Rising prices for gas and goods

The price of US consumer goods, particularly gasoline and food, reached its highest peak in 40 years in 2022. This was due to inflation, which is the rate of increase in the cost of goods and services. In 2022, many goods were at least 7.5% more expensive than they were in 2021. For example, the price of backpacks was up nearly 12%. Experts said the high prices were due to a variety of factors. Consumers began spending more after buying less during the pandemic. This led to a demand in goods, which led to higher prices. Many businesses also had to pay higher wages to attract workers, causing them to charge more for their goods. The result was that people couldn’t afford to buy as much. By the end of…

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The Week Junior US (Digital) - 1 Issue, Issue 141

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