How high inflation became a 'fact of life' in the U.S.

U.S. consumers are in the midst of one of the longest stretches of elevated inflation of the past century. Some are beginning to act like it's a new normal, raising alarm bells for members of the Federal Reserve.

Wednesday's consumer price index release showed a 3.7% increase year over year in September. CPI has now registered around 65 months — that's more than five years — of consecutive annual readings above 2%, a widely accepted target for inflation in the U.S.