Inflation surged to a 40-year high of 8.6 per cent in June 2022, setting off a string of interest rate hikes by the US Federal Reserve to cut spending and cool down the economy. Inflation surged to a 40-year high of 8.6 per cent in June 2022, setting off a string of interest rate hikes by the US Federal Reserve to cut spending and cool down the economy. Zee News :Business
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