This week we got more astounding numbers showing inflation continuing to surge out of control. But beyond these big-picture headlines, we’re also gaining more insight into what this economic carnage actually means for everyday people.

With consumer prices rising 9.1% from June 2021 to June 2022, inflation is now at the highest level since 1981. Thanks to this inflation, workers’ real wages, or wages accounting for inflation, are actually in decline, falling significantly over the last year.