Experts say inflation has been hitting consumers where it hurts on day-to-day necessities like groceries, utilities and rent. elijahwestbrook reports:
"It falls hardest on lower- and middle-income households, which is most households. It really puts the bench on spending power, even in an otherwise robust labor market where we see very low unemployment and we're seeing the best wage growth in 20 years. It's not enough to keep pace," said McBride.
While President Joe Biden celebrated the new Inflation Reduction Act earlier this week, many of the laws do not kick in until next year and beyond. Experts say a mix of factors contributed to how we got here, including the war in Ukraine, increases in household demand and supply chain shortages due to the pandemic.
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