November 29, 2022

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US inflation is at its highest level since 1982

US inflation is at its highest level since 1982



US inflation is at its highest level since 1982


© ANP
US inflation is at its highest level since 1982

WASHINGTON (Reuters) – Prices for U.S. consumer goods and services have not risen as much as in November 1982. Due to rising raw material prices, staff shortages and logistics disruptions, companies are forced to pay higher costs on their own. As a result, the cost of living in the United States increased by 6.8 percent last month compared to the same period last year.

Inflation is in line with the average expectations of economists polled by Reuters. Excluding the highly volatile prices of food and energy, inflation rose to 4.9 percent year-on-year. This is the strongest increase since June 1991.

Strong price rises are often caused by the rapid and strong economic recovery from the Corona crisis. As a result, manufacturers need more raw materials. This leads to transportation costs and shortages.

High inflation

In October, inflation was already at its highest level since 1990. In June 1982, the US currency depreciation was 7 percent, peaking at more than 14 percent in March and April 1980. Deep and persistent recession.

Inflation plays a key role in the US Federal Reserve’s interest rate policy. Fed President Jerome Powell has already announced at the end of November that if inflation is higher than previously expected, corona support for the world’s largest economy should soon be reduced.

The central bank began phasing out corona support in November. Next week, the central bank will discuss the final policy meeting of this year on an accelerated freeze. According to the current schedule, support will be phased out by mid-2022.

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