Double Digit Inflation Has Arrived

Have you noticed you're paying more at the grocery store these days? With today's ALG Minute. I'm Catherine Mortensen. After years of low inflation, we are beginning to pay sharply higher prices for goods and services as the economy strains to rev back up and the pandemic wanes. Price tags on consumer goods from processed meat to dishwashing products have risen by double-digit percentages from a year ago, according to NielsenIQ. Whirlpool freezers and dishwashers and Scotts Miracle-Gro lawn and garden products are also going up. Toilet paper, apples, frosted flakes, and pringles are just a few other products you'll be paying more for. Federal Reserve Chairman Jerome Powell said on April 28 that inflationary pressures resulting from supply-chain problems would likely be temporary and wouldn’t prompt the central bank to change policies aimed to keep borrowing costs down. According to Marketwatch: economists say Biden's massive stimulus spending is partly to blame for rising prices. For more check us out at the DailyTorch.com.

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