Over the past year, commodity prices have surged for certain foods as much as 70% percent and Tuesday the cost of oil hit a record at $119 dollars a barrel.
Anthony Grisanti, a trader for GRZ Energy said, "I think it's the dollar definitely, 1.60 setting a new low against the Euro , definitely that's added to the strength of crude."
Prices are going up so quickly leaders in Washington will hold hearings to see if more regulation is necessary. But they say that may not make much of an impact on the budget of Americans any time soon.
