In January, inflation soared to its highest level in 40 years, with consumer prices up 7.5 percent from a year ago, costing the average American household an extra $276 per month.

The latest increase, which above economists’ predictions of a 7.2 percent increase, was the largest yearly increase in consumer prices since February 1982, according to the Labor Department.

The Consumer Price Index, a frequently watched inflation indicator that details the costs of goods and services, climbed 0.6 percent from December to January on a monthly basis.

As per a new survey, inflation is now costing the average American household an extra $276 per month in expenses, with millennials, Hispanics, and the middle class feeling the pinch the most.

According to a Wells Fargo survey, renters are feeling the pinch even more because housing consumes a larger portion of their income. Middle-class households have been particularly badly impacted, as they spend a larger portion of their income on transportation and gasoline expenditures, which have also increased.

In the interview, shot in Culpeper, Virginia, after a speech asking Democrats to support his stalled $2.2 trillion Build Back Better Act as a measure to reduce inflation, the president said he expected inflation to drop off over the year.

Sen. Joe Manchin (D-W.Va.), who has already stated his opposition to the bill, had cautioned just hours before that only those in Washington thought that pouring trillions more of taxpayers’ money would solve our issues, much alone inflation.