furniture up 14%. and gas at more than 50% from a year ago. the cost of housing, food, clothes also spiking. the 7% increase in inflation over the last year is the highest jump in nearly four decades. while it s nowhere near historic highs of nearly 15% from 1980, it s one of the biggest challenges facing policymakers and the white house. we are working relentlessly. we are trying to make sure that competition is robust in industries so cost savings get passed on to consumers. reporter: inflation is only part of the economic picture. which has other signs of strength, including a 3.9% unemployment rate. and historic wage growth. yet with inflation expected to remain high for much of the year, the federal reserve is signaling its intention to raise interest rates saying the economy no longer needs emergency support. we see inflation persisting at high levels longer than expected, then we will, you know, then if we have to raise