U.S. inflationary pressures have increased
Hubbard is the executive chef of a restaurant in Lynchburg, Virginia, and has been plagued by recent rising prices.
"Whether it is condensed milk, beef or turkey, the price is constantly rising. The price of some ingredients has even risen by 90%, and it is becoming more and more difficult to maintain the continuity of supply."
According to data released by the US Department of Labor recently, the US consumer price index rose 0.9% month-on-month in October, higher than market expectations; the year-on-year increase reached 6.2%, the largest increase since November 1990.
Rising food and energy prices are the main factors driving up inflation.
The Associated Press pointed out that prices of almost everything from milk, gasoline to used cars are rising.
In the past year, the price of ham has risen by 20%, the price of eggs has risen by nearly 12%, the price of gasoline has risen by 50%, and the price of washing machines and dryers have risen by 15%. Economists predict that price increases may continue until next year or even longer. .
Although wages are also rising, they are far from keeping up with price increases.
In October, after adjusting for inflation, the average hourly wage of American workers actually fell by 1.2% from the same period last year.
In addition to rising prices of daily necessities, heating costs are also rising.
The "Winter Energy Outlook" recently released by the US Energy Information Administration predicts that with the soaring prices of crude oil, natural gas, propane and electricity, heating bills for American households this winter will increase by 54% over the same period last year.
Analysts believe that after the restart of the U.S. economy, demand has surged, and companies have continued to increase the prices of consumer goods and services, leading to rising inflation in the United States.
Furman, a professor of economics at Harvard University, believes that current inflation has its inevitability.
Beginning this spring, driven by the US government's large-scale spending plan and a series of emergency measures by the Federal Reserve, the economy has begun to recover, and consumers have begun to return to restaurants, hotels, and shopping malls.
However, the government's large-scale spending plan over-stimulated the economy, which in turn triggered inflation.
In addition, bottlenecks in the U.S. supply chain and labor shortages have pushed up corporate production costs and aggravated inflation.
The American Public Broadcasting Corporation website pointed out that in Los Angeles, Long Beach and the Port of New York, there is a serious shortage of port workers and truck drivers, making it difficult for a large amount of cargo to accumulate in the port for timely delivery.
Experts warn that shortages of goods and soaring prices caused by supply chain breaks may be difficult to alleviate in the short term.
From late November to the end of the year, the United States will usher in the largest shopping season of the year.
According to a survey conducted by US News and World Report magazine, nearly 80% of American consumers said that inflation has had an impact on their holiday shopping plans.
Many people worry about not being able to purchase enough items or having to prepare to pay high prices.
"The Wall Street Journal" believes that "the United States will enter a six-month period of rapid price increases", and the current inflation problem is expected to continue for some time.
(Washington, our newspaper, November 22) our reporter Zhang Mengxu