What Is Happening With American And Global Inflation

Cadrene Heslop

Photo by Allef Vinicius on Unsplash

Consumer prices are soaring in the United States. In October, selling prices jumped by 6.2%, the most it has been since 1990. A new Labor Department report said the consumer price index rose by 6.8% in November. According to statisticians, inflation in America is at a 39-year high. News reports across the country show evidence that the American cost of living is rising.

Many Americans believe inflation is threatening their financial security as wages stagnate. Many people see the effect of inflation when they visit the supermarket. Steaks saw the highest price jump of 24.9%, eggs cost 11.6% more, and cereal was 5% more than a year ago, per CNN Business.

The US FED reports say that labor shortages and supply bottlenecks play a role in inflation. But Senator Elizabeth Warren blames the corporate greed of supermarket chains. "Your company, and the other major grocers who reaped the benefits of a turbulent 2020, appear to be passing costs on to consumers to preserve your pandemic gains; and even taking advantage of inflation to add greater burdens."

Photo by Giorgio Trovato on Unsplash

Although America has high numbers, inflation is a worldwide issue. Consumers across the globe are paying more for goods and services. But the specific cause of inflation varies by country. Some reasons are unique to a country. Oil demand, price increases, and product shortages are reasons suggested by the BBC. In general, prices are rising. For example, in Europe, inflation was about 4.1%, the highest in 13 years.

Different countries experience more inflation in some industries. For Germany, it is fuel, rent, and electronics. For the United Kingdom, it is energy cost, snacks, and Uber fares.

To hedge against inflation, Kerr Financial suggests investments, real estate, and fixed interest rates.

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*Money Finance Advice Disclaimer: This article is for informational and entertainment purposes only. It should not be considered professional financial or legal advice. The article and the information contained herein are not intended to be a source of advice or credit analysis concerning the material presented, and the information and/or documents contained in this article do not constitute investment, money, or financial advice. The ideas, numbers, and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. This is not a place for the giving or receiving of financial, tax, or legal advice, or advice concerning investment decisions.*

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