US inflation accelerates to new record

Inflation growth in the US is accelerating, causing an increase in consumer prices.

Inflation in America has been rising sharplyover the past four months.President Biden's $ 1.9 trillion stimulus package is accelerating the economy, and consumer demand is recovering much faster than supply chains can catch up. According to the US Department of Labor, consumer prices in the US jumped 5.4% in May compared to the same month last year.

The Fed's main policy instruments revolvearound interest rates. The Fed cut rates to near zero at the start of the pandemic, and central banks say they will not consider raising rates until significant progress is made in the labor market, which has shrunk by 6.8 million jobs since February 2020.

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