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The highest inflation rate in the United States in four decades

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Gas and food prices and rents have risen sharply in the United States since 1981 due to inflation. The Federal Reserve may raise interest rates again due to pressure on US households.

The US government said yesterday that the country’s inflation rate in June was the highest in four decades, while commodity prices rose 9.1 percent year-on-year. This is the largest increase since the rise in consumer prices in 1981. In May alone, prices rose 8.6 percent. Prices rose 1.3 percent each month between May and June, compared to just one percent a month in April-May.

The prices of essential commodities are rising faster than income. The low-income groups are particularly affected because a large portion of their income is spent on essentials such as food, transportation and rent. Although gas prices have fallen and reached about ڈالر 5 to 6 4.66 per gallon in mid-June, this positive development does not live up to the expectations of some economists.

Consumer confidence has been severely shaken by inflation, which could have political implications for both US President Joe Biden and his party, The Democrats. Inflation could be a major issue in the US mid-term parliamentary elections in November.

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Hassaan Minhas

Hassaan is a journalist at UsamaSpeaks.com and he deals with Latest News, USA News, and Tech News. Hassaan is a very professional and authentic news journalist.

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