In this podcast, we introduce inflation rates in the United States and the United Kingdom through a comparative lens for the fiscal year 2023. Global inflation has risen sharply since the middle of 2020 due to numerous factors such as global demand, supply chain bottlenecks and soaring food and energy prices, especially since the Russian Federation invaded Ukraine. In both countries examined, the first half of 2023 was marked by high inflation, with the United States reaching a peak in June at 9.06% (the inflation rate has not been this high since the 1980s) and the United Kingdom having 10.4% in February. In order to understand the differences and similarities of the inflation rates between the two countries, we looked over the elements contributing to high inflation, and simultaneously studied the approaches governments from both countries implemented such as fiscal and monetary policies which helped offset the high levels of inflation.
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