Inflation in US: At this time the whole world is suffering from inflation. In the US, the inflation rate seems to be touching new highs every day for the last 7 months. According to the data, in the month of March, US inflation had reached the highest level of 40 years. According to the government data released on Wednesday, there has been a slight decrease in the inflation rate in April. Despite this, this rate is only slightly below the 40-year high.
It has also been told in the data that in the last month i.e. April, there has been a jump of 8.3 percent on a yearly basis. This figure is marginally lower than the 8.5 percent year-on-year growth in March. This figure was at the highest level since 1981.
Is this the effect of war?
According to labor department data, the consumer price index (CPI) for gasoline is only 6.1 percent lower in April than in March. The rise in the prices of petrol and diesel is being seen due to the Russo-Ukraine war. The war has also made the global food price expensive.
There is a marginal decrease of 0.3 per cent on a monthly basis from March to April. Consumer prices rose 1.2 per cent in February to March. Because of the Russo-Ukraine war, gas prices had risen sharply. The price of one gallon of regular gas in the US reached a record $4.40.
Fed starts interest hike
Before the Russo-Ukraine war, inflation was difficult for the world. Due to Corona, governments had put a lot of money in the economy and central banks cut interest rates. Now this problem is getting more serious.
To prevent rising inflation, the US Federal Reserve has started raising interest rates. It has shown little effect. After the 50 basis point hike last month, the Fed has indicated that the rate hike will continue even further.
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