Inflation has hit another 40-year high, according to newly released numbers from the U.S. Bureau of Labor and Statistics (BLS).
Inflation is a monetary phenomenon where the price of good and services increases – meaning the value of a dollar decreases.
The newly released numbers from the BLS show that in the month of February alone, the Consumer Price Index (CPI) rose 0.8%.
That may not sound like a lot, but when added to the inflation of the last year, the year-over-year inflation number is now 7.9% – the highest rate since January 1982.
“Over the last 12 months, the-all items index increased 7.9 percent before seasonal adjustment,” BLS reported.
Over the past 12 months, the price of goods and service that American families purchase rose as follows:
- Food rose 7.9%.
- The price of energy increased 25.6%.
- Gasoline grew by a whopping 38.0%.
- Electricity increased by 9.0%.
- New vehicles rose by 12.4%.
- Used cars and trucks skyrocketed by 41.2%.
- Apparel increased by 6.6%.
- Shelter rose by 4.7%.
- Transportation services increased 6.6%.
All told, it has become much harder for American families, many of whom were already struggling financially, to afford basic items needed to live.
In particular, the soaring cost of gasoline has many Americans weary and worried about how they are going to make ends meet.
“There’s nowhere to hide,” said Greg McBride, chief financial analyst for Bankrate, a New York-based consumer financial services company. “This is hitting everybody … [Inflation] is most pronounced on items that are necessities,” he added.
Geremy Keeton, License Marriage and Family Therapist and Senior Director of Counseling at Focus on the Family, told The Daily Citizen in a previous interview that “Married couples need to talk and plan for the realities they are seeing in their monthly expenses.
“If one spouse does the family books, and the other does the bulk of the shopping and spending, there needs to be some careful planning so the adjustments in spending choices can be made,” Keeton said.
If you’re struggling and need to speak with someone, Focus on the Family offers a free, one-time counseling consultation with a licensed or pastoral counselor. To request a counseling consultation, you can call 1-855-771-HELP (4357) or fill out our Counseling Consultation Request Form.
Related articles and resources:
Inflation Increases to 7.5% in January, a 40-Year High. Here’s How Families Can Respond.
How Inflation Silently Steals Your Money and Harms Families
Inflation Has Arrived. Here’s What it Means for Your Family.
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