Americans have watched prices for everything from diapers to gas go up over the past year. So far, they have kept reaching for their wallets. But what happens when they reach their breaking point?
The pandemic and the supply chain crisis have pushed the cost of virtually everything higher. Food and cars are more expensive, as are transport and labor costs, making inflation the buzzword of the moment.In February, consumer prices increased at a level not seen since the start of 1982. And odds are it won't stop there.
For governments and central banks around the world, this is a new challenge for which typical policy changes that were used to fight inflation in the past might not prove as useful. The Federal Reserve's plan to raise interest rates and combat pandemic inflation, for example, will do little to change the dynamics of the global food supply. That also means it won't help the financial pain many Americans will feel as prices keep going up.
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