US economy reaches 40-year high inflation rates| 7NEWS

7NEWS Australia published this video item, entitled “US economy reaches 40-year high inflation rates| 7NEWS” – below is their description.

The US economy has hit a grim milestone with inflation unexpectedly rising to a 40 year high sending stock markets into a tailspin. Americans are paying more for pretty much everything and Joe Biden is under serious pressure to do something about it.

7NEWS Australia YouTube Channel

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About This Source - 7NEWS Australia

Seven News is the television news service of the Seven Network and, as of 2016, the highest-rating in Australia. The news service draws upon overseas channels for select international coverage. The network’s Director of News and Current Affairs is Craig McPherson.

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Australia, officially known as the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the largest country in Oceania and the world’s sixth-largest country by total area.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

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