Biden administration and Congress grapple with how to tamp down inflation

The Biden administration and Congress are grappling with how to address soaring prices as annual inflation increased at its fastest pace in 40 years. 

The latest Bureau of Labor Statistics data Thursday showed prices rose 7.5% over the past 12 months. Americans have seen the cost for gas rise by 40%, they're paying 7% more for food, and the cost of shelter is up more than 4%.

Economists and U.S. officials say there are many factors driving inflation, but the increased pressure to ease price hikes is throwing President Biden's agenda into limbo months before the midterm elections.