I am so old, I remember a few months back when experts said we did not need to worry about inflation:
“Inflation” is the devaluing of the dollar. The underlying value of each dollar has gone down so it takes more dollars to buy what cost $1 last year. The value goes down because the government has printed an excess supply of money.
That printed money temporarily boosts demand (more dollars to spend….) which leads to demand driven price increases.
Some goods, such as fuel for vehicles or heating, are in markets where prices are historically volatile. Their price increases may be due to demand, coupled with supply chain issues. Thus, these larger increases within some sectors may be temporary and may drop again in the future.
(Note – like all political reporting, the linked report above has a ton of spin put in to it by the CNN reporter and reads like an opinion column. You’ve been warned.)
