The rising inflation rate in the United States has hit an all-time high in nearly 31 years. But although Americans may think the prices of food and gasoline will be significantly increased in the coming months – analysts are warning that the lasting effects will ripple through nearly every industry.
In October this year, the chained consumer price index of all urban consumers (C-CPI-U) increased by 0.8%, bringing the national inflation rate up to 6.8%. With the rampant increase, consumers and investors are scrambling to hedge the rising cost of living.
But a report from the U.S. Department of Commerce Bureau of Economic Analysis cited in September by the Federal Open Market Committee predicted that inflation will again fall to 2.2% in 2022. (Editor’s Note: HA!)
With the rising cost of living, American paychecks are stagnating.
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