Inflation is running at the hottest rate in 40 years in the United States, nibbling away at savings, making a mockery of budgets, and fueling fears about people's ability to make ends meet, reported Reason on May 16.

"What's infuriating is that those rising prices are largely the result of foolish policy choices and that there's actually a constituency for doubling down on political interference in the economy to further crimp our liberty and prosperity," said the U.S. monthly magazine published by the Reason Foundation.

"The public views inflation as the top problem facing the United States -- and no other concern comes close," the magazine quoted a Pew Research as saying. "Seven-in-ten Americans view inflation as a very big problem for the country, followed by the affordability of health care (55 percent) and violent crime (54 percent)."

The understandable focus on inflation came after another month of rising prices. While the Consumer Price Index showed the annual inflation rate dipped a hair from 8.5 percent in March to 8.3 percent in April, that was still "the largest 12-month increase since the period ending April 1981," according to the Bureau of Labor Statistics.

Analysts hope that inflation has peaked and is headed for an annual rate of 4 percent, which is still above the Federal Reserve's target of 2 percent. But the Producer Price Index, considered a leading indicator for prices paid by consumers, stood at 11 percent, suggesting that "we're in for a bit more pain before enjoying even modest relief," said the Reason report.