Inflation has caused prices to spike 8.3% over the past year. Consumers are feeling the pinch — from the basics such as food, gas and cars — to just about everything else.
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When most people think of inflation, their response is usually similar to when they see a vintage advertisement: reminiscing about the cheaper prices of the past (15 cents for a burger? Awesome!) while simultaneously feeling some resentment towards today’s ever-rising prices. Generally, inflation is seen as a frustrating “financial fact of life” that passively affects everyone as price levels climb and as the dollar’s purchasing power decreases over time.