Select spoke to an economist about what’s causing the high prices we’ve been experiencing lately.
As prices continue to increase across a broad range of spending categories, many Americans are finding that their paychecks aren’t going as far as they used to. That’s probably because in June, the year-over-year inflation rate, as measured by the Consumer Price Index, was a whopping 9.1%, the highest it’s been in over four decades.
So, what’s given rise to higher prices at the gas pump and or at your local grocery store? Well, there are a variety of different causes — from international conflict to changes in what consumers purchase.
Below, Select spoke with Michael Gapen, head of U.S. economics research at Bank of America, about some of the reasons behind the record-high inflation rates.