WASHINGTON – The issue of prices has acquired new and immediate urgency in the United States, as latest data shows that inflation has risen to a level not seen for over 30 years.
Federal data on Wednesday (Nov 10) cast a pall over President Joe Biden’s trip to Baltimore to showcase his signature infrastructure Bill that he promised will bring down prices and create jobs.
The consumer price index (CPI), which tracks inflation in a range of staple goods and services, rose 0.9 per cent in October, higher than expected.
That tops off the last 12 months at 6.2 per cent inflation – the highest annual rate since November 1990.
Speaking at the port of Baltimore on Wednesday, President Biden laid out some of the ways his US$ 1.2 trillion (S$1.8 trillion) infrastructure Bill, that he will sign on Monday, will create well-paid jobs, tackle climate change by transforming the economy, and bring prices…