The latest consumer price index (CPI) reports a 7.7% increase in inflation over the last year (a 40-year high).
America’s economic stimulus package was an additional influx of funds into the economy, further contributing to inflation.
People are willing to pay more for goods when they are insufficient, racking up inflation figures.
Supply chain issues often have a devastating effect on the prices of goods. Without critical inputs, businesses cannot run optimally, causing a supply shortage.
The ongoing war has resulted in decreased supplies of oil and gas, food, and metals, pushing up the costs of these commodities.
Every company needs energy to power its operations. Therefore, rising energy costs are bound to affect food prices and other essential commodities.