WASHINGTON, D.C. (NBC) – Inflation grew by 1% last month. It now sits at 8.6% over the last year. That’s the highest rate of inflation since 1981.
High prices for groceries and gasoline continue to drive those numbers.
The main reason for the rising gas prices in the U.S. Is the rising cost of oil. Crude oil has climbed from about $87 per barrel to more than $122 in the past three months alone.
Analysts don’t see conditions changing any time soon either, so they are warning if may be some time before we see any relief.
Meanwhile, the Federal Reserve is expected to raise rates by another half-point to between 1.25% and 1.50% next week in hopes of keeping the current rate of inflation in check.