Inflation in the United States is among the highest in the world – News Couple
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Inflation in the United States is among the highest in the world


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 seeing prices rise at the highest rate in more than 30 years.

According to a study by the Pew Research Center, in the third quarter of 2021, the country had 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 came 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 poor, suffered the effects of inflation as food prices generally soared 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 commodities, such as semiconductor wafers and natural gas, supply 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 firm 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 cited inflation as the country’s most pressing issue.

Many Americans seem to blame President Biden, whose underwater approval rating in every nation is a battleground. In turn, he has made addressing rising prices a key part of his agenda, redoubling efforts to ease supply chain problems, releasing oil reserves, and nominating Jerome Powell for a second term as Federal Reserve Chairman.

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.

This story originally appeared on Fortune.com



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