(NewsNation) — New inflation numbers show that what Americans pay for goods and services increased by 4.7% over the past year and jumped by more than half a percent last month alone.

Moody’s estimates the average American family is spending about $371 more a month due to inflationary pressures.

Those numbers came in higher than expected. It’s renewing fears that inflation isn’t coming down as fast as hoped, which could force the Federal Reserve to raise interest rates at least three more times in the upcoming months.

That would likely drive up borrowing costs for individuals and businesses, and likely lead to rising rates for mortgages and auto loans.

The White House has been trying to highlight how inflation has been dropping, but the president today provided some caution, saying in a statement, “As I’ve long said, there may be setbacks along the way, but we face global economic challenges from a position of strength.” 

The more the Federal Reserve is forced to raise interest rates to combat inflation, the more it’s likely to cool down the economy and potentially take a toll on American jobs.

For example, while the unemployment rate is at 3.4% right now, the Fed is projecting that to rise to about 4.5% by the end of the year.

When you look at the cost of transportation to get to work so you can pay for basic staples such as housing and food, all of those are up significantly, according to government data released earlier this month.

Transportation costs are up roughly 14.5%, while housing is up nearly 8% and energy costs on the whole are approaching 9%. The food in Americans’ fridges or pantries is up more than 11%. And it’s not like they’re getting a break at restaurants either, as those food costs are up just more than 8%.

Other numbers that stand out include auto insurance, which is up roughly 15%, and electricity, up nearly 12%. Coffee and milk are around that same range, and pets have not been spared, either. The cost of pet food is up about 15%.