Rising consumer prices are a problem worldwide, with the U.S. and Britain seeing inflation hit 40-year highs of 8.6% and 9.1%, respectively. That has led the U.S. Federal Reserve, Bank of England and other central banks worldwide to approve a series of interest rate hikes to combat inflation.
US stocks have recorded their worst first half in more than 50 years after a rout triggered by the Federal Reserve’s attempt to curb persistent inflation and exacerbated by gathering concerns over global growth.
The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses.
Biden responds to $5 gas: 'Outrageous what the war in Ukraine is causing'
Dimon's comments come a day after President Joe Biden met with Federal Reserve Chair Jerome Powell to discuss inflation, which is hovering at 40-year highs.
Every Wednesday from April 13 through May 4, Krispy Kreme will sell a dozen original glazed doughnuts for the price of a gallon of regular gas. Each week, the chain will use Monday's national average gas price to set the promotional cost for its doughnuts.
The annual rate of consumer price inflation rose to 5.5% in January, the highest since March 1992, when Britain was emerging from a long period of inflation-feeding high wage deals. This was above most economists' forecasts in a Reuters poll for it to hold at December's 5.4% rate.
US prices rising at 6.2%, fastest rate for three decades
