Watch: Here's What Jim Cramer and the Pros Are Saying About Inflation

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The cost of one-gallon of milk is not the same as it was a year ago. Why?

Well, the answer is rising inflation. As per the report released by the Bureau of Labor Statistics this month, inflation rose by 5% in the last 12 months, which is the biggest jump since August 2008.

Related: Don't Let Inflation Scare You Into Dumping Your Stocks

As the Federal Reserve's two-day meeting ends Wednesday, investors are closely looking at how the Fed Chair Jerome Powell weighs in on inflation.

TheStreet has been extensively covering inflation and talked to many experts.

"People who have said that we’re going to have inflation over and over again have been proven wrong," says TheStreet's founder Jim Cramer. "Jay Powell says that there is going to be inflation but it’s going to be transitory."

Related: Stock Market Today With Jim Cramer: FOMC, Inflation Fears

MJP Wealth Advisors' Brian Vendig said that we should be focusing more on wages.

Related: Inflation Watch: Do Wages Matter More Than the Price of Milk?

"Right now you see wages spiking for certain service sector jobs and then the question is, will that continue?," Vendig said, "and is that going to be something that is an issue down the road that might cause the Fed to change the policy, and that's the most important part of the policy."

Watch the video above to know more.

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