Where Have You Cut Back Most Because of Inflation? Take Our Poll
Inflation shows no signs of easing.
The May Consumer Price Index (CPI), released this month, showed an increase of 8.6%, the biggest rise since December 1981. The energy index is up 34.6% over the past 12 months and gasoline is up an even more astounding 48.7%.
Take Our Poll: Where Have You Cut Back Most Because of Inflation?
Over the past year, the prices of meats, poultry, fish and eggs have accelerated by 14.2%; beef and veal are up 10.2%, pork 13.3%, chicken 17.4% and eggs 32%. Traveling is much more expensive as well: Air travel costs have increased 37.8%, and hotel prices are up 22.2%.
The Fed has tried to slow inflation by raising interest rates twice in the past two months, including a 0.75% bump this week.
The latest Global Economic Prospects report from the World Bank projects that global growth will decrease to 2.9% in 2022, a significant flip from the 5.7% growth in 2021.
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