'Joe Biden's next political nightmare is inflation, a force that can destroy family budgets and political careers and is being driven by domestic and global factors tough for a president to quickly fix.' Analysis by StCollinson
Government data showing the cost of living rose 6.2% over the last 12 months -- the highest rate in 30 years -- set off White House alarm bells on Wednesday and offered a new opening for Republicans lambasting Biden over high energy prices.The figures underscored what all Americans already know. Every trip to the supermarket shows that basic foods like eggs or meat are shooting up in price. The gallon of gas it takes to get to the weekly grocery run is currently averaging $3.40 nationwide.
Inflation complicated the pandemic recovery because of a spike in demand coming out of months of lockdowns, a shortage of key commodities and raw materials and higher levels of savings from Americans stuck at home for long periods. It has been exacerbated by disruptions in manufacturing, for instance, in Asia. A shortage of semi-conductors has made items like new cars more expensive and hard to come by and has therefore also pushed up the price of used vehicles.
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