Rising prices reach new 40-year record
(KYMA, KECY/CNN) - New data from the Bureau of Labor Statistics says inflation has reached a new record after 40 years.
Most goods and services have been seeing price increases recently to a level that has not been seen since 1982.
"A very hot report and this is the sixth consecutive one. And right now there's concerns that it's only gonna get a lot worse given the situation in Ukraine," Senior Market Analyst Ed Moya said.
Labor Statistics show a rising cost of 7.9% in the last year, with the Russia-Ukraine war expected to inflate prices even further.
"The average American family is going to struggle to, to continue to battle these, uh, you know, higher rents, higher food costs," explained Moya.
Reports say gas prices rose by 38% and home prices by 8.6% in the last year.
