The US consumer price index for October stood at 6.2 per cent, the highest since December 1990, the Bureau of Labour Statistics revealed.
The CPI spike occurred weeks after Twitter’s billionaire co-founder Jack Dorsey warned of global hyperinflation – a phenomenon of astronomical price increases that has affected the likes of Zimbabwe and Venezuela.
Pandemic supply and shipping constraints are causing a surge in American consumer and energy prices, as demand climbs for goods with not enough workers to produce them.
While Australia isn’t facing the same kind of retail cost pressures as the US, high inflation in the world’s biggest economy pushes up global borrowing costs as investors expect the US Federal Reserve to raise interest rates.
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