INDIANAPOLIS — A new report, out Tuesday, from the Bureau of Labor Statistics shows a grim milestone; inflation has hit another 40 year high.
"I have been on this earth for 70 years and I have never seen anything like this," Joseph McDuffy said. "Inflation is just running rampant."
New data reported by the United States Bureau of Labor Statistics shows the cost of living is the highest it's been in forty years.
"Basically, I go to the store to get something for a couple of days," McDuffy said. "When I get it for a couple of days, it used to cost me $20. Now, I'm up to $40 for a couple of days," McDuffy said.
It's impacting several people like Joseph McDuffy who is retired.
The total due at the register is more than he's used to paying, so now, he shops at more than one grocery store to get what he needs and save a few bucks.
"I never thought I would be doing this," McDuffy said. "I used to think when people did it they are just too cheap. It costs more time to go somewhere to save fifty cents but I find myself doing it now because everything is just so doggone high."
"If you are on a fixed income these food prices really do eat at your bottom line and you're having to make some tough decisions," said Lusk.
Purdue University Professor Jayson Lusk, says the war between Ukraine and Russia along with the government's financial response to COVID-19 has played a role in inflation.
Airfare, new cars and housing prices have skyrocketed.
"Compared to this time last year, transportation prices are up over 22%," Lusk said. "That's a very dramatic increase."
We've all seen the price jumps at the gas pump.
"Just compared to last month gas prices are up over 18% and compared to last year gas prices are up 48%," Lusk said. "These are really remarkably high rates of gasoline price increases."
