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Inflation shoots up again in the US after the FED increased interest rates for the third consecutive time


Inflation shoots up again in the US after the FED increased interest rates for the third consecutive time.

NEW YORK, USA.- Once again the Federal Reserve has increased the interest rate by 0.75%

Consumer prices in June soared 9.1% from a year earlier, the government said on July 13, the biggest annual rise since 1981, and more than May’s 8.6% rise. On a monthly basis, prices rose 1.3% from May to June, another substantial increase; prices rose 1% from April to May.

The current rise in prices underscores the brutal impact that inflation has inflicted on many families. Low-income blacks and Hispanics have been especially hard hit because a disproportionate share of their income goes toward essential expenses like housing, transportation, and food.

Inflation stood at 8.5% in July and the decline in August was just 0.2%, far from the forecast of analysts.

On the same day as the announcement of the inflation data, the New York Stock Exchange (Wall Street) had its worst day since June 2020.

Stock prices suffered the biggest slump in more than two years, after Wall Street realized that inflation in the US is not slowing at the rate that analysts and investors expected.

The Dow Jones main index on the New York Stock Exchange lost 1,276.37 points and closed at 31,104.97, while the S&P 500 sank 4.3% and lost 632.84 points. The technological Nasdaq collapsed 5.16%. local media said.

Content Categories: Breaking News,Economy

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