US inflation hits 40-year high after fuel prices soar due to Russia-Ukraine war
Shortpedia
Content Team
Image Credit: social news
The US inflation rate hit a 40-year high in the year to March after fuel prices soared during the first full month of the Ukraine war, BBC reported. Consumer prices surged by 8.5 per cent -- the largest annual gain since December 1981 -- following a double-digit rise in energy prices. Last month, US President Joe Biden had banned all imports of oil and gas from Russia following the latter's invasion of Ukraine.
