The Consumer Price Index (CPI) increased for the third straight month, interrupting the downward trend seen over the previous year.

Recent inflation has been a heavy burden for most Americans. It has eroded the value of the U.S. dollar, reducing its purchasing power by more than 20 percent since the start of the pandemic recovery. After much delay, the Federal Reserve finally began raising interest rates in March 2022, causing inflation to fall from July 2022 through June 2023.

The past few months, however, have interrupted the downward trend. What has caused the recent uptick in inflation, and where might we expect it to go from here?