U.S. Annual Inflation
U.S. annual inflation rose to 9.1 percent for the 12 months ended June 2022, hitting a 40-year high. Europe has posted record annual inflation, the highest since 1997. Are economies across the Atlantic going to find ways to solve their problems? Are those solutions going to be equally beneficial for both sides? Some analysts have doubts. U.S. Deputy Treasury Secretary Wally Adeyemo travels to Paris and Brussels this week. According to the U.S. side, the trip is about “trying to discuss more economic aid to Ukraine, managing economic spillovers from the conflict there, and carrying out a price cap on Russian oil exports.” The U.S. also intends to sell natural gas to the Europeans to offset their dependence on Russia. Is this a feasible solution to rein in skyrocketing energy inflation that is affecting the U.S. and Europe? Additionally, global inflation began before the Ukraine conflict, what is the world doing to resolve the supply chain and supply/demand issues that precipitated this crisis?
Credit to : CGTN