As US inflation hits 40-year high, internet copes with memes, jokes

US inflation: Inflation has surged to its highest level in four decades, wreaking havoc on American consumers.

Inflation in the United States was as hot as ever last month, with consumer prices seeing their largest annual jump in nearly four decades as costs rose for a wide range of items.

The consumer price index (CPI) climbed 7.5 percent over the 12 months to January, its largest increase since February 1982, while it rose by 0.6 percent compared to December, more than analysts expected.

People reacted to the unprecedented high by trading memes and jokes on social media.

#TBT 1982, The last time inflation was this high I was 2-years-old at 29 Palms in California learning how to do my first sit-up with my US Marine Uncle Keith. pic.twitter.com/6UJgDWPimr

— Lee Zeldin (@RepLeeZeldin) February 10, 2022

And just like that, they convinced us to forget the largest transfer of wealth that went to the top 1% and it had nothing to do with this "Inflation" pic.twitter.com/JE8eJrFr8s

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— T.E.A. Party LEFTIST (@Timagh41) February 11, 2022

Fed needs to raise rates and sell USTs to fight inflation, but higher rates will force the Fed to buy more USTs to finance US “True Interest Expense” & Defense spending (which are an unprecedented ~130% of tax receipts, & that % will grow rapidly as rates rise.) pic.twitter.com/gKJ4bvs6g6

— Luke Gromen (@LukeGromen) February 10, 2022

US stocks sell off after fresh CPI data shows highest inflation since 1982 https://t.co/EdSXZngDEf pic.twitter.com/ScStAxlOfu

— Yogendra Choukikar (@MrYogendraC) February 10, 2022

Inflation hurts us all pic.twitter.com/EBNBxawl2H

— Crissie (@CrissieC) February 9, 2022

In a statement, US President Joe Biden acknowledged that inflation "is elevated" but "forecasters continue to project inflation easing substantially by the end of 2022."

"And fortunately, we saw positive real wage growth last month, and moderation in auto prices, which have made up about a quarter of headline inflation over the last year," he said.

An array of factors is seen as driving the price increases, from the Fed's easy money policies meant to support the economy during the pandemic to supply chain snarls, shortages of components and labor and robust demand from American consumers.

(With inputs from AFP)