The dollar price rose Wednesday against major currencies, following a three-day decline after US consumer prices rose to their highest level since 1990, as fears rise that inflation will continue for a while. longer than the currently expects the Federal Reserve (the central bank of the United States).
Consumer prices in the United States have risen in October on an annual basis at the latest since 1990, exceeding expectations, highlighting rising inflationary pressures as companies pass on higher costs.
The CEO of the Corum Center for Strategic Studies, Tariq Al-Rifai said in an interview with Al-Arabiya that the US inflation data, which it believed to be temporary, is no longer temporary, and therefore even major banks now expect the announced rates to be inaccurate and unpredictable.
According to the official announcement, the consumer price index has risen 6.2% since October 2020, according to U.S. Department of Labor data released Wednesday. The index rose 0.9% from last September, the biggest advance in four months.
The median estimate in a Bloomberg survey of economists predicted a 5.9% increase over the previous year, in the overall CPI, and a 0.6% increase over the previous month.
In the wake of strong demand, companies have steadily increased the prices of consumer goods and services. At the same time, supply chain bottlenecks and a shortage of skilled workers are driving up costs.
Many economists, including some in the Federal Reserve, expect these price pressures to continue into the next year, keeping inflation high.
Tuesday’s report showed that producer prices in the United States also rose last month, in largely due to rising material costs prime and growing concerns about continuing price pressures in Worldwide.
In China, factory inflation rose to its peak last month in 26 years, while in Consumer prices in Brazil rose more than expected.
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