(MENAFN- Asia Times)
NEW YORK – The US Bureau of Labor Statistics says that consumer prices rose 8.2% over the past year, but to most American families, the real inflation rate is 20%, the highest in US history.
Rent, food, energy and automobiles account for 63% of the US Consumer Price Index (CPI), but for the majority of US families, they make up the vast majority of monthly expenditures.
US inflation spiked in 2021 after the newly-elected Biden administration kept federal expenditures at an unprecedented 30% of US gross domestic product (GDP), compared to around 20% for the preceding 30 years, as I reported on June 21 .
To continue reading, please log in to your AT+ Premium account. Not yet a member? Please signup for AT+ Premium monthly membership , AT+ Premium yearly membership , AT+ Premium yearly membership (educator) , AT+ Premium yearly membership (student) or AT+ Premium Access membership .
MENAFN06072022000159011032ID1104485965
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.