A customer shops for groceries at a Miami supermarket as rising consumer prices make many think of … [+] The growing energy crisis is causing rising prices for groceries, cars, rent, and just about everything else. Americans have been here before — in the 1970s when oil shocks and soaring inflation defined the economy. Is America on a similar course today? It can’t be ruled out. While there are critical differences between the U.S. economy then and now, the inflation numbers speak for themselves, and Fed officials are no longer blindly assuming that rising prices are “transitory” and will reverse once Covid-related supply chain issues are fixed. U.S. consumer prices increased solidly again in September, putting pressure on the Biden administration to urgently resolve strained supply chains, hampering economic growth. In the 12 months through September, the Consumer Price Index (CPI) increased 5.4% after advancing 5.3% on a year-on-year […]