Inflation growth in the United States exceeded estimates of economists and broke the record – the price jump has become the maximum since 1991, Bloomberg reports.
PCE price index is a personal consumption cost indicator that the Federal Reserve uses to determine the target inflation rate – rose by 0.4 percent compared to August and 4.3 percent compared with 2020.
The growth of personal spending in the United States in August accelerated more than predicted. According to the Ministry of Commerce, the purchase of goods and services increased by 0.8 percent compared with August. Consumer demand in August remained sustainable, despite the growth of cases of coronavirus diseases. Most Americans spent on food and household items.
In the eurozone, the inflation rate broke the 13-year-old record. Rising prices for consumer goods accelerated to 3.4 percent year in September, compared with three percent in August. Inflation rate exceeded analysts by 3.3 percent. In Germany, the main economy of Europe, the rise in prices has reached a maximum for almost three decades. There, inflation in September rose to 4.1 percent, exceeding the average estimate of economists. One of the reasons was the jump in energy prices in Europe. Together with him, the influence of supply chains and production has fallen.