America’s rampant inflation is imposing severe pressures on families with consumer prices surging 8.6 per cent last month from 12 months earlier.
| Pressure is mounting on President Joe Biden and the Federal Reserve to rein in rampant inflation after the latest readings showed the costs of gas, food, rent and other necessities jumped well ahead of forecasts to a new 40-year-high.
“Today’s inflation report confirmed what Americans already know - Putin’s price hike is hitting Americans hard.”and most disapprove of Mr Biden’s handling of the economy. Republicans are hammering Democrats on the issue in the run-up to midterm elections in November. “The data for May reveal continued troubling evidence of broad and problematic inflation,” Mr Doyle said.
“A continued rotation of demand into services post-pandemic will make it more challenging for inflation to fall to a more acceptable level,” Macquarie’s Mr Doyle said. Research by the Bank of America Institute, which uses anonymous data from millions of credit and debit card accounts, showed spending on gas made up a larger proportion of consumers’ budgets.
Oxford Economics chief US financial economist Kathy Bostjancic said there may be some easing in prices, but it will be slow.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US equity giant gets green light to operate Crown Casino Sydney'This commitment is vital to ensure Crown Sydney is free from criminal influence and properly manages the risks of harm associated with casino activities.' 9News
Read more »
Warned of ‘massive’ climate-led extinction, a US energy firm funded crisis denial adsSouthern Company spent $62.1m over the years to deny the impact of fossil fuel combustion on climate crisis
Read more »
'I put the blood on me': Young survivor tells US congress of Texas school shooting horrorAn 11-year-old survivor of the Uvalde mass shooting told a congressional panel that after the gunman murdered her teacher and friends, she used her classmate's blood to cover herself in a desperate bid to survive. Read more here: UvaldeMassacre
Read more »
US braces for House committee’s primetime January 6 hearings – liveHearings aim to be TV spectacular that ‘will really blow the roof off the House’ – follow all the latest news
Read more »
US Palestinian mission renamed and now reports directly to WashingtonMove comes after former president Donald Trump controversially closed consulate and redesignated it in 2018
Read more »
Mexican megachurch leader jailed in US for more than 16 years for child sexual abuseLa Luz del Mundo ‘apostle’ Naasón Joaquín García sentenced after admitting three abuse charges in Californian court
Read more »