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For the first time in 30 years, inflation is significantly chewing away at Americans’ buying power, hiking the price of gas, groceries, and rent. On Wednesday, the Bureau of Labor Statistics released its latest report showing 6.2 percent inflation in October, the fifth straight month that it has gone up by more than one percentage point. Following the report’s release, President Joe Biden issued a statement acknowledging how hard inflation is hitting everyday Americans, saying it would be a top priority for his administration going forward.

But while there are many supply-side factors driving inflation, from supply-chain issues to a unprecedented labor shortages, there is also red-hot demand from consumers for goods and services,…

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