Published July 13. 2021 10:50PM
Rachel Siegel, The Washington Post Get the weekly rundown Email Submit
WASHINGTON - Prices rose 5.4% in June compared to a year ago, marking the largest spike since 2008 as the pandemic-battered economy regains its footing and questions build over how long this steady climb in inflation will last.
Inflation has been on a steep rise for about four months as the recovery gains steam, President Joe Biden s $1.9 trillion stimulus package revs up the economy and consumer demand rebounds much faster than supply chains can catch up. Policymakers at the Federal Reserve and the White House have consistently said the price pops aren t here to stay, and that it will take patience for the economy to come back to full strength and for prices to simmer down.
Dubai: Asian shares fell on Wednesday after data showing the biggest jump in US inflation in 13 years fuelled some market expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought.
Asian markets were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big US companies and data pointing to rising inflation.
The S&P 500 index fell 0.4 per cent, with most of the companies in the benchmark index losing ground. Banks, industrial stocks and companies that rely on consumer spending accounted for a big share of the decline.
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