US inflation soars to 8.5% on surging fuel prices
The US inflation rate hit a fresh 40-year high in the year to March after fuel prices soared during the first full month of the Ukraine war.
Last month, President Joe Biden banned all imports of oil and gas from Russia following the invasion of Ukraine.The attack on Ukraine began on 24 February and triggered a wave of international sanctions against Russia, which is the world's second largest oil exporter.It also said that food prices had surged over the same period, up by 8.8%. Like energy, food price inflation has been exacerbated by Russia's invasion of Ukraine.
"My husband and I were privileged to both secure well paying jobs last year but if we had not, we would have had to move outside of our area to afford to keep living in NC." "The Russia-Ukraine war has added further fuel to the blazing rate of inflation via higher energy, food, and commodity prices that are turbo charged by a worsening in supply chain problems," said Kathy Bostjancic, chief US economist at Oxford Economics.lift its key interest rate for the first time in three yearsOn Tuesday, Russian President Vladimir Putin said that inflation and rising food and petrol prices in Western countries would start to put pressure on politicians there.
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