The average prices for consumer goods in the US have increased for the sixth month in a consecutive manner.
According to local media reports, the Labor Department made the shocking announcement recently which led the President to come forward and deliver the painstaking news to fellow Americans.
From energy costs which include fuel and used cars to normal everyday commodities too, the news was not welcomed by any means.
This reportedly marks the huge increase in the country’s inflation rate that has reached a 40-year record high since January as prices soared by 7.5% since last year.
The last time something of this sort ever took place was in the year 1982 and that is just mindblowing for so many Americans to comprehend.
President Biden reiterated the news by mentioning how the new inflation reached an all-time high and was skyrocketing through the roof, but he also made sure to calm down the public by stating that it’s temporary.
Statistics went on to speak about how the new soaring rates would mean that an average American would need to pay up to $250 a month.
Financial experts are deeming this as a true economic disaster where even members of the President’s own party have begun distancing themselves with a special mention of Virginia’s Senator Joe Manchin taking a mega swipe at the White House for thinking that spending billions more of taxpayers’ funds could actually bring about a cure to the problem.
In Thursday’s report, the President confirmed the elevated figures but also reportedly insisted that it would most likely ease by the end of the year. But Americans aren’t too hopeful about that because the President previously mentioned something similar like that in the past as well.
As a whole, Americans will now be paying more for every facet of life, similar to previous months and that includes food and energy to cars, housing, and monthly bills as well.