Inflation is the worst it has been in four decades, with the price of everyday necessities like food, gasoline and cars surging in recent months.
in February from the previous year, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline to health care – rose 0.8% from January.
"The effect of the war primarily, and the sanctions secondarily, will be an averse supply shock manifested in higher oil prices and higher commodity prices more generally, reminiscent – at least qualitatively – of the 1970s, at a time when given inflation threats, we very much didn't need that," Summers said.
He repeated that warning on Tuesday, saying it's unlikely that the U.S. central bank will be able to successfully engineer a way to tighten monetary policy and corral inflation without triggering an economic downturn. FILE - In this Jan. 29, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Accused Sex Cult Boss Larry Ray AGAIN Has Medical Emergency During Witness TestimonyBREAKING: Lawrence Ray had his second medical emergency in the span of a week at his federal trial on Tuesday
Read more »
Is Accused Sex Cult Leader Larry Ray Manipulating the Jury?Accused sex cult leader Lawrence Ray left the courtroom for a medical emergency for the second time in the span of a week. Experts are just about ready to call bullshit.
Read more »
Larry Hogan endorses Kelly Schulz for Maryland governorThe contest pits Schulz against Del. Dan Cox, who has been endorsed by former president Donald Trump.
Read more »
Powell says Fed could raise interest rates faster to combat red-hot inflationFederal Reserve Chairman Jerome Powell said Monday the central bank is prepared to more aggressively raise interest rates if policymakers conclude that doing so is warranted to curb inflation.
Read more »
Powell says Fed will hike interest rate further and faster if necessaryChair Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest high enough to slow rampaging inflation.
Read more »
Fitch cuts world growth forecasts as inflation soars due to Ukraine warFitch Ratings provided a grim global economic outlook amid soaring inflation, courtesy of the Russia-Ukraine war, which has stoked up oil prices. Key
Read more »