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Everybody is feeling the pinch as inflation jumps again to near 40-year high

Consumers, businesses and stock markets continue to feel the pinch with yet more proof that runaway inflation is out of control, placing even more pressure on already squeezed budgets. The latest round of data from the Commerce Department (released Thursday) shows that inflation grew 5.4% year-on-year in February, marking the sharpest increase since 1983.

What’s more, other estimates suggest that worse will be to come next month when new figures are released. Modelling by the Federal Reserve Bank of Cleveland has inflation running at 8.41% year-on-year for March, and a staggering 9.01% overall for Q1, compared with the year prior. If true, this would be the biggest quarterly rate of inflation since 1975 – further suggesting that inflation levels, despite months of denials by the Federal Reserve who persistently described it as ‘transient’ are running unchecked. The worry for policy makers is that they are increasingly backed into a corner over measures to rein in inflation, given that they must balance any steps they take against the very uncertain geopolitical situation and fragile economic recovery.

Expect gold to continue to shine against this backdrop. Buy now.

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