Surging U.S. Inflation Raises Stakes as War Pushes Up Prices

Article Review: “Surging U.S. Inflation Raises Stakes as War Pushes Up Prices.”

Smialek (2022) predicts the Ukraine invasion will raise prices in the U.S. and other developed economies. February inflation reached 7.9%, a 40-year high. The BLS blames higher food, housing, and transportation costs for price increases. The Russian invasion of Ukraine has raised gas prices and inflationary expectations. This article discusses the U.S. and other countries’ invasion of Ukraine’s economy. Prices increase consumer confidence and household finances. Even though wages and savings have risen, rising-priced necessities dominate lower-income budgets. Price hike puts Biden in a tough spot before midterms. As costs rise, Democrats must win the House. He admitted that consumers face inflation, but blamed Russia’s invasion of Ukraine. Biden argues that Russian president Putin actions hurt American families.

Ukraine’s invasion will increase inflation. The Fed has used price increases to maintain stable prices for all commodities. The Bank of Canada may raise rates 0.25 percent next week. A slowing economy and labor market reduce inflation. If international banks’ decision-makers can convince the public that price increases are permanent, they’ll struggle with inflation and gas prices. Inflation may make people more receptive to price hikes. Customers and supply issues raised prices. Due to Middle East conflict, 2022 price drops are hard to predict (Smialek, 2022). The Ukraine’s neon production may cause a chip shortage. Energy costs may affect other industries. After the pandemic, inflation may continue.

Singularly, first-time rents rose since 1999. As prices rose, central banks cut financial aid. The ECB increased bond purchases Thursday to combat rising prices. Inflation will make it costly for Europe to reduce its reliance on Russian energy. March readings should be lower than last year. The Fed’s inflation index used to target 2% inflation has risen. We can expect inflation to continue and more difficult economic times in the near future.

References

 Smialek, J. (2022). “Surging U.S. Inflation Raises Stakes as War Pushes Up Prices.” The New York Times. https://www.nytimes.com/2022/03/10/business/economy/cpi-inflation-february-2022.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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