Why is Inflation So High? [Infographic]

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The US Consumer Price Index rose a staggering 6.8% in 2021. This sharp increase is due to inflation– the increase in the price of goods or services due to weakening currency. The Federal Reserve aims to keep inflation at 2% or less each year, but in the past years inflation rates have been rising. With the pandemic and millions of Americans being put out of work, there is less production of goods but more demand which has led to the rise in prices. Rising prices for goods and services is inevitable, it is important that your personal finances are protected.