Prices of goods we use every day are rising at their fastest pace in three years

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US economy is growing quickly but flashing an inflation warning sign: Prices of goods we use every day are rising at their fastest pace in three years, with coffee up 8%, bread up 11% and gasoline up 22%

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Measures of inflation - or the prices of goods and services that we all pay - are rising much more quickly than economic experts like to see

Many signs of inflation are already here - with the prices of groceries, household items, gas and electricity, for example, all surging over the last year

The average price of coffee is now up nearly 8% compared to last year, while the price of bread is up 11%, according to Bureau of Labor Statistics data

The prices of raw materials - such as steel, lumber and cotton - that are used to make everything have also been surging

Companies have already said they will be passing on the higher costs of those raw materials onto consumers

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