Scott Horsley

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%.

The Labor Department said Friday that U.S. businesses added 390,000 jobs in May as the unemployment rate held steady at 3.6%. The unusually tight labor market is adding to inflation worries.

As parents scramble to find scarce baby formula and the government races to boost production and imports, some advocates say the U.S. should do more to encourage breastfeeding.

High inflation is weighing on the U.S. economy and raising the risk of a recession. Here's how energy and housing markets are being affected.

Americans' buying habits are changing as we move into a new phase of the pandemic. Some big retailers are having trouble keeping up, with their stocks taking a beating this week.

Just a handful of formula makers dominate the industry so a single plant shutdown can lead to empty shelves.

The FDA is taking emergency steps to increase the supply of baby formula after a plant closure led to shortages. Federal policy may have contributed to over-reliance on a handful of formula suppliers.

The Senate has confirmed Jerome Powell to serve another term as chairman of the Federal Reserve. It's a powerful job that puts Powell at the center of the fight to control inflation.

Jerome Powell was confirmed to a second term as Federal Reserve chairman. The Senate vote comes as the central bank faces intense pressure to bring down inflation.

The annual inflation rate eased somewhat in April, but not enough to meaningfully reduce the burden on lower-income Americans.

The latest consumer prices report is expected to show annual inflation in April was a little lower than the month before — cold comfort to people whose paychecks don't go as far as they used to.

The Federal Reserve raised interest rates this week, in an effort to tamp down inflation. The Fed is worried in part about the tight job market, which saw another strong month of job growth in April.

U.S. employers added 428,000 jobs in April, as the unemployment rate held steady at 3.6%. Stiff competition for workers is pushing up wages, which has inflation watchdogs concerned.

U.S. employers added 428,000 jobs in April, as the unemployment rate held steady at 3.6%.

The Labor Department reports on monthly job gains for April Friday morning. The month began with a record number of job openings, which is good for prospective employees.

The Federal Reserve on Wednesday raised interest rates by half a percentage point, as it escalates its fight against inflation.