The United States is facing its highest inflation in 30 years. The consumer price index (CPI), which measures prices paid by the typical consumer, is up more than 6 percent. That's the steepest increase since 1990. The U.S. Bureau of Labor Statistics reports that food prices jumped by 5 percent over the last year while energy prices shot up by 30 percent. That means overall inflation has been running well above the Fed's 2-percent goal for quite a while. Treasury Secretary Janet Yellen said inflation can no longer be categorized as short-term.