How high did US inflation get this year and where is it headed in 2023?
Inflation soared in 2022 amid Covid-19, the war in Ukraine and a broken supply chain – but here’s what we can expect next
Just a few years ago, inflation seemed like an issue the US and many other major western economies had outgrown. “Is inflation dead?” Businessweek asked in 2019, beneath an image of an ailing dinosaur. And then came Covid-19.
Supply chain issues, sickness, death and the war in Ukraine upended global trade. Propped up by government handouts and savings, consumers bounced back from the pandemic shutdowns only to find a short supply of everything from used cars to housing was triggering a cost of living crisis unseen in a generation. US inflation this year reached a 40-year high.
