Inflation continues to soar, against experts' forecasts. It has reached 9.1% year-on-year, which exceeds the expectations of White House analysts who said it would not exceed 8.8%. This worsens the economic situation for Americans with prices rising steadily.
In fact, according to Refinitiv, prices rose 1.3% since last month. These figures are pushing the cost of living for families higher and higher, and it is becoming unsustainable. Economic stress is the main trigger for the political crisis that the Biden administration is experiencing.
While the White House refers to rising fuel prices as the main cause, the FED (US Federal Reserve) is already targeting an interest rate hike at the end of this month. In fact, the IMF (International Monetary Fund) has lowered growth expectations for the US economy, and insists that this generalized growth in inflation in the US poses a 'systemic risk' for both the country and the global economy.