Inflation has affected much of the world lately, but the United States has emerged as one of the hardest hit countries in the past few months.
With an annual inflation rate of 6.2% in October, the US is now experiencing price increases at the highest rate in More than 30 years.
according to A study by the Pew Research CenterIn the third quarter of 2021, the country recorded the eighth highest annual inflation rate among the 46 countries examined. The US also recorded the third highest increase in inflation, 3.58 percentage points, between the third quarter of 2019 and the same period this year. It was second only to Brazil and Turkey, both of which have less developed economies that generally suffer from higher inflation rates than the United States.
Americans, especially the poorsuffered from the effects of inflation Food prices have gone up Across the board in the run-up to Thanksgiving. Global food prices are at their highest levels in decades, according to the United Nations Food and Agriculture Association. When it comes to other goods, such as semiconductor chips And natural gasSupply chain issues have also exacerbated the situation, driving up prices as supply struggles to keep pace with demand.
As prices continue to rise, inflation has become a political problem for President Biden. According to polling company Gallup, 26% of Americans say an economic concern such as unemployment, inflation, or the economy in general is the biggest problem in the country. Seven percent specifically referred to inflation as the nation’s most pressing issue.
However, despite being a “leader” in inflation, the United States is far from the only developed economy affected by it. New Zealand and Spain both saw inflation rise by more than two percentage points between the third quarter of 2019 and the same period this year.