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Labor Dept says U.S. inflation soared 7.5% the past year

By 02/15/2022 11:52 AMNo CommentsBy YidInfo Staff

The United States Labor Department revealed that inflation soared over the past year.

The surge in inflation resulted in the hammering of America’s consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy.

Despite the surge of the inflation rate, financial experts said there are few signs that inflation will slow significantly anytime soon.

The experts revealed the steady surge in prices has left many Americans less able to afford food, gas, rent, child care, and other necessities.

The experts added that inflation has emerged as the biggest risk factor for the economy and as a serious threat to President Joe Biden and congressional Democrats as midterm elections loom later this year.

Moreover, the Labor Department said that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982.

According to reports, over time those higher rates will raise the costs for a wide range of borrowing, from mortgages and credit cards to auto loans and corporate credit.

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