Energy and food drive US inflation to highest for 40 years

By Oscarjack 2 Min Read
Energy and food drive US

Energy and food drive US inflation to highest for 40 years

The annual inflation rate rose to 8.6% in May, the Labor Department said, after easing in April.

Food drive US

The rising cost of living has been squeezing households and putting pressure on policymakers to bring the issue under control.

Analysts had hoped that the moves were starting to work to cool economic activity, easing the price pressures. food drive us

“Worse the increases were nearly ubiquitous. Just no place to hide.”

US makes biggest interest rate rise in 22 years

Now the war in Ukraine has spread the problem around the world, with Covid-related shutdowns in China this spring contributing.

Energy and food drive US ??

“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” World Bank President David Malpass said this week.IMAGE SOURCE,REUTERS
Image caption,
The average petrol price in the US is approaching $5 a gallon
The falls added to weeks of declines in US shares, as investors become nervous about the path for the economy.

High prices may put pressure on consumer spending into the medium term.

For now, the US labour market has continued to add jobs, a sign that growth is continuing.

Polls show a majority of Americans see inflation as the top problem facing the country. Consumer sentiment has plunged and US President Joe Biden’s approval ratings have sunk as Republicans criticise him over the issue.

 

In hearings in Washington this week, US Treasury Secretary Janet Yellen said bringing down prices was the “number one priority”.

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