Inflation hits nearly 40-year high!– OnMyWay Mobile App User News

Inflation hits nearly 40-year high

The U.S. Labor Department reported Wednesday that consumer prices rose 7 percent in December from a year earlier. That’s the biggest leap since 1982. The highest price spikes were for cars, gasoline, food, and furniture as Americans ramped up spending and worker and material shortages squeezed supply chains. Used car prices soared more than 37 percent over the past year due to semiconductor shortages, and new car prices jumped nearly 12 percent. Although gasoline prices fell 0.5 percent in December, the national average of $3.30 per gallon is still 50 percent higher than the average a year ago.

Is there an end in sight? Some economists believe prices may settle down as snags in the supply chain ease, but most say inflation will remain elevated throughout this year. Rising prices have wiped out the pay increases that many Americans received in recent months. A recent Associated Press/NORC poll found that 68 percent of Americans now see the economy as a bigger concern than the pandemic. The Labor Department report ramps up pressure on President Joe Biden and the Federal Reserve to resolve inflation issues. Economists think it unlikely the Fed will reach its long-term goal to reduce inflation to 2 percent per year.


OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!

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The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.

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The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.

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OnMyWay is the Only Texting and Driving Solution That Pays
Trusted and ❤ By Millions of OnMyWay Mobile App Users