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Inflation increased by 6.2 percent in October, which the biggest month-to-month increase in the last 30 years. This is a trend that began in April as a demand for goods increased, rising prices. At the same time, a number of companies were having a difficult time finding workers, which made products and other services difficult to find.

The Federal Reserve continues to say this year’s high inflation is merely, “transitory.” With that being said, economists are predicting that these higher prices could last into the latter stages of 2022.