MOLINE, Ill — For most of the past year, Americans have been facing higher consumer prices. Things like food, clothing, household goods and gasoline are all more expensive than they were just about a year ago.
On Wednesday, the U.S. Department of Labor announced inflation has risen to seven percent, a 40 year high.
Financial Advisor Mark Grywacheski with the Quad Cities Investment Group joined us on "Good Morning Quad Cities" to provide his perspective on the historic inflation rate.
"Over the past 9 months, we’ve seen this steady rise in inflation, which is the year-over-year increase in prices for consumer goods and services," Grywacheski said.
One big question, Grywacheski said, is if there is any way to limit the impact of the rising prices due to inflation.
"Very few, if any, aspects of consumer spending have been shielded from these rising prices," Grywacheski said. "And unfortunately, some of the biggest price increases we’re seeing are in basic necessities."
You can watch our entire conversation with Grywacheski using the video above.
Grywacheski joins "Good Morning Quad Cities" every Monday during the 5 a.m. hour to discuss news in the financial industry and how it affects consumers and our communities.