Growing inflation has become a mounting concern for nations around the world, especially the United States. 

The U.S. has seen one of the sharpest rises in consumer inflation over the past year. Lawmakers around the globe have claimed that they didn’t see the inflation coming, but people often draw their attention towards the seemingly unrestricted money printing spree throughout the pandemic.

In 2021 alone, the U.S. has printed 35% of the total U.S. dollars in circulation, which has played a key factor in record-breaking inflation. Market pundits expect a 6% rise in the consumer price index (CPI) in November, which would be the highest in four decades. 

Statistics on the CPI are scheduled to be released on Friday.

The Biden administration has said that the $1.85 trillion spending program and tax cuts would slow down the effects of inflation, but experts have been skeptical about the idea of printing more money.

Asian Pacific and European markets opened with caution and recorded a broad decline across the board. Japan’s Nikkei 225 declined 1% to 28,437.77. South Korea’s Kospi fell 0.64% to 3,010.23 while the Kosdaq was down 1.1% at 1,011.57. Pan European stock index STOXX 600 was down 0.4% while technology, retail and healthcare stocks also recorded a loss.

The crypto market saw a minor bounce back from last night, contrary to the common decline in traditional markets. Bitcoin (BTC) price recovered above $48,400 after falling to a daily low of…