U.S. inflation hit a 39-year high, with a key metric, the Consumer Price Index, rising 6.8% in the past 12 months. Food and gas prices are skyrocketing and the tightness of the supply chain remains. All things considered, the American people are probably facing a more expensive Christmas than ever before.

As the holiday season arrives, people’s consumption demand has increased. There was a severe shortage of holiday food, Christmas trees, and even Santa’s workers. Impacted by chaos in supply chains and climate change, there is a nationwide shortage of real and man-made Christmas trees.

Rising inflation disproportionately affects middle and low income families and underrepresented minorities. As Fortune says, while rising incomes may resist the effect of inflation to some extent in the midst of the pandemic, compared to the wealthy, who are much more resilient to the impacts, disadvantaged groups remain powerless.

Inflation has hit a 39-year high for several reasons: the economic stimulus package proposed by the Biden administration and the excessive printing of US dollar bills; the “Striketober” and the labor shortage; a global energy crisis throwing chills through supply chain chaos …

However, the US government is still unable to avoid spike in inflation. According to a recent poll published by ABC and Ipsos, 69% of Americans disapproved of the Biden administration’s handling of inflation. Inflation at a nearly 40-year high and skyrocketing public debt used as a partisan tool will only drive the United States to the brink of economic peril, slowing the recovery of the global economy.

Credits:

Writer: Yuan Xin

Illustrators: Wang Shiqi, Cao Yi

Main producer: Wei Wei

Managing Director: Mei Yan

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