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While much of the country is grappling with a gasoline shortage, the latest economic numbers have alerted citizens of another concern to watch for: inflation.
With the economy starting to finally reopen roughly a year after the coronavirus pandemic began, many economists predicted a huge jump economically. However, there are some major concerns as the government-enforced shutdown finally is ending.
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As of April, the Consumer Price Index jumped a whopping 4.2 percent compared to last year and 0.8 percent from March. This number is the largest annual increase since 2008. Originally, the prediction for a year-over-year gain had been 3.6 percent and only 0.2 percent for the entire month.
So, if you think you notice your favorite brand of milk or eggs is hiking up the price, you know one of the main factors as to why.
Gas prices are also soaring, but that’s not just because of inflation. With the hacking of the Colonial Pipeline, the supply and demand situation with gasoline is fluctuating, and the supply chain could be potentially impacted as well.
Joe Biden’s $1.9 trillion spending bill will only drive down the value of the dollar more as that money hits the market soon. Meanwhile, cryptocurrency is booming as an alternative stock route.