Inflation is surging in the United States, hitting the highest level in 40 years and pushing up the prices of food and petrol.
confirmed prices for petrol, food and houses and jumped sharply, up 7.9 per cent in February — compared to the same month last year.
Stream more finance news live & on demand with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free.US President Joe Biden speaks during a meeting with his cabinet at the White House in Washington, DC. Picture: Jim Watson/AFP He warned the peak in inflation would be much higher than previously thought and would arrive later than previously expected.Mr Biden blamed Russia’s invasion of Ukraine for pushing inflation even higher.
In a statement, the US President warned of the impacts of “Putin’s price hike” and acknowledged there would be “costs at home.”
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