Jack Dorsey, CEO of Twitter, believes that the US inflation will soon get worse.
He tweeted that he expected hyperinflation to hit the US economy and other parts of the world.
He said, "It's going to change everything."
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Jack Dorsey, CEO of Twitter, warned that inflation in the US will soon get much worse.
He tweeted Friday: "Hyperinflation will change everything" and added that "it's actually happening."
Hyperinflation refers to inflation where the price of goods or services increases uncontrollably over a prolonged period. This is usually caused by an unexpected trigger like a war or social uprising.
Dorsey's comments come after consumer price inflation rebounded due to new disruptions in the supply chain keeping prices higher.
According to the Bureau of Labor Statistics, the Consumer Price Index, a measure of inflation in the United States, rose 0.4% last month. This was more than the 0.3% increase predicted by economists polled by Bloomberg, Insider's Ben Winck, and Andy Kiersz.
Late September saw the US economy hit by supply shortages. These problems continue to plague consumers and businesses. The Delta variant surge caused Americans to hold back on spending, and they started buying more products, which led to retail sales trending at record levels through August.
However, companies have been unable to match the demand for their products and services with huge order backlogs or shipment buildups at key ports.
Dorsey responded to a comment from a user and said that he also sees inflation increasing around the globe. He tweeted, "It will happen soon in the US, and so the whole world."
Jerome Powell, Chairman of the Federal Reserve, also spoke out recently on the topic of inflation. CNBC reported that he said he is more concerned about rising inflation than he was previously.
Powell stated that inflation pressures could last longer than originally thought and that they could continue "well into next years" at a recent virtual conference.
