The consumer price index in the United States in June reached 5.4% compared with the same indicator in 2020. This is a record level since 2008, follows from a press release from the US Department of Labor, published on July 13. If we exclude food and fuel components from the index, then the increase in prices can be considered the maximum since 1991.
The main reason for the acceleration of American inflation is that the money printed last year has now reached the economy – the population has begun to spend it, suggested Oleg Buklemishev, director of the Center for Economic Policy Research at the Faculty of Economics at Moscow State University. The Americans came out of isolation, the increase in consumer demand among low-income groups pushed prices up, the expert said. Moreover, the current inflation in the United States differs from previous records. Previously, the rise in prices was the result of unemployment. Now this is a one-time phenomenon associated with large-scale cash payments during a pandemic.