US inflation hits its highest level in 39 years; clothing prices increase by 5% in 12 months
President Joe Biden has acknowledged the burden on household budgets resulting from high inflation and assured citizens that efforts are being made to alleviate supply bottlenecks. “We are making progress on the challenges of the pandemic for our supply chain, making it more expensive to buy goods off the shelves, and I expect more progress on this in the coming weeks,” Biden said in a statement.
The White House and the Federal Reserve have called high inflation transient this year.
The consumer price index in the United States rose 0.8 percent in November after jumping 0.9 percent in October. In the 12 months to November, the CPI accelerated 6.8 percent, the largest year-on-year increase since June 1982, and followed a 6.2 percent advance in October. Clothing and footwear prices rose 5 percent and 4.7 percent in the 12 months to November.
American Apparel and Footwear Association president and CEO Steve Lamar said prices for clothing and footwear rose 5% and 4.7% in the 12 months leading up to November.
âThese price increases for clothing and footwear are truly unprecedented after more than 20 years of deflation in the clothing and footwear market,â Lamar said.
âSurprisingly, men’s clothing topped the charts this week with an increase of 7.8% during this period, while baby clothing rose 4.5%. This is the direct result of unnecessary tariffs and the worsening of the maritime transport crisis, âhe lamented in a press release.
âThese price tags reflect a mix of record inflationary pressure, tariffs on imports, and other excessive fees faced by companies striving to keep Americans dressed affordable. These price increases are clearly unsustainable for both consumers and brands. Unless corrective action is taken, inflation will continue to spread like wildfire, âhe added.
Fibre2Fashion Information Office (DS)