For
the US President Joe Biden, the pain Americans are feeling in their pocketbooks comes down to an increasingly repeated slogan: "Putin's price hike." For more than a month now, his administration has tried to blame rising prices on the Russian president's invasion of Ukraine. But the truth is a little more complicated, analysts say.
Inflation and even gas prices have been on the rise even before the invasion of Ukraine. Aside from food and energy, rent was the biggest factor in the price increases. Airline fares, household furnishings and operations, medical care and motor vehicle insurance also contributed to inflation.
The recent FED's report though in line with expectations, does nothing to temper concerns that the Federal Reserve has a tough job ahead of it in cooling this inflation without sparking a recession.
USSR 2.0
