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Highest inflation in 4 decades, U.S. crisis has 'guilty' of rising consumption

2022-06-15 20:34:23Biznes SHKRUAR NGA REDAKSIA VOX

Highest inflation in 4 decades, U.S. crisis has 'guilty' of rising

The Federal Reserve raised the interest rate by 0.75 percentage points for the first time in three decades and signalled an aggressive rate of monetary tightening in the coming months as it boosted efforts to soften the highest US inflation in 40 years.

At the end of its two-day policy meeting, the Federal Open Market Committee on Wednesday raised the base interest rate to 1.75 percent.

The decision marks a surprise turnaround from the Fed's previously anticipated plans for a second consecutive rate increase of 0.50 percentage points. Esther George, president of the central bank branch in Kansas City, was the only opponent and instead supported compliance with previous FED guidelines.

The increase comes after two alarming reports released Friday showed a sudden big rise in consumer prices in May and a worryingly expected rise in inflation, suggesting Americans are worrying more about the economic outlook.

But unlike other countries in the West, where prices have risen due to lack of supplies and supply chain problems caused by pandemics and war in Ukraine, inflation in the U.S. has major reasons for rising consumption.

According to the data, Americans have begun to spend heavily thanks to the economic support superpackages that the Biden administration made available to cope with the consequences of the economy. Inflation is also driven by rising US exports towards the EU, mainly gas and fuels.


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