The increase in consumer prices can be attributed to several factors, including supply chain breakdowns, labor shortages, and the pandemic, which led many people to spend more money than they usually would have had it not been for this virus.

 

Prices will keep climbing and are expected to settle down in the middle of the year. Businesses need to adjust to inflation as vendors increase their costs by charging more for their services accordingly.

 

Did you know: The annual inflation rate in the United States hit 6.2% in October 2021, the highest since 1982.