Americans spending less after high inflation in USA
Consumer Price Index (CPI) of USA has jumped an even sharper 8.3% in the this span.
A rising cost of living in US is forcing citizens to spend more carefully and dip into their savings.
Consumer spending drives as much as 70% of U.S. economic activity.
Federal Reserve is rushing to raise the cost of borrowing to try to stamp out the highest inflation in 40 years.
With that step, the central bank risks shrinking the economy to a half and bringing the second recession in four years.
Americans spent more on housing, utilities, medical care and transportation in August, but that too because of higher prices.
Wages haven’t rosen with inflation over the past year and that’s putting a further strain on US households.
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