US inflation hits 13-year high

The Consumer Price Index (CPI), a measure of the prices of consumer goods and services, rose at an annual rate of 5% last month, hitting its highest level since August 2008, according to the report. US Bureau of Labor Statistics.

As money printing and federal economic stimulus measures continue in the wake of the COVID-19 pandemic, this measure indicates that US dollar inflation is at its highest level since the Great Recession, leading to tangible concern on the part of investors.

“Fears of higher prices in the US have gripped markets, as investors fear pent-up demand and supply chain bottlenecks will create inflationary pressures, forcing the Federal Reserve’s central banks to slow down their stimulus programme.” Watchman mentioned. Core inflation, which strips out volatile items such as food and energy, jumped to its highest level since 1992. It rose 3.8% year over year, up from 3% in April.

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