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April 13, 2023
Inflation has risen at its fastest pace in more than 40 years in the United States. Food, gasoline, housing, and more has increased in price, hurting many American citizens.
According to ABC News, the Labor Department said Tuesday that the consumer price index jumped 8.5% in March from the past year. This is the sharpest year-over-year increase since 1981. From February to March, inflation rose 1.2%, the biggest month-to-month jump since 2005.
Additionally, gasoline prices increased by 48% in the past year, used car prices have increased 35%, bedroom furniture is up 14.7%, with more increases expected.
The inflation has increased as the job market and economy have also increased. In 2021, 6.7 million jobs were added, which is the most in any year on record. Additionally, layoffs are at an all time low since 1968. However, while many Americans have received raises, inflation has destroyed the impact of those raises.
ARTICLE: JILLIAN WEIDNER
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: LA TIMES