Summary:
- Inflation in the United States has been high, with consumer prices rising 7% in 2021, the fastest pace in 40 years.
- Businesses are facing higher costs for raw materials, transportation, and labor, leading them to raise prices for consumers.
- The Producer Price Index (PPI), which measures wholesale inflation, rose 9.7% in December 2021 compared to the previous year, indicating that inflation is affecting businesses at all levels.