Pak Sahafat – The United States, along with many other countries around the world, is facing a crisis of rising living costs, which is partly caused by the war-mongering costs of the West and the Joe Biden administration in Ukraine.
According to Pak Sahafat News Agency, Moody’s Analytics’ analysis of October inflation data shows that despite the decrease in the inflation rate in the United States, there was not much economic recovery in that month.
In September 2022, the average American household spent $445 more than the same month last year.
According to this analysis, American household spending decreased slightly in October, but their monthly spending was $433 higher than the same period last year.
Among the recommendations that the American media offers to the people of this country to save costs, is to reduce the cost of moving with the help of price tracking services, cash payments and shopping with a purpose.
The US Bureau of Labor Statistics has calculated the prices of grocery stores, gasoline and other basic necessities.
This department has announced that the price of eggs has increased by 43% and butter by 33% compared to last year, while the price of milk and bread has increased by 15%.
Accordingly, the price of gasoline has also increased by 17.5%.
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While some economists believe that “America is past peak inflation,” others are warning of a recession and possible job losses that could hit the U.S. over the next 12 months. Experts believe that the possibility of economic recession and job destruction in America is 63%.
The American Federation of Agriculture announced that the cost of Thanksgiving dinner this year was 20 percent more expensive than last year, and a report by the prestigious Center for Food Demand Analysis showed that 10 states experienced higher cost increases than others.
Purdue economist Jason Lusk, who tracks Thanksgiving data, said turkey prices are up 20 percent this year.
According to him, turkey consumption in the US has decreased by almost 1 pound per person (from 16.5 pounds to 15.3 pounds) since 2017.
It seems that the demand for meat in the United States has decreased, which experts believe is probably due to the Corona epidemic or perhaps due to the change in the taste of Americans.
General inflation, which reduces consumer purchasing power, is a major factor in the increase in average Thanksgiving dinner costs this year, said Roger Kerian, chief economist at the American Federation of Agriculture.
Supply chain problems caused by the war in Ukraine have increased the cost of Thanksgiving meals. The war has also increased the costs of feed, fuel and fertilizer for farmers and ranchers.
Although inflation decreased last month in the United States, it was 7.7% higher than the same period last year by the end of October.