Americans spending less after high inflation in USA

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Consumer Price Index (CPI) of USA has jumped an even sharper 8.3% in the this span.

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A rising cost of living in US is forcing citizens to spend more carefully and dip into their savings.

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Consumer spending drives as much as 70% of U.S. economic activity.

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Federal Reserve is rushing to raise the cost of borrowing to try to stamp out the highest inflation in 40 years.

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With that step, the central bank risks shrinking the economy to a half and bringing the second recession in four years.

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Americans spent more on housing, utilities, medical care and transportation in August, but that too because of higher prices.

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Wages haven’t rosen with inflation over the past year and that’s putting a further strain on US households.

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