Surge in Inflation- Key points to note
For the 12 months ending in June, US consumer price index rocketed 9.1 percent, the fastest year-over-year jump since 1981.
Consumers have endured the pain in everyday routines. Unleaded gasoline is up 61 percent, in the past year.
Fueled by heavy demand and by Russia’s invasion of Ukraine, energy costs shot up nearly 42 percent, the largest such jump since 1980.
The International Monetary Fund has forecast that consumer prices in the world’s advanced economies will jump 5.7 percent this year, the most since 1984.,”
Tackling inflation is my top priority – we need to make more progress, more quickly, in getting price increases under control
- Says President Biden.