US inflation reaches 40-year high as global inflation crisis grinds on


by Karen Faulkner, Worthy News Correspondent

dollar up recovery worthy christian news

(Worthy News) – Inflation in the US hit a 40-year high in May, as America joined the UK, the Eurozone, and countries in Africa, South America, and Asia fighting massive consumer prices against a backdrop of the pandemic and the Russian invasion of Ukraine.

US inflation increased 8.6% from a year earlier in May, with housing, food, and gas being the largest contributors. Fortune said. The 40-year US high was just below the UK’s own inflation at a 40-year high of 9.1% in May.

According to Fortune, the US situation will pressure the Federal Reserve to implement an “aggressive series of interest-rate hikes” – a move that will compound the Biden administration’s current political woes.

“Record gasoline prices, paired with unrelenting food and shelter costs, are exerting strong pressure on Americans’ cost of living, suggesting the Fed will have to pump the brakes on the economy even harder,” Fortune said in its report. “That raises the risk of a recession, which some economists already saw as likely next year.”

In any event, the US is not alone in suffering high inflation, Fortune reports. Turkey saw a 78% year-over-year increase in prices in June; Argentina’s inflation rose by 60.7% in May; the UK’s energy bills skyrocketed by 50% in April, and Europeans saw their energy prices rise by 39.2% from last year in May.

18
people are currently praying.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Latest Worthy News

Austria Clears Way For More EU Sanctions Against Russia
Hamas Refuses to Commit to Disarmament, Floats 3–5 Year Truce as Mass Executions Shock Gazans
D.C. Leads Thousands Of ‘No Kings’ Protests Nationwide
U.S. Strike Kills Three Alleged Narco-Terrorists Linked to Colombian Rebel Group
No progress on funding as Trump cuts programs amid shutdown
Israel Renames Operation Iron Swords to “War of Revival” as Gaza Fighting Resumes
Trump Backs Down On Tomahawk Missiles For Kyiv In Talks With Zelenskyy
Vietnamese Christians Impacted As Typhoon Bualoi Kills Dozens Across Vietnam And Southeast Asia
Hungary Confirms Trump-Putin Summit In Budapest (Worthy News Radio)
Copyright 1999-2025 Worthy News. All rights reserved.

If you are interested in articles produced by Worthy News, please check out our FREE sydication service available to churches or online Christian ministries. To find out more, visit Worthy Plugins.

Worthy Christian News