Fri, December 8

Biden Blames OPEC as US Inflation Continues to Rise Amid Lockdown Talk

Recent Record High Inflation Rates a Rising Concern Markets

The administration of President Joe Biden is moving home and abroad to deal with worries about increasing energy costs. Delaying the country’s recovery from the pandemic-induced recession.

Jake Sullivan called on the OCOP to act quicker to restore world petroleum supplies to pre-pandemic levels, and the White House urged the Fed to examine the domestic gasoline market for any anti-competitive conduct that might increase prices. 

Joint measures come as the government is becoming more sensitive to growing prices across the economy, under political and inflationary pressure. The Biden team is looking for ways to tackle increasing energy costs.

The coordinated measures occur as management is more sensitive to rising prices across the economy because it confronts political and political inflation pressure.

On Wednesday, the Labour Department data revealed that consumer prices rose by 0.5 percent between June and July and by 0.9 percent from the prior monthly rise. It has risen significantly by 5.4 per cent. In comparison to a year earlier, wiping out most of the advantage for higher-paid workers.

Recovery Halted Due to Covid-Lockdowns

Rising costs at the pump and in other consumer products have been a vital issue for the opponents of Biden’s GOP. The White House has stressed inflation. As the economy recovers from the pandemic’s twin shocks. And the country’s continuing recovery from virus-induced lockdowns.

Asian stock markets were uneven on Thursday. Following the conflicting signals from Wall Street, on increasing oil prices and optimism about interest rates. Especially, after data that showed slowdowns in US inflation. The Fed may not be hurried to tighten its policies for the time being.

President Joe Biden was contrasted with Jimmy Carter when Americans saw the return of stagflation. In the Carter era, the phrase “stagflation” was extremely significant. Since America experienced sluggish economic development and enormous unemployment rates. The economic growth and unemployment in 2021, due to the post-2020 lockdowns. And the government requirements imposed by the Covid-19 look a little more horrific.

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