Prices are skyrocketing on everything from food to fuel and from rent to airfare. But the numbers are worse than expected. Inflation is surging at the fastest pace in more than forty years, with the consumer price index raising 8.6 percent compared to a year earlier. It’s actually the fastest pace of inflation since December 1981. Rampant inflation is not only imposing severe pressure on our pocket books but also on President B. Recent survey show Americans see high inflation as the nation’s top problem as the President’s approval ratings on the economy remain underwater. Stocks fell sharply on the news, with the DOW and S&P 500 falling more than 2%. The tech-heavy NASDAQ fell more than 3%.
CBSN has learned the White House didn’t anticipate the inflation number would be this big. And the figures are rattling the Democrats ahead of the Midterm Elections as voters are holding President B responsible for something he alone can’t fix. Today’s record inflationary report means more economic pain ahead for Americans. And Wall Street felt it too as the market tumbled. Costs are up for food, rent and used cars and of course gas, which is up almost 50% from a year ago. American household are now paying $460 more every month to buy the same things they did last year. President B visited the Port of Los Angeles, the backlog of idling ships and cargo containers has eased but had little effect on record prices. Inflation is now a full-blown political crisis for the White House and Democrats heading into the Midterm Elections. Eight in ten Americans say the economy is in bad shape. And consumer confidence today hit a new low. It’s now up to the Federal Reserve, which is likely boost interest rate in hopes of pushing down prices. Here in LA today, the President also called on the oil industry to boost domestic production and warned against price gouging. He also wants Congress to pass legislation that would ease shipping costs so they don’t pass along onto customers. But at this point, that’s about all he can do.
:::tip rampant
- : marked by a menacing wildness, extravagance, or absence of restraint 猖獗的
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