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It’s not only today’s tale; inflation has been growing since the early 1980s and will continue to rise in the future years. The price jumped by 8.5 percent in March, according to the latest Consumer Price Index (CPI) data. With huge price increases in all fundamental requirements such as gasoline, products and services, interests, and so on, we are now facing the greatest inflation in years.
Rising prices will have a variety of effects on the economy. Researchers are concerned about the lowering rate of inflation because it is critical to keep inflation under control, and it is one of the Federal Reserve’s main priorities and tasks.
Inflation is taking a toll on the lower classes, forcing them to spend more on basic necessities like housing, food, and gasoline, all of which cost more than their monthly pay. As a result, the consumer’s purchasing power will be reduced, and borrowing will grow.
Only when the pandemic surge decreases and the conflict between Ukraine and Russia ends will inflation and the situation be under control. When the global situation is managed in terms of conflicts, healthcare, and other issues, the price of fuel will return to normal, and goods and services will be accessible at lower costs. Policymakers should work to motivate the working force so that the pandemic can be contained using simple and low-cost vaccine campaigns and healthcare regulations. In terms of salaries and jobs, they should also adopt policies for the lower income level.
