https://sputnikglobe.com/20211121/marketwatch-backtracks-on-bizarre-inflation-claims-of-americans-paying-5-for-gas-90-for-wine-1090906327.html
MarketWatch Backtracks on Bizarre Inflation Claims of Americans Paying $5 for Gas, $90 for Wine
MarketWatch Backtracks on Bizarre Inflation Claims of Americans Paying $5 for Gas, $90 for Wine
Sputnik International
At the same time, there is no denying that inflation in the US has already set a 30-year high amid rapid growth in demand prompted by the perceived winding... 21.11.2021, Sputnik International
2021-11-21T17:29+0000
2021-11-21T17:29+0000
2022-08-06T13:36+0000
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The MarketWatch media outlet has retracted statements made in one of its articles, as well as social media posts, which suggested that "average Americans" spend as much as $5 per a gallon (3.79 litres) on gas, $90 for a bottle of wine, and a whopping $200 for concert tickets amid record-high inflation. The outlet said that the information in the article and on social media was "inaccurate", while adding that the real average fuel price in the US was $3.41 per gallon.Despite MarketWatch walking back on its bizarre claims, inflation in the US still remains the highest in 30 years. It has affected numerous sectors of the economy, including the most basic wares in grocery stores. Analysts have found that the price of an average Thanksgiving dinner in the US has jumped by 14% compared to last year.The spiking inflation is explained by a combination of factors – on the one hand, the US government has repeatedly boosted the population's spending with stimulus bills that have increased money flows and demand. On the other, despite continuing infections, the country has been steadily moving out of the pandemic, with ever more citizens becoming more economically active.This spike in consumer activity caught many businesses unprepared after pandemic-induced stagnation. Supply chains were unable to handle the surge in demand for goods, leading to skyrocketing costs for transportation and backlogs at ports and other transit hubs. These costs, in turn, have ramped up the prices in stores, restaurants, and elsewhere.Inflation Affects EveryoneInflation has affected the lives of not only low-income Americans, but also the wealthiest of them. Axios reported that rich US citizens are facing shortages of luxury wares, such as yachts, private jets, watches, etc. The overwhelming demand and shortage of wares have sent prices sky-high and even prompted some companies to artificially limit access to their products, as was the case with NetJets, one of the biggest private jet companies.The jump in demand was prompted in part not only by the growth of wealth among the richest Americans, but also by the increase in their numbers that was witnessed after 2020. The latter could be partly explained by a rally of cryptocurrencies that brought fortune to those who had invested in tokens. The increase in the number of ultra-wealthy Americans sparked increased demand for luxury items and even paintings, ramping up their prices radically.
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MarketWatch Backtracks on Bizarre Inflation Claims of Americans Paying $5 for Gas, $90 for Wine
17:29 GMT 21.11.2021 (Updated: 13:36 GMT 06.08.2022) At the same time, there is no denying that inflation in the US has already set a 30-year high amid rapid growth in demand prompted by the perceived winding down of the pandemic. Its effects have not even spared the wealthiest people in the country.
The MarketWatch media outlet has retracted statements made in one of its articles, as well as social media posts, which suggested that "average Americans" spend as much as $5 per a gallon (3.79 litres) on gas, $90 for a bottle of wine, and a whopping $200 for concert tickets amid record-high inflation. The outlet said that the information in the article and on social media was "inaccurate", while adding that the real average fuel price in the US was $3.41 per gallon.
Despite MarketWatch walking back on its bizarre claims, inflation in the US still remains the highest in 30 years. It has affected numerous sectors of the economy, including the most basic wares in grocery stores. Analysts have found that the price of an average Thanksgiving dinner in the US has jumped by 14% compared to last year.
19 November 2021, 17:46 GMT
The spiking inflation is explained by a combination of factors – on the one hand, the US government has repeatedly boosted the population's spending with stimulus bills that have increased money flows and demand. On the other, despite continuing infections, the country has been steadily moving out of the pandemic, with ever more citizens becoming more economically active.
This spike in consumer activity caught many businesses unprepared after pandemic-induced stagnation. Supply chains were unable to handle the surge in demand for goods, leading to skyrocketing costs for transportation and backlogs at ports and other transit hubs. These costs, in turn, have ramped up the prices in stores, restaurants, and elsewhere.
Inflation Affects Everyone
Inflation has affected the lives of not only low-income Americans, but also
the wealthiest of them. Axios reported that rich US citizens are facing shortages of luxury wares, such as yachts, private jets, watches, etc. The overwhelming demand and shortage of wares have sent prices sky-high and even prompted some companies to artificially limit access to their products, as was the case with NetJets, one of the biggest private jet companies.
18 November 2021, 14:22 GMT
The jump in demand was prompted in part not only by the growth of wealth among the richest Americans, but also by the increase in their numbers that was witnessed after 2020. The latter could be partly explained by a rally of cryptocurrencies that brought fortune to those who had invested in tokens. The increase in the number of ultra-wealthy Americans sparked increased demand for luxury items and even paintings, ramping up their prices radically.
