Inflation soars 7.5% in past year, a 40-year high

Inflation soared over the past year at its highest rate in four decades, hammering America's consumers, wiping out pay raises and reinforcing the Federal Reserve's decision to begin raising borrowing rates across the economy.

Jack Miles, Semi-retired from Winter Park, Florida said "This stuff is more expensive. It gets, it costs more to do business, so to me, it's a bit of the norm and I did live through that 40 years ago, right? When inflation was sky-high and you know, mortgage rates were 15%, just not seeing some of that now."

Tina C., Concerned about losing purchasing power said "I have noticed all of my fun money has gone to food; gone to like just normal everyday things I need to live. … …. …….if it's getting a new job or if it's trying to find a side hustle, like spending most of my time thinking about work instead of just trying to live."

The Labor Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year.