Largest annual spike in inflation since 1990 and it might be here to stay for a while

RALEIGH, N.C. (WTVD) -- The cost of living is up and economists warn that the high inflation is here to stay for a while.

New data out from the U.S. Dept. of Labor show prices for goods and services are up 6.2% over the last year, the largest 12-month increase since November 1990.

Dr. Michael Walden, Reynolds Distinguished Professor Emeritus at N.C. State University, said two things are acting as the main drivers for inflation: the supply chain and the Federal Reserve infusing cash into the economy.

"There's this old adage -- inflation results when too much money is chasing too few goods and services so one thing the Federal Reserve can do is pull that money back, which they can, and raise interest rates at the same time," he said.

Walden does not expect a quick fix to supply-chain disruptions and said that could mean high inflation could be here to stay for the foreseeable future.

In October alone, prices on food items such as meat, poultry, fish, and eggs rose 1.7% and 11.9% over the last year.

Energy prices jumped 4.8% last month and 30% over the last year.

New and used cars are costing more. Used car prices spiked 2.5% in October and 26.4% for the year.

Walden said there is something you can do to try to make ends meet.

"One thing the average person can do if they're working is try to go to the boss and say, hey boss, 6% inflation over the last year, I need a pay raise," he said.