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Why Inflation Is Hitting American Households Like Never Before

Utilities, gasoline and grocery prices have been rising at double-digit levels all spring and it’s probably about to get worse.

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El-Erian: Too Early to Say US Inflation Has Peaked

Economists like to strip food and energy out of their inflation calculations. They’re too volatile to be meaningful, they say. But for everyday Americans coping with exploding prices, those items are pretty much all they care about right now.

For two straight months, the primary consumer expenses — fuel, power, and grocery-store food — have all been rising at double-digit annual rates for the first time since 1981. And data out Friday are likely to show a further surge in those unavoidable areas of spending. The Biden administration may want to draw focus to the ultra-low jobless rate to tout a strong economic recovery, but it’s inflation on everyday expenses that has become the topic of conversation at kitchen tables across the country.