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Pandemic-Related Supply Chain Shortages Result in Higher Prices for Consumers

Recent data from the Bureau of Labor and Statistics has confirmed what many consumers have already recognized at the cash register: Prices continue to rise for goods and services. 7.9% increase in Consumer Price Index Feb. 2021-2022 From February 2021 to February 2022, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 7.9%—the largest 12-month change since January 1982. . In other words, consumers are paying 7.9% more for goods and services than they were a year ago. What’s behind these sharp price increases? Basic economics of supply and demand. This balance was disrupted during the pandemic. As companies struggle to get their...

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