The Labor Department has announced that consumers prices rose 7.5 percent in January as compared to last year’s figure.

This marks the steepest annual increase in prices since February 1982. A combination of supply issues, higher consumer spending and labor shortages are some of the causes that have led to a surge in inflation.

There aren't many signs that this will slow down anytime soon, with those causes still being present. Economists estimate that an increase in gas, food and furniture prices have forced Americans to spend $3,500 more on goods and services in 2020 than in the previous year.