Labor Department reports consumer prices rose more than 5% over the past year

CNN– Inflation is on the rise and in a big way. On Thursday, the Labor Department reported that consumer prices rose more than 5% over the past year, the biggest 12 month inflation spike since 2008.

Experts say food prices are spiking as well auto prices. The reason for the price hikes, more people are getting vaccinated and feel safe shopping, traveling, dining out and attending entertainment events.