People are paying more for products than they did a year ago. As the U.S. economy reopens, companies are responding to surges in costs and demand by raising the prices consumers pay.

Economists expect many of the price hikes to be short-lived as the market adjusts, but there’s a possibility that the economy could overheat — causing prices to continue to rise. On Wednesday, the Federal Reserve said it expects inflation to climb to 3.4 percent this year, higher than previous forecasts.

Have a question about inflation and the economy? The Washington Post’s Heather Long and Rachel Siegel answered a series of questions on Thursday, June 17. Here are some of the questions they covered:

Read the full transcript below. The question box includes a space for your name, but this is optional. Your question may be edited for accuracy and clarity.

Looking for more? Read some of The Post’s coverage:

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Teddy Amenabar, an editor on The Post’s audience team, produced this Q&A.