The US Labour Department said that consumer prices jumped 7.5 per cent compared to 12 months earlier, the steepest year-over-year increase since February 1982. Shortage of labour and very low interest rate coupled with robust consumer spending has made inflation skyrocket in the past year. The US benchmark indices Dow Jones, S & P 500 and NASDAQ have fallen by almost 3 per cent in the last fortnight. A steep decline in Meta Platforms (Facebook) due to federal law suits weighed heavily on the technology sector. The consumer staples sector outperformed within the S & P 500 index, aided by quarterly results’ gain of Walmart and Procter and Gamble.
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