How Soaring Inflation Rates in the United States Compare to Other Countries
The United States on Wednesday reported an increase in its consumer price index, which is often used as a measure of the country’s inflation rate, but some have wondered how the country’s current inflation rate compares to that other countries of the world.
According to data from the United States Bureau of Labor Statistics, the consumer price index in the United States rose to 9.1% in June, surpassing last month’s 8.6%, which was the highest since over 40 years.
On Tuesday, President Joe Biden said the country’s rising inflation rate was the result of the ongoing war in Ukraine, but claimed the United States had “the lowest rate of almost any major nation. of the world”.
While the most recent data released by the Bureau of Labor Statistics shows the US Consumer Price Index in June, some other countries around the world have yet to release updated data.
The Organization for Economic Co-operation and Development states that “Inflation as measured by the Consumer Price Index (CPI) is defined as the change in the prices of a basket of goods and services typically purchased by specific groups of households”.
According to data published by Eurostat, the statistical office of the European Union, “annual inflation in the euro area is expected to be 8.6% in June 2022, compared to 8.1% in May”.
“Looking at the main components of Eurozone inflation, energy is expected to see the highest annual rate in June (41.9%, compared to 39.1% in May), followed by food, alcohol and tobacco (8.9%, against 7.5% in May), non-energy industrial goods (4.3%, against 4.2% in May) and services (3.4 %, compared to 3.5% in May),” Eurostat said in a July 1 press release.
In May, the UK’s Office of National Statistics announced that its consumer price index had reached 9.1% in May.
According to data from Statistics Canadathe country’s consumer price index in May was 7.7%, which was lower than the US rate of 8.6% in May.
In India, the country’s retail price inflation rate in June was 7.01%, according to The Indian Express, citing data from India’s National Statistical Office. The retail inflation rate of 7.01% was down from 7.04% recorded the previous month.
According to South China Morning Postin May, China’s consumer price index reached 2.1% in May from a year earlier.
Amid rising inflation rates in the United States, some experts have warned of a possible recession in the coming months. However, Biden continued to point to the ongoing war between Ukraine and Russia as a major reason for the rising inflation rate.
Data from the Bureau of Labor Statistics showed the percentage change in the price of a number of different items, such as fuel, food and electricity. According to the data, food index prices have risen 10.4 percent over the past year, while gasoline prices have risen almost 60 percent over the same period.