Inflation flares up in US and UK due to Russia-Ukraine conflict -

Washington/London: Although the US and UK leadership had warned to teach a lesson to Russian President Vladimir Putin by targeting the Russian economy, the maximum effects of the sanctions are being felt by the population of the United States and the United Kingdom. Inflation has flared up in both the United States and the United Kingdom. The inflation index has breached record levels in the last four decades. The British inflation index is the highest in the last 30 years. In March, the US inflation index reached 8.5%. This is the highest since 1981. There has been a record increase in the prices of essential items, including fuel, house prices, energy, clothing, food grain, and vegetables. Fuel rates have increased by a whopping 49% and the electricity bills have increased by 32%. There is an increase of 20% in house prices and an increase of 4.4% in house rents. The Biden administration in the United States has blamed this rising inflation on the Russian attack on Ukraine.

But the opposition Republican party has accused the faulty policies of the Biden administration as the cause for this scorching of the US population. Moreover, unrestricted spending and failed policies of the Democrat party has devastated the US population. But the Biden administration does not seem to care. Prices are increasing and wages are reducing. Biden has ignored families and even the small industries. Republican Party leader Ronna McDaniel warned ‘The voter is observing the situation closely. The voter will take the right decision in November.’

Following the United States, even the United Kingdom has been hit will flaring up inflation. Inflation has reached the highest level in the last three decades. The inflation index for March had reached 7%. This is the highest since 1992. The fuel rates have registered the highest increase of 30% and other essential commodities have recorded an increase of 5% to 10%. There was a mere 0.1% growth in the British GDP in March.

Given these fresh British numbers, some analysts have predicted that the global economy is headed for a recession. Financial institutions and analysts have warned that the debt burden in the global economy has crossed $300 trillion, which will trigger an economic recession.