Inflation has been driven higher by soaring demand and lack of supply caused by Covid pandemic’s global impact on trade
Inflation in the US climbed to its highest level in 40 years in January, with prices rising by 7.5% from a year ago, the Bureau of Labor Statistics reported on Thursday.
Price rises for food, electricity, and shelter were the largest contributors to the increase. The food index rose 0.9% in January following a 0.5% increase in December. The energy index also increased 0.9% over the month. The Federal Reserve has signaled that it intends to raise interest rates at its meeting in March in an effort to dampen spending and bring down prices. In a note to investors, Oxford“The Fed sees its top priority as taming inflation. These strong price data raise the prospect of the Fed starting its tightening cycle with a 50bps [basis points] rate hike at its March policy meeting, followed by consecutive rate hikes at the subsequent meetings,” it wrote.
grew at 5.5% last year, the strongest growth rate since 1984, and more than 1.6m new jobs have been added in the last three months.of how he is handling the economy, according to a poll conducted by Associated Press-NORC Center for Public Affairs Research.
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