US inflation nears 40-year high, as Omicron fears set in
US inflation is poised for a nearly 40-year high, with analysts forecasting a jump to 6.8 per cent compared with this time last year.
Though investors still await more data from the US Bureau of Labor Statistics, which will release its consumer price index later today.
The fresh inflation heights could add more coal to the fire for the Federal Reserve to clamp down on rising prices.
S&P 500 futures climbed 0.71 per cent higher by mid-afternoon in the UK, while Dow Jones futures lifted 0.53 per cent and Nasdaq 100 futures jumped 0.86 per cent.
“Tomorrow, we will get a report on consumer prices that experts expect to be elevated again, driven in part by energy prices and used car prices,” president Joe Biden said in a statement yesterday.
“Fortunately, in the weeks since the data for tomorrow’s inflation report was collected, energy prices have dropped. The price of gas at the pump has already begun to fall nationally, and real pump prices in 20 states are now lower than the 20-year average.”