Inflation is soaring in the United States and at a higher rate than analysts predicted. In April 2021, the consumer price index saw a 4.3 percent jump, the fastest increase since 2008.
"Inflation accelerated at its fastest pace in more than 12 years for April as the U.S. economic recovery kicked into gear and energy prices jumped higher, the Labor Department reported Wednesday. The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, against the expected 0.2%," CNBC reports. "Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis. The respective estimates were 2.3% and 0.3%."
"Whenever I hear numbers like this I look back to my childhood growing up in Hungary where I was playing with billion-dollar notes. The value of money meant nothing," says Thomas Peterffy on inflation worries. "I'm very worried this is an unstoppable situation." pic.twitter.com/TTVgUl6Kw4
— Squawk Box (@SquawkCNBC) May 12, 2021
The report comes as the Biden Administration continues to push for $6 trillion in additional spending on a Green New Deal and welfare program dubbed as the "American Families Plan."
US 10y yields jump to 1.64% as data shows US inflation running hotter than expected. pic.twitter.com/jCY3kR9dLr
— Holger Zschaepitz (@Schuldensuehner) May 12, 2021
One word: #INFLATION! pic.twitter.com/Wjryrce70q
— jeroen blokland (@jsblokland) May 12, 2021