33. Price Jump Worst Since ’91 The biggest annual jump in the CPI since 1991 has fanned fears about growing pressures on consumers. The Labor Department report confirms what every consumer in America has known for months: Inflation is soaring and it’s having an adverse impact on the economy. Source: CNN, July 16, 2008 Explain and draw a graph to illustrate the effect of a rise in the price level on equilibrium expenditure.