The national consumer price index rose 6.2 percent from October 2020 to October 2021. That's the largest 12-month increase since 1990, according to the Bureau of Labor Statistics.
The pandemic created a weird short-lived recession. Companies expected a severe reduction in demand, but demand for many things increased with the help of government stimulus.
Derek Miller, CEO of the Salt Lake Chamber, says the situation invited inflation.
"It acts as a regressive tax. It hurts most people who can afford it the least," Miller said.
Miller pointed to the cost of essentials like milk and gasoline.
Looking into some examples of common products:
- From October 2020 to 2021, a gallon of milk costs 5% more.
- A pound of grade-A premium sirloin steak costs 31% more.
- A gallon of regular gas costs 59% more.
- As for a more durable essential, a pair of Red Wing Rio Flex work boots is 11% more expensive.
Bigger ticket items:
- A Trek 820 mountain bike, maybe a Christmas gift, is 17% more expensive in 2021 compared with 2020.
- America's best-selling vehicle, a Ford F150 XLT, has a lower base price for its 2022 model compared with 2021.