The latest figures on inflation—or the rate at which prices rise—are in. And it’s not good for American consumers or small businesses.

According to new federal government data, year-over-year consumer prices jumped by 5.4 percent in July—the quickest pace, tied with the previous month, since 2008. For small businesses, the producer price index rose by a record high of 7.8 percent during the same period.

So what does this mean?

For individuals, the price of a trip to the grocery store or to the gas pump will be more expensive. The cost of gasoline, for example, has increased by more than 40 percent since this time last year. Meanwhile the price of a meal at a restaurant jumped by about four percent.

Small businesses are getting the shaft as well. The cost of input materials and other products needed to run a business have gone through the roof. Paying staff isn’t the only expense business owners must cover on the balance sheet. As budgets tighten, funding that would have gone towards higher wages, stronger employee benefits, and business expansion dry-up.

Reckless spending in Washington is contributing to out-of-control inflation that is having a direct impact on your wallet. It’s time to hold politicians accountable and force them to spend within their means just like everyone else.