Reports show US inflation is at its highest since 2008

MEMPHIS, TENN. — If it feels like you’re paying more to get gas, shop at the grocery store, eat at a restaurant or buy much of anything, it’s probably because you are.

The US. Labor Department reports consumer prices jumped nearly 5.5 percent in 12 months, making the nation’s inflation rate the highest it’s been since 2008.

“I think what we’ve seen now is the impact of the pandemic actually ending, so in some of those sectors, like the leisure sector, people have been pent up for over a year and now they’re just getting back out,” Toni Polk, a financial advisor with Edward Jones said.

Polk said a high inflation rate affects everyday life.

“I think inflation is a real thing and I think what is most important is you’re prepared for it,” she said. Make sure you have strategies in place to combat it so you don’t lose your buying power.”

As the economy continues to open back up and more people go back to work, Polk expects prices to eventually return to what they were prior to the pandemic.

She said people should keep a close eye on their budget and have an emergency fund.

The Bureau of Labor Statistics reports the cost of used cars jumped over 10 percent last month. Gasoline rose 2.5 percent, and food prices increased about one percent.