CommentsThe month of November 2021 has been a tumultuous period for the average American and the stress may continue well until the end of the year.
Christmas spending is likely to turn so expensive that the average Joe may chant "Atithi tum kab jaaoge" (Oh guest when shall you leave!). That, because Inflation has soared to a three decade high and gasoline prices jumped to record levels.
Data by the US government says consumer price inflation (CPI) went up by 6.2 percent between October 2020 to October 2021. This is by far, the biggest 12 month jump in CPI in 31 years.
In India, data from the National Statistics Office found CPI rose on a monthly basis by 4.48 percent in October. In September India's CPI had climbed up by a similar number - 4.35 percent.
Such a steep rise in inflation means commoners being forced to pay more for even simpler things like food and clothing. Inflation at such levels not only dents consumer buying but also makes a bad outlook for businesses surviving on consumer spending.
Apparently the suffering of the average American is something which affects every Indian. Here are five ways that simple economic issues such as inflation are pinching your pocket.
Text: Sify Finance Desk
Images: Sify & Respective Agencies
