Although anyone paying the least bit of attention already knew, the Associated Press late last week confirmed that comsumer prices have jumped considerably.

In fact, according to AP, citing a key indicator followed by the U.S. Federal Reserve, prices are up 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy.

The increases were led by energy and food, although other prices, the index suggests, did not increase as significantly.

“The slowdown in (core inflation) is really nice to see,” said Bill Adams, chief economist for Comerica Bank, in an email to clients. “Inflation may have peaked in March, although the evidence is still a little ambiguous. But inflation’s momentum is still very strong.”

From the standpoint of average people trying to make a living, we sincerely hope so.

Democrats, facing a grim mid-term election cycle and already on the ropes from a variety of missteps and bad luck, are panicking, and for good reason. This is the kind of inflation that changes political landscapes, agendas and parties.

Republicans, meanwhile, are poised to seize control of both the U.S. House and Senate.

Time remains for the Dems to fix the situation–but not much.

That’s going to take leadership and some Republican cooperation. In all honesty, we can’t see either taking place.