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Prices continue to soar as labor and supply shortages persist

(NEW YORK) — Inflation is the highest it has been in more than 40 years, according to a new economic report. The Consumer Price Index numbers for the month of March show that inflation is up 8.5%, compared to one year ago.

The Federal Reserve is hopeful that new interest rate hikes could ease demand and, ultimately, lead to lower prices.

ABC’s Rebecca Jarvis provided more details Tuesday on Good Morning America:

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