The rate of inflation has reached a record level over the past 30 years.
The growth of consumer spending in the United States slowed in July, increasing by a modest 0.3%, while the inflation rate over the past 12 months broke the record for the last 30 years.
As the Ministry of Commerce reported on Friday, the July increase in spending fell sharply compared to the 1.1% increase that was recorded in June. Apparently, this is a clear signal that the surge of the Delta strain has affected consumer spending, the driving force of the economy.
The report says that consumer prices have increased by 4.2% over the past 12 months, which is the largest increase in 12 months. The last time such an increase in prices was noted in 1991 when prices increased by 4.5% over the year.
Revenues, which are a guarantee for future expenses, rose by 1.1% in July, which partially reflected a significant increase in the number of jobs this month.