September 27, 2022

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Inflation in the US hasn't been this high since 1982. The war in Ukraine will only make this situation worse

Inflation in the US hasn’t been this high since 1982. The war in Ukraine will only make this situation worse

CPI . Consumer Price Index In February, it increased by 7.9 percent. Compared to the previous year, after an increase of 7.5 percent was recorded in January. every year The US Department of Labor reported. In February, the inflation index rose 0.8%. compared to the previous month, reflecting higher costs for gasoline, food and shelter, Bloomberg reported on Thursday (March 10).

The last time inflation was very high in the United States was in January 1982. This forced the US central bank to make an unpopular decision. “The jump in rates prompted the Federal Reserve to end the two-year period that was close to zero interest ratesWhich is likely to begin with a quarter-point rate hike next week, the agency noted.

They will feel higher interest rates Not only “ordinary” Americans, but also the Joe Biden administration. The US president’s ratings are dropping, which could mean Democrats will lose their majority in Congress after the elections in November of this year. Bloomberg forecast.

The situation is likely to get worse. US inflation in February was unaffected by the Russian invasion of Ukraine. Or rather – the economic sanctions imposed on the regime of Vladimir Putin, including the US embargo on Russian oil and gas. Some economists say inflation will exceed 8%.

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