The USA suffering from the highest inflation of prices on goods with a rise of 7.5% from 2021
Due to Covid- 19 pandemic has created havoc in the entire world and has led to the highest and worst inflation in the USA impacting trade, lack of necessary supplies and rise in prices on all items.
The rate of increase in the prices over a given period has led USA’s highest inflation in history in 40 years in January. It has risen by a total of 7.5% compared to the year before which is alarmingly a shocking graph to see. This was reported by the Bureau of Labour Statistics in the USA.
The survey conducted by the CPI (Consumer Price Index) reported that the prices of a wide variety of goods have increased the highest since February 1982. The CPI also reported that there was a rise of 0.6% from the last month which is December, which is the highest and still lower than the inflation rate of October which rose to 0.9% based on the monthly pattern. This has resulted in the lack of supply of a wide variety of goods and impacted hugely on the trade hitting the inflation in the USA leading to demands of even basic things.
rajkotupdates.news : us inflation jumped 7.5 in in 40 years
There was a rise in the amount of electricity, food and even shelter that hit the daily livelihood of people and has been the largest contributor in that way. The index of electricity or say energy resources rose from 0.9% over a single month and the cost of food index rose from 0.9% in January which left many people starving, followed by another increase in that index in December by 0.5%.
According to rajkotupdates.news : us inflation jumped 7.5 in in 40 years. Based annually the rate of inflation reached up to 6% after stripping the basic requirement of the people of America- food and fuel. Their prices were so high that it was so hard for a commoner to afford them at the time of Covid- 19 pandemic. There was a shortage of used cars or second-hand cars nationwide in the USA as it was cheap to afford and require less maintenance. The prices of used cars were the highest in January which had increased to 40.5% and the cost of housing, that is buying a new house or even renting a new one, increased to 4.4% from a year ago.
To bring down the prices and help the USA with increasing its economy again, the Federal Reserve Bank of the USA decided to increase the interest rates on loans and other deals. This was decided in an intimate meeting conducted by all the officials to bring down the prices of goods and accelerate the economy.
According to rajkotupdates.news : us inflation jumped 7.5 in in 40 years
The conditions in the Covid-19 pandemic have worsened not just inflation but has created a huge setback for jobs as well which has led to a recession in the USA (the USA has the highest recession in the world right now). The job market has depleted at an alarming rate and has led people to lose their jobs and fresher’s to struggle to start their careers. A report was generated that stated that the US Economy has increased from 5.5% since last year which is the strongest growth in the economy since 1984. To compensate for the depleting job rate there is an increase of about 1.6 million jobs in the last three months.
According to rajkotupdates.news : us inflation jumped 7.5 in in 40 years by the Associated Press- NORC Center for Public Affairs Research, a query was raised for the President of the USA- Joe Biden about how he is handling the economy with the increased prices of gas, food and housing that are still rising. Only 37% of all Americans approved that the economy handled by Biden is going in the right direction unless it’s all waste and a show book for the other 63% of the Americans.
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