America has an inflation problem. The December CPI inflation report shows that consumers’ wallets continue to bear the brunt of some of the highest inflation in years.

Prices in December increased 0.5%, according to the Bureau of Labor Statistics. And while that’s a lower jump than the 0.8% increase in  November, there’s not much to be excited about; the price for goods and services has increased 7% from Dec. 2020 to Dec. 2021, accounting for the highest inflation rate since 1982.

Common household purchases—everything from food and clothing to gas—are significantly more expensive than they were a year ago. What was once thought by the Federal Reserve to be “transitory” inflation is now sticking around much longer than expected—and Americans continue to feel the pain in their wallets.

Items That Are More Expensive Because of Inflation

These items have seen some of the highest gains over the past 12 months:

  • Meats, poultry, fish and eggs: 12.5% increase
  • Fruits and vegetables: 5% increase
  • Electricity: 6.3% increase
  • Furniture and bedding: 13.8% increase
  • Women’s dresses: 8% increase
  • Jewelry and watches: 7.2% increase
  • Rent of primary residences: 3.3% increase

Things like gasoline and airfare saw giant price increases over the last year, in part due to prices being deflated by lack of demand at the onset of the pandemic (used cars and trucks, for example, saw a 37.3% price increase from Dec. 2020 to Dec. 2021).

The increase in prices is nationwide, with little difference between regions. The CPI report reveals that the Midwest saw a 7.5% increase in prices over the year, with the south trailing just behind it with a 7.4% increase.

When Can Consumers Expect Relief From High Inflation?

Inflation first became an issue in Spring 2021 when the nation was emerging from strict Covid-19 protocols. A mixture of rebounding demand, supply chain issues and labor shortages started pushing prices up—but they’ve yet to stop rising.

The Federal Reserve has devised a plan to rein in the higher prices by buying fewer bonds over time and by implementing three interest rate hikes in 2022. Earlier this week, Federal Reserve Chairman Jerome Powell told Congress the central bank is prepared to accelerate those increases if necessary to curb inflation.

But some economists think that action may not be enough to bring relief. There are two additional culprits continuing to drive up prices—supply chain bottlenecks and fiscal spending (money spent by the government)—and the Federal Reserve doesn’t have any control over them.

Congress continues to battle over a $1.7 trillion social spending plan—though the December inflation data could derail it—and some experts warn it could take years for the worldwide supply chain crisis to finally resolve.

Polls show that inflation is becoming a bigger concern to Americans than the pandemic. When it will start to subside is still unknown.