{"id":182,"date":"2022-12-01T07:34:44","date_gmt":"2022-12-01T07:34:44","guid":{"rendered":"https:\/\/universalflyonthewall.com\/?p=182"},"modified":"2022-12-01T07:34:47","modified_gmt":"2022-12-01T07:34:47","slug":"inflation-why-are-prices-rising","status":"publish","type":"post","link":"https:\/\/universalflyonthewall.com\/?p=182","title":{"rendered":"Inflation – Why are prices rising?"},"content":{"rendered":"
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Currently in the United States, it is clear that the prices of many objects are higher than ever. For example, by now either you or someone you know has noticed a great increase in daily necessities such as gas prices, groceries, or clothing. Many people have reacted to this increase in consumption in a negative way since those who are low on money have to be careful about how much they spend, and those who are rich are also spending too much money. People are justifiably critical of this economic crisis but many may not know the cause for such widespread increases in price.<\/p>\n\n\n\n

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The current economic crisis is the result of the growing inflation in the United States in recent years. Inflation is the name we give to the increase in price that is so apparent right now. A little inflation is necessary for the economy. However, when there is too much inflation it will ultimately hurt the economy. Inflation is measured by the Consumer Price Index (CPI). Consumer Price Index is the percentage change in the price of a set amount of goods and services by a household. With the basics explained, we can now look at the factors contributing to 2022\u2019s extreme inflation rate.<\/p>\n\n\n\n

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One of the initial factors that led to today\u2019s high inflation was the spread of coronavirus (COVID-19) in March of 2020. During this time, people had to stay indoors at all times to ensure safety, occasionally with re-openings and re-closing. As a result, people couldn\u2019t predict what would be in demand and so businesses didn\u2019t always have on hand what they needed which caused some prices to skyrocket and occasionally this would domino into other products as well. In response to this, the government decreased the money supply that would come into America and this led to the currency rising in price.<\/p>\n\n\n\n

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With the inflation already agitated by the effects of the coronavirus, the war between Russia and the Ukraine exacerbated several issues. This resulted in a high increase in gas prices as The US and large numbers of European countries placed sanctions on Russia for its actions and this affected the United States because Russia is a major supplier for 10% of global oil supply. This ultimately led to the United States having a major gap in its supply for gas. These gaps in supply, alongside a return to pre-pandemic demand for gas, led to the steep price increase we see now. As noted during the pandemic, a shift in one supply and demand can lead to a shift in another. Resources such as wheat and other goods also increased in price following the increase in gas prices.<\/p>\n\n\n\n

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Clearly the cause of inflation isn\u2019t simple. It\u2019s a web of multiple factors influencing one another. Any solution is going to need to be multifaceted. Searching for solutions is not going to be easy as multiple businesses, governments, and even countries will have to spend a lot of time and energy cooperating together to return inflation to a manageable level. If people are able to find a solution to the current issue of inflation it will ensure better opportunities for many people who worry about budgets and counting pennies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Currently in the United States, it is clear that the prices of many objects are higher than ever. For example, by now either you or someone you know has noticed a great increase in daily necessities such as gas prices, groceries, or clothing. 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