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US inflation, compared with the rest of the world

WASHINGTON – It’s likely that the cost of a gas station or food will certainly affect your life and your wallet. The latest report from the Bureau of Labor and Statistics shows an inflation rate of 9.1%, the highest since 1981.

This means that goods and services are now 9.1% more expensive than the average 12 months ago. Food and gas prices remain the main drivers of this high rate.

The data means that if your boss hasn’t given you a 9.1% increase lately, your salary won’t go that far.

But how does our inflation compare to the rest of the world? If you’ve been hearing about the White House recently, you’ve heard a lot about how bad the U.S. inflation rate is, but it’s not as bad as elsewhere.

In a meeting with Mexican President Andres Manuel Lopez Obrador last week, President Biden said: “We are suffering from established inflation as a result of what is happening in Ukraine, but we have the lowest rate of almost all major nations in the world.”

However, when you look at it Latest issues of the Organization for Economic Co-operation and DevelopmentThere are many other countries with better rates than the US

In Canada and Mexico, the inflation rate is 7.7% and 8%, respectively. In Europe, inflation in Germany was 7.6%, while in France it was 5.2%.

In Korea, inflation stood at 6.0%, while in China it stood at 2.2% in April.

There are many countries with higher inflation rates. Argentinan, inflation is currently at 64%. Turkey, inflation is at 78%.

In short, inflation is happening all over the world and is not the only American problem. However, there may be good news in the sky.

Gas prices have fallen over the past 30 days in the U.S., and the country is on track to reach a national average of $ 3.99 / gallon of gasoline by Aug. 14, according to analysts at Gas Friends.

If this is the case, inflation will go down, as gas prices contribute a lot to that amount. In addition, Congress is negotiating an agreement to help with the cost of prescription drug prices.

One proposal would allow Medicare to negotiate with drug companies for the first time. This can probably also have a positive impact on your portfolio.

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US inflation, compared with the rest of the world Source link US inflation, compared with the rest of the world

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