Inflation a top priority for the Biden adminstration
The White House has responded to the inflation increases, doubling down on their commitment to get prices under control. Compared to this time last year, food prices are up around 10 percent while those for energy are up more than 35 percent. The price for a dozen eggs is up on average $1.20 over prices last year.
The Russian invasion of Ukraine as well as the continued impact of the covid-19 pandemic on global supply chains continue to fuel inflation. The Federal Reserve has begun a series of interest rate increases to decrease the circulation of money and credit within the economy in hopes that it will cool things down a bit.
On Friday after news broke the Dow Jones Industrial Average dropped by more than 900 points in a single day. Over the last eleven weeks the Dow has closed lower ten weeks, which has not hapened since the Great Depression.