Why is inflation at four-decade high?

Prices of just about everything have been rising over the past year. In fact inflation picked up speed in March as consumer prices rocketed 8.5 percent over the same period in 2021, the fastest pace since 1981, according to a U.S. Labor Department report released Tuesday. Why? Supplies of bananas, beef, gas, and other goods have gotten tighter while demand remains very robust. Alberto Cavallo, Edgerley Family Associate Professor of Business Administration, explains how labor shortages, supply chain problems, and other issues related to the pandemic are driving the bus.