On Tuesday, May 31, 2022, United States President Joe Biden and the Chair of the Federal Reserve Jerome Powell met regarding concerns over record inflation rates. Biden made it clear that Powell and the Federal Reserve are completely focused on solving the inflation crisis while also acknowledging that he will not interfere with the Fed’s work.
According to the U.S. Bureau of Labor Statistics, March’s annual inflation rate of 8.5% reached a 40-year high. April’s has ever so slightly decreased to 8.3% while May’s is scheduled to release on June 10, 2022.
One of the primary ways inflation is hurting consumers is through the rising gas prices rippling throughout the United States. Gas prices are reported to have hit yet another average record high at $4.622, marking a 52% increase from this time last year.
Inflation remains a primary concern for Americans as a survey by the BMO Real Financial Progress Index revealed that 25% of Americans believe that they will have to delay their retirement to account for the cost of living increase.
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