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Inflation hit a 40-year high of 9.1% in 2022. Nationally, the CPI is at 3.1% as of January 2024, according to data released Tuesday from the Bureau of Labor Statistics .
What caused inflation in 2022? A major cause of inflation in 2022 was the supply chain issues caused by the COVID-19 pandemic -- as goods became scarce, prices went up in response to continued demand.
The country reached an 8.3% inflation rate in August, the most recent month for which Consumer Price Index data is available from the Bureau of Labor Statistics. ... Dallas-Fort Worth-Arlington ...
Inflation in New Zealand exceeded forecasts in July 2022, reaching 7.3%, which is the highest since 1990. [232] Economists at ANZ reportedly said they expected faster interest rate increases to counteract inflationary pressures. [233] In Fiji, inflation rose to 4.7% in April 2022 compared to –2.4% in 2021. [234]
The high inflation is cause for alarm for Fed Chairman Jerome H. Powell, who told Congress on Tuesday that the central bank was prepared to speed up the interest rate increases it planned for 2022 ...
Explaining what causes inflation can take a college professor and a full semester. The simplistic, root cause of inflation is demand outstripping supply, or “too much money chasing too few goods.”
Primarily driven by supply chain bottlenecks, inflation is a threat to the health of the economy, but the rise in prices has been good for some.
However, in real (inflation-adjusted) terms, the growth rate was faster at 1.6% in 2015–2016 versus the 0.3% in 2017–2018, as inflation was higher in the latter period. For all employees, which includes higher wage managers, the pattern is similar, with faster nominal growth in 2017–2018 at 2.7% versus 2015–2016 at 2.4%, but slower real ...