United States Inflation Rates Hit Highest Levels of Over the Last 40 Years

Recent figures have came out recently this week pointing to inflation levels being the highest of over the last 40 years. Inflation has been one of the many results of the on going pandemic, and it seems to be only getting worse for the United States. Recent numbers show that inflation has rose 6.8% over this current year up to November. Monthly inflations numbers are rising by 0.8% which is ultimately down from 0.9% in October. Consumers have ultimately felt the effects of this inflation head on as consumers have reported a normal grocery store trip costing an extra 30 dollars compared to what they previously paid. In addition to Inflation rising, petrol prices have jumped 6.1% as well, increasing traveling prices. What is interesting as Biden has stated, as mentioned in the article, that the economy is in good shape. This is interesting as even though we see these inflation numbers we also see job growth failing short of expectations. What will be interesting to see as how rising inflation will impact Biden's proposed social spending bill. Economists have pointed to the presidents spending programs being the cause of rising inflation. Other economist have pointed to the effect of the pandemic on supply chains effecting inflation as with a decreased supply in most things. This same economist went on to mention that with energy prices now look to be falling, we can hopefully look too see inflation come down in the coming months, but ultimately will come down to the ongoing pandemic and if it begins to ease or not. Although president Biden has pledged to tackle inflation head on and work on supply chain issues, it will be interesting to see how the president looks to deal with the inflation issue as he pushes for more government spending.