The document summarizes the current state of inflation and cost of living in the United States. It finds that consumer price inflation hit a new 40 year high in February 2022 and is projected to increase further. Multiple factors are contributing to rising prices, including high commodity costs, labor shortages, and uncertainty caused by the war in Ukraine, which is exacerbating issues in global food security and energy markets. While the U.S. economy remains resilient, inflation is expected to continue outpacing wage growth and squeezing household budgets in the near term.