US inflation hits 40-year high

According to the latest report by the BBC, the US inflation rate hit a 40-year high this year. One of the major reasons behind this is the skyrocketing prices of fuel after the Russian invasion of Ukraine. The report stated that consumer prices hiked by 8.5 percent. This is the highest annual increase in consumer prices since December 1981. Last month, US President Joe Biden imposed a ban on all imports of oil and gas from Russia following the latter's invasion of Ukraine. As per the US Labor Department, the US energy prices increased by 32 percent in the year till March.

In the same span of time, food prices increased by 8.8 percent. Kathy Bostjancic, chief US economist at Oxford Economics said: "The Russia-Ukraine war has added further fuel to the blazing rate of inflation via higher energy, food, and commodity prices that are turbocharged by a worsening in supply chain problems.” The US central bank also signaled that the interest will increase the number of times this year. Russian President Vladimir Putin, on Tuesday, told that the rise in food and petrol prices and inflation in Western countries will start to put pressure on their politicians.