Recovery Hampered As Inflation Hits New Highs In US, Europe

In this July 21,2021 photo, a consumer shops at a retail store in Morton Grove, Ill. U.S. consumer spending accelerated in August despite the surge in COVID cases, while the additional demand combined with supply shortages kept inflation high. (AP Photo/Nam Y. Huh)

(AP) — Inflation has reached new highs in the United States and Europe, as rising energy prices and supply bottlenecks have restrained the economic recoveries from the pandemic in both economies. In the U.S., a Commerce Department report Friday showed that prices rose 4.3% in August from a year earlier, slightly higher than the previous month and the largest annual increase since 1990. In the 19 countries that use the euro, inflation increased to 3.4% in September, from 3% in August, the statistics agency Eurostat said Friday.

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