Inflation explosion: Ugly new report this morning shows inflation stuck at 40-year high. The frightening price forecast now on ABC7
WASHINGTON -- Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.
The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia's invasion of Ukraine on Feb. 24. Moscow's brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline - $4.10 - is up 43% from a year ago, though it has fallen back in the past couple of weeks.
Even before Russia's war further spurred price increases, robust consumer spending, steady pay raises and chronic supply shortages had sent U.S. consumer inflation to its highest level in four decades. In addition, housing costs, which make up about a third of the consumer price index, have escalated, a trend that seems unlikely to reverse anytime soon.
For now, the economy as a whole remains solid, with unemployment near 50-year lows and job openings near record highs. Still, rocketing inflation, with its impact on Americans' daily lives, is posing a political threat to President Joe Biden and his Democratic allies as they seek to keep control of Congress in November's midterm elections.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Sticker shock: Inflation in United States likely set new 40-year high in MarchWith ever-rising costs for food, gasoline, housing and other necessities squeezing consumers and threatening the economy, inflation in the United States likely set yet another four-decade high in March.
Weiterlesen »
Sticker shock: Inflation in United States likely set new 40-year high in MarchWith ever-rising costs for food, gasoline, housing and other necessities squeezing consumers and threatening the economy, inflation in the United States likely set yet another four-decade high in March.
Weiterlesen »
Sticker Shock: March Inflation Expected to Set Another 40-Year HighWith ever-rising costs for food, gasoline, housing and other necessities squeezing consumers and threatening the economy, inflation in the United States likely set yet another four-decade high in March
Weiterlesen »
U.S. inflation increased 8.5% in the past year, highest in 40+ yearsPrices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.
Weiterlesen »
Inflation surges 8.5% in March, hitting a new 40-year highInflation accelerated in March to a new four-decade high as the Russian war in Ukraine fueled rapid price gains for oil and gas that wiped out the benefits of rising wages for most Americans.
Weiterlesen »
Inflation numbers, pushed by gas prices, expected to set 40-year highThe government’s consumer price index being released Tuesday is expected to show that prices shot up 8.4% from 12 months earlier.
Weiterlesen »