Inflation will be the Biggest Challenge in 2022
Inflation is believed to be the greatest economic challenge next year in the U.S., as the Omicron strain, the rebound in consumer demand, and supply chain issues will prolong into 2022. Prices have increased at the fastest rate in 40 years.
As reported by The Washington Post, inflation is set to be the main challenge next year after consumer prices smashed experts’ predictions in 2021. While the U.S. economy recovered, groceries, rent, and used cars soared to historic highs.
The increase hit consumers hard and dampened purchasing power, and it also put the Federal Reserve in a compromising position as it had estimated much less inflation. Meanwhile, even the White House faced questions from some Democrats who were concerned about the possibility of plans for more federal spending pushing inflation higher.
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