Inflation in the United States has hit its highest level since 1982 as prices jumped 7.5 percent between January 2021 and January 2022.

While some blame unabashed corporate greed or disrupted supply chains for the extra cost of everything from food to rent, Harvard University economist Jason Furman says the real reason is much simpler: it is you.

As long as demand for everything is high, and people are willing to pay steeper prices for the things they want, prices will continue to rise. It is simple supply and demand, argues Furman, who was the top economic adviser to the White House under former President Barack Obama.