Inflation at 40-year high pressures consumers, Fed and Biden


WASHINGTON (AP) — Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy.

Prices rose sharply in 2021 for cars, gas, food and furniture as part of a rapid recovery from the pandemic recession. Vast infusions of government aid and ultra-low interest rates helped spur demand for goods, while vaccinations gave people confidence to dine out and travel.

As Americans ramped up spending, supply chains remained squeezed by shortages of workers and raw materials and this magnified price pressures.



Source link

admin

Read Previous

Off-Duty Cop Fatally Shoots Black Man ‘Just Walking Home’

Read Next

More Than 1,700 Members Of Congress Enslaved Black People: Report

Leave a Reply

Your email address will not be published. Required fields are marked *