Washington: Inflation in the United States has risen to levels not seen in the last 40 years. Due to this the prices of essential commodities have also gone up. For the past two and a half years the corona epidemic and the Russia-Ukraine war have shaken the economies of various countries. Nor did it leave the superpower America.
The inflation rate in the United States has risen to levels not seen in the last 40 years. Inflation rose to 8.6 per cent in May from 8.3 per cent in April. This is the highest inflation since 1981. On a monthly basis, prices of essential commodities rose by one per cent in May compared to April, up 0.3 per cent from March to April. Prices can range from airline tickets to restaurant food.
The report on rising inflation indicates that it will be reflected not only in energy and food items but in everything else. Stock markets plummeted due to rising inflation. Pressure is mounting on the bank to raise interest rates. Economists say inflation is likely to remain high.
Fuel prices rose 4 percent in May alone. Increased by almost 50 per cent in one year. Similarly, the price of groceries has increased by 12 per cent in the last one month alone. This is the highest increase since 1979. Prices for grains and fertilizers have risen since the Russia-Ukraine war.
Restaurant prices are up 7.4 percent from a year earlier. This is the highest in the 12 months since 1981. This reflects higher costs for food items and staff. This rise in inflation has greatly affected the economic growth of the United States.