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Stock illustration: Businessman stops falling dominoes

So far, 2022 has brought the highest levels of inflation in decades. In April, the consumer price index (CPI) rose 8.3 percent from a year earlier and 0.3 percent from March.

Inflation has affected virtually all sectors of our economy. We’ve seen higher prices at the grocery store, in the housing market and for travel. If you can even find one, new cars’ prices are going through the roof. The increase for Social Security benefits for 2022 reflected this with a cost-of-living  adjustment (COLA) of 5.9 percent, the biggest since 1982. The COLA for 2023 is projected to be even bigger.

Let’s take a look at inflation in general—and at the 2022 version specifically.


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