Home » Bottom Line: Inflation hits highest level in nearly 40 years

Bottom Line: Inflation hits highest level in nearly 40 years

by Jacqueline Pitts, Kentucky Chamber of Commerce

Inflation is currently the highest it has been since 1982. Prices on items like food, fuel, rent, cars and more are all increasing significantly across the nation.

Data released Friday shows the price of all items, rose 6.8% over the last 12 months, marking the biggest jump in 39 years.

This comes as prices increased 0.8% in November and 0.9% in November.

“Even as we’ve built this incredible jobs and economic recovery, we have struggled – like virtually every other developed economy dealing with the pandemic – with rising prices and supply chain woes,” President Joe Biden wrote on Thursday ahead of the release Friday morning.

In his statement Thursday, Biden called for Congress to pass his Build Back Better agenda

“Soaring inflation is incredibly damaging to our economy, especially as we seek to recover from the pandemic. As products and services become more expensive, all Kentuckians are affected. Families across the country are struggling to get back to normal and the staggering workforce shortages and supply chain issues are a threat to progress,” said Kentucky Chamber President and CEO Ashli Watts. “Action must be taken to stop this dangerous trend in inflation. It is critical Congress does not move forward with the huge federal spending proposals within the reconciliation bill as our businesses work hard to get our economy back on track.”

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