Consumerism in the United States is at a 40-year high after consumer prices spiked in December. Real estate and automobiles culminated in the largest right in inflation in almost four decades. This is going to bolster the hopes that the Federal Reserve will start increasing interest rates from March 2022.
If this happens, it won’t take too long for one of the largest economies to reach inflation that can possibly be worse than that of the one in 2008.
Inflation impact on the rest of the world is expected to leave the countries in a worse condition as the impact is going to be huge. The prices for several consumer products have already seen a huge hike in four decades while products became unbearably expensive.
The US government and the Federal Reserve are going to act on this with regular surveillance on the system for keeping the state economy alive as well as the world.