Inflation skyrocketed to its highest rate in January since 1982. Consumer prices surged 7.5% from 12 months ago â€” forcing the average American household to fork out an extra $276 per month. Supply chain disruptions, worker shortages, and shipping delays that have led to shortages of key products in many cities are factors that drive inflation. The Federal Reserve is expected to raise interest rates starting in March. Despite the facts, Joe Biden continues to downplay the crisis and insists the US economy is strong.