Inflation in the U.S. hit a 40-year high in May when consumer prices rose 8.6% in the 12 months ending in May, but the country is not the only one to see rising costs.
In Germany, France, Spain and Italy, inflation hit a record high of 8.1% in May, due to rising energy and food costs.
South Korea's inflation hit a 13-year high in April, rising 4.8% from a year before, and Korea's central bank said this week inflation this year would surpass a 4.5% annual forecast.
The country hiked interest rates by.4 percentage points in May to try and tackle rising inflation rates, which increased 25 fold from the first quarter of 2020 to the second quarter of 2022, according to the research center.
The United Kingdom's inflation rate hit a 40-year high of 9.1% in May, up from 9% the month before, due to rising food and energy costs.
Data shows that the U.S. is in the middle of the pack among global economies. The US placed 20 of 44 advanced economies, including most member nations of the Organization for Economic Cooperation and Development as well as seven other economically significant countries, for changes in annual inflation rates between the first quarter of 2020 and the second quarter of 2022.
Russia's invasion of Ukraine has led to a rise in energy and food prices around the globe. On a visit to the Port of Los Angeles two weeks ago, President Joe Biden blamed Russian President Vladimir Putin for the rising cost of goods and services. Inflation in the U.S. began to rise well before the invasion began. Supply chain issues and rising demand for goods have led to increased costs of fuel, food and other items in many countries.
The Covid relief bill, which was passed in March 2021, has been argued to have led to high rates of inflation in the US. The correlation between spending and inflation has been overstated by the White House. The policy helped secure America's post-pandemic economic recovery with the "strongest labor market arguably in the entire post-war period."
Inflation hit a 40-year high in May.
Inflation is high in the US and around the world.
The White House is having a hard time talking about the problem from hell.