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U.S. Inflation Hits 31-year High

U.S. Inflation Hits 31-year High

The latest October Consumer Price Index (CPI) in the United States showed that inflationary pressures have soared to a 31-year high, and wage growth has not kept up at all. This has put pressure on the market and has also given a red light to President Biden’s administration. Unlike the Federal Reserve, which insists that inflationary pressure will eventually relieve itself, Biden is worried about soaring prices and ordered government agencies to try to "reduce energy costs." According to a press release issued by the White House, Biden issued a speech on November 10, pointing out that the inflationary pressure in October increased monthly, hurting the American people’s pockets, and reversing this trend has become a priority. Biden said that in the CPI report, the biggest contribution to price increases is the rising energy costs. He has instructed the National Economic Council (NEC) to try to reduce these costs and asked the Federal Trade Commission (FTC) to crack down on related industries. In, any possible market manipulation or price-raising behavior. Biden also said that the other price increases in the report reflect the problem of the economic restart process. He will go to Baltimore today to explain to everyone how the infrastructure bill will reduce costs, alleviate supply chain bottlenecks, and increase the supply of goods. Increase and price decline.

The United States Inflation Rate

Source: tradingeconomics.com
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