Prices are high. Driven primarily by food and energy prices, supply chain slowdowns, and consumers spending stimulus money in tighter product markets, inflation is red hot, soaring to 6.8% in November, the highest in nearly four decades. The trend is particularly hurting people at the lower end of the spending spectrum. Even the Dollar Tree recently raised its average price to $1.25.

+ “Gas is up 58 percent over the last year. Beef is 21 percent pricier, too. And the cost of heating your home with fuel oil is going to cost 59 percent more than it did last holiday season.” NY Mag: Everything’s Getting More Expensive. Here’s What You Can Blame It On.

+ A lot of our economic future will depend on whether this trend is a pandemic-related blip or part of a longer story. For now, the inflation is just part of an economy that’s showing many signs it’s blowing up. “Based on the data, President Biden and the Democratic Congress are set to preside over the strongest two-year performance on growth, jobs, and income in decades—so long as the current cycle of inflation eases, and the Omicron variant does not trigger another round of shutdowns.” And in 2022, companies plan to give biggest raises in more than a decade.