NEW YORK, Jul 31 (NNN-XINHUA) – Suffering from the historic high inflation, many U.S. residents living in the worst-hit regions are struggling to make ends meet, CNN reported.
The feature story released by CNN took California as an example. The region saw a 9.4 percent annual inflation rate in May, becoming one of the highest in the United States, where the average inflation rate across all urban areas, measured by the Labour Department’s Consumer Price Index, was 8.6 percent for May, the report said.
In California, the average gas price was already the highest nationwide, while rising price of food and fuel in the area has caused local residents to find new ways to cut spending and raise extra income.
Besides slashing cost on meat and driving, some residents started collecting recyclables to turn in for extra cash; some have been searching for discounted groceries and many others have to rely on local food bank for donation.
Inflation in the United States has remained four-decade high, prompting the U.S. Federal Reserve to impose another 75-basis-point rate hike on Wednesday, the largest back-to-back rate increase in decades.– NNN-XINHUA
