Asia Pacific Daily News - Focus on Asia-Pacific Development, Daily News Express, Scholar Creation Center

Uncle Sam's Christmas gift. /CGTN

U.S. inflation has hit a 39-year high, with a key measuring factor, the Consumer Price Index, reaching a 6.8 percent rise over the last 12 months. Food and gas pricesare soaring, and the supply chain crunch remains. All things considered, the American people are probably encountering a more expensive Christmas ever than before.

U.S. inflation has hit a 39-year high. /CGTN

As the holiday season arrived, people's demand forconsumption surged. There was a severe shortage in some holiday food, Christmas trees and even Santa Claus workers. Impacted by the chaos in supply chains and climate change, there's a nationwide shortage of both real and artificialChristmas trees.

Eco-friendly Christmas tree? /CGTN

The rising inflation is disproportionately affecting middle- and low-income families and underrepresented minorities. As Fortuneputsit, although the rise of income can resist the effect of inflation to some extent amid the pandemic, comparedwith the rich, who are much more resilientagainst the impacts, the disadvantaged groups are left helpless.

Consequences of the raging inflation. /CGTN

Inflation has hit a 39-year high for several reasons: The economic stimulus plan put forwardedby the Biden administration and the excessive printing of U.S. dollar banknotes; the "Striketober" and the labor shortage; a global energy crisis casting chills on the supply chain chaos...

Inflation and the messy economy. /CGTN

However, the U.S. government is still unable to avert the surge in inflation. According to a recent pollreleased by ABC and Ipsos, 69 percent of Americans disapproved Biden administration's handling of inflation. Inflation at a nearly 40-year highplus skyrocketing public debtused as a partisan tool will only lead the U.S. to the edge of economic peril, thus slowing down the recovery of the global economy.