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Inflation in Other G7 Countries Much Worse than in America, White House Economists Say

G7 Countries [Photo: Technext]
G7 Countries [Photo: Technext]

An analysis from the White House economists states that the U.S. is recovering faster than the other G7 countries. This suggests that the U.S. now has a lower annual rate since inflation peaked earlier in the country.

Inflation on G7 Countries [Photo: iStock]

Inflation on G7 Countries [Photo: iStock]

A new analysis from the economists in the White House states that the United States is recovering faster from inflation than the other G7 countries. The crisis had been a global phenomenon mainly brought on by factors such as the COVID-19 pandemic, the war in Ukraine, and the snarling of supply chains.

However, according to Egan, a report from the Council of Economic Advisers (CEA) revealed that the inflation is much worse in the other G7 countries which includes France, the United Kingdom, Germany, Japan, Italy, and Canada.

READ ALSO: Many Low-Income Households Have Cut Their Grocery Budgets In Recent Months To Cope With Food Inflation

Inflation in Other G7 Countries

According to Inman, the CEA sought a resolution on how to make cross-border comparisons given that the inflation is measured differently in the G7 countries. The inflation gauge compiled by the CEA discovered that the U.S. is now below 3%.

Among the G7 countries, Japan and Canada follow at around 4%. Unfortunately, the U.K. and Italy which are severely exposed to the invasion of Russia of Ukraine are still at around 8%.

READ ALSO: Up To $8,000 Tax Credits From The Inflation Reduction Act: Helps You Renovate Your Home!

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