How inflation and tangled supply lines are gripping economy

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — High inflation and tangled supply chains have seeped into nearly every nook of the economy, forcing consumers and businesses to make painful decisions that many of them have never had to contemplate before. With the government reporting Thursday that consumer inflation reached 7.5% over the past year — a 40-year high — the acceleration of prices is leaving few unscathed. The key trends that have sent prices soaring — higher wages, parts shortages, rising rents, robust consumer spending, clogged ports and warehouses — won’t likely fade anytime soon. And so  it’s unclear when, or how far, prices will actually decline.