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INFLATION

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"Recently, I asked the audience what one word best described their attitude these days and then what action they were taking as a result," writes InForum columnist Scott Hennen. "Sadly, most responses we received suggested "anger" is what best described what they were feeling."
“This is a nationwide problem. Inflation is damaging our national and local economies in ways that no one could have imagined, because the last time it was this bad was over 40 years ago,” says Neal Messer, Stark County Commissioner.
Dunn County recently increased county employee pay by a healthy 9%, which is still below the 9.1% increase in costs of living brought on by inflation. Dickinson appears poised to increase pay at a smaller margin still, with working documents showing between 4 and 6% — elected officials note that no agreement has been finalized.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden also said his staff would meet with oil industry executives this week after he told U.S. refiners in a letter last week that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity.

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The average price of gas in Minnesota and nationwide hit record highs last week, including at $4.98 per gallon nationwide on Monday, according to AAA. The national average rose to $5 a gallon last week for the first time.
More than a year later, price increases at 40-year peaks have proven to be anything but, so much so that the Fed this week appears ready to hike interest rates by the most since 1994 to quell them.
A hotter-than-expected inflation reading has even thrown some doubt on expectations.

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