US INFLATION JUMPED 7.5% IN THE PAST YEAR, HIGHEST IN 40 YEARS

Fri 11 February 2022:

In the United States, inflation has recently accelerated. It has now risen to its greatest level in 40 years.

This outcome has given American consumers uneasy nights because it has wiped out pay raises and reinforced the Federal Reserve’s decisions to begin raising borrowing rates across the economy.

According to the Labor Department, consumer prices rose 7.5% last month compared to the same month last year. It appears to be the most significant year-over-year increase since February 1982.

In the United States, inflation was 0.6% from December to January. Prices increased 0.7% from October to November and 0.9% from September to October.

Inflation appears to have risen last year as a result of supply and labor shortages, ultra-low interest rates, large amounts of federal help, and strong consumer spending.

There appear to be only a few indications that it may begin to ease dramatically in the near future.

Some experts believe the Fed will raise its benchmark interest rate in March to combat rising inflation. It might be a half-point increase rather than the usual quarter-point increase.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

_____________________________________________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent