Consumer prices across America have risen at their fastest annual pace in almost 40 years, driven by pricier energy, food and housing
- Breaking: US annual inflation soars to 6.8%
- Cost of living jumped another 0.8% in November alone
- Energy, shelter, food and used cars all push up inflation
- Yesterday, Biden warned that recent improvements won’t show up yet
Earlier:
These charts from today’s GDP report show how the UK’s recovery has stumbled, after strong growth this spring when lockdown measures were eased:
The UK’s supply chain issues, worker shortages and surging inflation all hurt economic growth in October, says Maike Currie, investment director at Fidelity International.
At 0.5% below its pre-pandemic level, October might be the closest the economy gets to reaching ‘normal levels’ until deep into 2022.
“With the government moving to implement its ‘Plan B’ over concerns on the Omicron variant, there is a creeping sense of déjà vu. Workers are heading back to their kitchen tables and the big festive season that retailers and the hospitality sector had their hopes pinned on – while starting on a high during Black Friday – might not have as much sparkle as hoped.
