US: The cost of living rises 6.2% – its highest level in 31 years

Biden says reversing rampant inflation is a ‘top priority’

President Joe Biden has vowed to make reversing the country’s rising inflation a ‘top priority,’ after the Consumer Price Index revealed inflation is at its highest level in 31 years.

The president has blamed the 6.2 percent increase in the cost of living on ‘market manipulation’ and ‘price gouging,’ despite the nation’s top economists pointing to the country’s supply-chain shortages and businesses struggling to meet the demand from COVID shutdowns as the reason for the rise in prices.

Biden said in a statement on Wednesday his $1.2 trillion Build Back Better plan will help slow the growing inflation problem and Treasury Secretary Janet Yellen has vowed inflation will not reach the exorbitant levels they were at during the Carter years, even as household debt increases to a record high.

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Twitter CEO Jack Dorsey says ‘hyperinflation’ is looming in the world

“It will happen in the US soon”, Dorsey tweeted

Twitter co-founder Jack Dorsey weighed in on escalating inflation in the U.S., saying things are going to get considerably worse. “Hyperinflation is going to change everything,” Dorsey tweeted Friday night. “It’s happening.” The tweet comes with consumer price inflation running near a 30-year high in the U.S. and growing concern that the problem could be worse that policymakers have anticipated.

On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures “are likely to last longer than previously expected,” noting that they could run “well into next year.” The central bank leader added that he expects the Fed soon to begin pulling back on the extraordinary measures it has provided to help the economy that critics say have stoked the inflation run.

In addition to overseeing a social media platform that has 206 million active daily users, Dorsey is a strong bitcoin advocate. He has said that Square, the debit and credit card processing platform that Dorsey co-founded, is looking at getting into mining the cryptocurrency. Square also owns some bitcoin and facilitates trading in it.

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