US inflation at 40-year high. So, what is the situation in India ...?!
U.S. consumer inflation hit a 40-year high of 8.6% in May.
US inflation has hit an unexpected 40-year high as fuel and food prices continue to rise.
Thus, the US Federal Reserve is expected to raise its benchmark interest rate.
Consumer price index The U.S. Department of Labor said in a statement on Friday that the consumer price index rose 8.6% in May. Consumer inflation in the United States has risen sharply since December 1981.
CPI is measured by how much the people of that country make for goods and services in the expensive U.S. market. Also, this measurement is calculated by comparing it with the same May price last year.
Fuel prices the main reason for the rise in inflation in May was the sharp rise in fuel prices. Fuel prices have risen by about 34.6% in May 2022 compared to last yea
Gasoline prices per liter, octane-95: We show prices USA from 28-Feb-2022 to 06-Jun-2022. The average value USA during that period was 1.21 U.S. Dollar, with a minimum of 1.04 U.S. Dollar on 28-Feb-2022 and a maximum of 1.33 U.S. Dollar on 06-Jun-2022. For comparison, the average price of gasoline in the world for this period is 1.96 U.S. Dollar. Use the drop menu to see the prices in gallons.
To ensure comparability, for the U.S. we report the prices of Mid-grade gasoline as it is closest to the Octane-95 gasoline used in most of the world. Regular gasoline that is the most widely used in the U.S. is about 13 percent cheaper than Mid-grade gasoline.
Note that there are large also, differences across U.S. states. Prices in the Western states are about 20 percent higher than the national average, and in California they are about 50 percent higher. The prices in the Midwest and the South are about 5-10 percent lower than the national average. In the Northeast, the prices are about 5 percent higher.
Diesel prices, 06-Jun-2022: The average price of diesel around the world is 1.36 U.S. Dollar per liter. However, there is substantial difference in these prices among countries. As a rule, richer countries have higher prices, while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for diesel. All countries have access to the same petroleum prices of international markets, but then decide to impose different taxes. As a result, the retail price of diesel is different. Use the drop menu to see the prices in gallons.
LPG prices, liter, 06-Jun-2022
LPG prices, 06-Jun-2022: The average price of LPG around the world is 0.83 U.S. Dollar per liter. However, there is substantial difference in these prices among countries. As a rule, richer countries have higher prices, while poorer countries and the countries that produce and export natural gas have significantly lower prices. The differences in prices across countries are due to the various taxes and subsidies for LPG. All countries have access to the same natural gas prices of international markets, but then decide to impose different taxes. As a result, the retail price of LPG is different.
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