Americans are wrestling with the highest inflation in a generation, and the surging prices for everything from gasoline to food are rapidly eroding consumers' purchasing power.
have seen a strong gain in wages and salaries in recent months, the pay jump has not kept pace with the inflation surge: The Labor Department reported recently that average hourly earnings for all employees actually fell 1.9% in November from the previous year when accounting for higher prices.
Traffic passes a downtown Los Angeles gas station where a gallon of gas costs over $6 on Dec. 10, 2021.For anyone who wants to track rising prices and see how they affect your purchasing power, the Bureau of Labor Statistics provides a useful The tool allows users to see how the cost of an item has changed over time: For instance, something that cost $200 in January 2020 would now cost $215.49 due to inflation.