VIRGINIA BEACH, Va. — The cost of living in the United States has seen one of its biggest jumps in 40 years!
Consumer prices soared by more than 9% from a year ago, which is more than experts predicted.
People are feeling the strain on their wallets. Jamie Lockett is a DoorDash driver in Virginia Beach, so he needs to fill up to make a living.
"It's really hard to pay for gas and try to DoorDash at the same time," Lockett said. "It’s been really tough doing this."
When it comes to inflation, Lockett said he’s running low on patience and the burden is weighing on his ability to make a living.
"You have to be really careful about where you deliver and how far you go, and you have to decline a lot of orders because it will be too far, and you will have used more gas, than made money," he explained.
On Wednesday, U.S. Labor Bureau data showed inflation rose by 9.1% in June, compared to a year ago. It’s the largest year-to-year jump since 1981.
The cost of gas, shelter, and food climbed the most.
Peter Shaw, a retired business and economics professor, called the numbers "alarming" and said people should expect the federal reserve to raise interest rates again to slow the economy down.
If things don’t settle down, Shaw said the impact will really be felt during the holiday shopping season, which isn’t that far away.
"The business community is hoping the inflation numbers today are the peak!" Shaw said.
Lockett is hoping the same thing and hopes a solution comes soon.
"It’s taking too long," he lamented. "It’s just taking too long."