Scott Horsley

Ayesha Rascoe and Scott Horsley speak with economist Austan Goolsbee about what's driving inflation and why so many economic forecasts have been wrong.

Retail spending jumped more than expected in June. But it's not keeping pace with rising prices. In many cases, people are spending more money but getting less in return.

Inflation hit a new, 40-year high in June, with consumer prices up 9.1% from a year ago. Gas prices were a big part of this, but the cost of essentials like food and shelter are also rising rapidly.

Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.

Job gains in June were surprisingly strong, defying gloomy forecasts of a looming recession.

U.S. employers added 372,000 jobs in June, while the unemployment rate held steady at 3.6%. Despite slightly slower job growth, the labor market remains an economic bright spot.

A Labor Department report is expected to show U.S. employers added more than 200,000 jobs in June — a modest slowdown from May. The job market has proven resilient despite high inflation.

Cost-conscious consumers are getting some relief at the gas pump. After hitting record highs, gas prices have fallen by nearly 25 cents a gallon. But it may be too late to save many summer road trips.

In a new book, pilot and author of Skyfaring Mark Vanhoenacker takes readers to far-flung cities he once dreamed about during his childhood in western Massachusetts.

The chairman of the Federal Reserve acknowledges combating inflation with higher interest rates could lead to a recession. He argues a bigger risk would be to let high inflation become entrenched.

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.

Federal Reserve Chairman Powell answers questions from a Senate committee Wednesday. He's sure to be asked about inflation and possible fallout from the Fed's efforts to bring prices under control.

The Federal Reserve raised interest rates by three-quarters of a percentage point Wednesday in an effort to combat stubbornly high inflation. It's the biggest rate increase in 28 years.

The Federal Reserve wants to control inflation, and its number-one weapon is higher interest rates. The Fed is expected to announce another sharp jump in borrowing costs on Wednesday.

The rising price of gasoline, groceries and rent has pushed inflation to its highest level in more than four decades. Prices rose even more than expected in May.

Consumers are watching their pennies at the gas station and grocery store as consumer prices surged 8.6% in May, pushing the annual inflation rate to its highest in over 40 years.

NPR's Scott Horsley reports on criticism directed at Treasury Secretary Janet Yellen over the highest inflation rates in over 40 years.

Authorities say baby formula is likely to remain in short supply for some time to come. Factories have boosted their production and additional formula is being shipped in from other countries.

U.S. employers added 390,000 jobs in May — good news for the White House, which is trying to show it's hard at work to bring down inflation. Price increases are still outpacing people's paychecks.

U.S. employers added 390,000 jobs in May as the labor market stays hot. The unemployment rate held steady at 3.6%.