QUINCY (WGEM) - If you've noticed the rising costs at the gas pump, grocery store, or just about anywhere you have to spend money, you're not alone.
A recent inflation report from the US Department of Labor Statistics showed prices have jumped five percent in May, compared to a year ago.
The report showed it's the largest increase since 2008. Core prices, which don't include food and energy are at their fastest annual rate in 30 years.
Eric Larson at Culver-Stockton College says while people are ready to get back to normal after the pandemic, some businesses aren't quite up to speed yet.
"Supply chains or companies have not been able to start up as fast as demand has, Larson said. "So with that you've got more demand than you do in supply, and you have an increase in prices in the short term."
Larson said he expects the Federal Reserve to step in and take action.
"If we went on another year from now, we're still seeing inflationary pressures and high prices, I think at that point the Feds would probably start to do something to try to minimize those price hikes, maybe increase some interest in order to slow the economy, " Larson said.
As for right now, he says the best thing to do is hold off on big purchases if you're concerned about the impact on your family's budget.