Inflation in the US hit a 40-year high in May when consumer prices rose 8.6% in the 12 months ending May—but the country isn’t the only one seeing rising costs: Israel, along with several European countries. And South Korea has also seen a huge jump in inflation since the start of the pandemic.
inflation increased Europe In May—and notably, in Germany, France, Spain and Italy—the war in Ukraine soared to a record high of 8.1% from 7.4% in the previous month due to rising energy and food costs.
South Korea’s inflation at 13-year level High In April, rising 4.8% from a year ago, and Korea’s central bank said this week that inflation would be higher this year. exceed A 4.5% annual forecast the bank last month cited the war in Ukraine, rising commodity prices, supply chain issues and the loosening of COVID restrictions (increasing consumer demand) as factors.
Israel, which maintained extremely low inflation rates from 2012 to 2021, raised interest rates by .4 percentage points in May to combat rising inflation rates – which rose 25 times from the first quarter of 2020 to 3.36% by 2022. averaged, according to bench Research Center – Since the country is worried about the tight labor market.
Inflation in the United Kingdom exceeded those in the US in May, reaching a 40-year high of 9.1%, up from 9% a month earlier, due to rising food costs and rising energy prices from Russia’s invasion. The reason increased
Credit: www.forbes.com /