Index (CPI) rose 8.5%, year over year. That’s the biggest inflation jump since December 1981.
* Airfare is up 20% compared to pre-pandemic prices.
* The Producer Price Index (PPI) jumped 11.02%, year over year. That’s the biggest leap since data keeping began in 2010.
* Since the beginning of March, about 30% of baby formula products have been out of stock in the US. Walgreens is limiting purchases to three per customer.
* And finally: The average American is expected to need an extra $5,000 this year to purchase the same quantity of goods and services as he did last year.