US annual inflation rate, 1990-2021
In the United States, October 2021 brought the highest rise annual inflation in the last 30 years with the Consumer Price Index increasing by 6.2 per cent year-on-year. Last week, President Biden conceded that COVID stimulus cheques played a part in the increase in inflation with the supply chain disruptions also being touted as a major cause.
While at present, Australia's inflation rate is still within the Reserve Bank of Australia's target band, rising three per cent year on year during the September quarter, both the European Union and Canada exceeded inflation expectations rising 4.1 and 4.4 per cent respectively.