Across the pond, inflation is spiraling out of control.
The latest inflation data is devastating.
In the United Kingdom, the annual inflation rate climbed to 10.1 percent in September, up from 9.9 percent in August. The core inflation rate, which eliminates the volatile food and energy sectors, also advanced to 6.5 percent, up from 6.3 percent.
In the European Union, the annual inflation rate soared to 9.9 percent last month, up from 9.1 percent in the previous month. The core inflation also spiked to 4.8 percent year-over-year, up from 4.3 percent.
Close to the United States, the Canadian economy’s bout of Justinflation remained elevated and came in hotter than what economists expected.
In Canada, the annual consumer price index (CPI) eased to 6.9 percent, down from seven percent. However, two things: grocery store prices soared 10.3 percent and the core CPI rose to six percent.
But it’s like what President Joe Biden said the other day:
“I’m not concerned about the strength of the dollar, I’m concerned about the rest of the world. Does that make sense? It’s worldwide inflation that’s consequential.”
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