Inflation at 40-year high pressures consumers, Fed and Biden
Companies, agencies, institutions, etc
AP
Congress
the Federal Reserve
Darden Restaurants
Olive Garden
People
Joe Biden
Jerome Powell
Gene Lee
Rick Cardenas
Groups
Americans
Democrats
Physical locations
No matching tags
Places
No matching tags
Locations
WASHINGTON
U.S.
America
Los Angeles
Long Beach
Events
No matching tags
Summary
WASHINGTON (AP) — Prices paid by U.S. consumers jumped 7% in December from a year earlier, the highest inflation rate since 1982 and the latest evidence that rising costs for food, rent and other necessities are heightening the financial pressures on America’s households.Inflation has spiked during the recovery from the pandemic recession as Americans have ramped up spending on goods such as cars, furniture and appliances. In his testimony to Congress on Tuesday, Powell said the Fed mistakenly believed that supply chain bottlenecks that have helped drive up the prices of goods wouldn’t last nearly as long as they have.
As said here by CHRISTOPHER RUGABER