Thanksgiving — a day where American families and friends will soon gather to feast on popular dishes from turkey to stuffing and all sorts of side dishes is just around the corner. But this year, Americans will be bracing to cough up a pretty hefty price tag for that Thanksgiving meal as a result of painfully sky-high inflation.
President Biden snapped at NBC News Lester Holt, calling the TV anchor a “wise guy” when he questioned him inaccurately defined inflation to be temporary, but instead, it has surged to a new brutal 40-year high with no sign of easing down anytime soon.
Inflation continues to run red-hot in January, with consumer prices notching another fresh four-decade high — indicating no sign of easing anytime soon and cementing the Federal Reserve’s prospects of aggressively raising interest rate hikes next month to combat the inflationary pressure hurting Americans.
Inflation jumped at its fastest 12-month pace in nearly 40 years in December, as the surging costs continue to eat into Americans’ wages and indicate that inflationary price pressure shows no sign of easing.
Inflation accelerated at the fastest monthly and annual pace, hitting a three-decade high in October — a key indicator that prices are rising more than expected as companies continue to struggle with the ongoing supply chain, labor shortage, and consumer demand.