Elon Musk: Tesla, SpaceX see significant recent inflation pressure
1 min read . Updated: 14 Mar 2022, 08:21 AM IST
Premium- The CEO of Tesla and SpaceX highlighted that inflationary pressure was seen in raw materials and logistics.
- Escalated by housing, food, and gas prices, the US inflation increased to 7.9% over the last 12 months ending February 2022 - the steepest spike in the last four decades.
Entrepreneur and business magnate, Elon Musk said Tesla and SpaceX are seeing significant recent inflation pressure. The United States inflation has made its sharpest spike since 1982 in its consumer price inflation.
The CEO of Tesla and SpaceX highlighted that inflationary pressure was seen in raw materials and logistics.
Through his official Twitter account, Musk said, "Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics."
Escalated by housing, food, and gas prices, the US inflation increased to 7.9% over the last 12 months ending February 2022 - the steepest spike in the last four decades. Meanwhile, inflation rose 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January.
Last week, the U.S. Bureau of Labor Statistics department stated that an "increase in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase."
The data revealed that the gasoline index rose 6.6 percent in February and accounted for almost a third of the all items monthly increase; other energy component indexes were mixed. The food index rose 1.0 percent as the food at home index rose 1.4 percent; both were the largest monthly increases since April 2020.
The inflationary pressure in the country has sparked worries about an aggressive tightening of monetary policy from the US Federal Reserve along with key interest rate hikes.
US Fed will be meeting from March 15 to 16 to discuss monetary policy outcomes. The final decision will be announced on March 16. Chair Jerome Powell and his committee is expected to hike interest rates they are facing economic uncertainties and risks due to Russia's Ukraine invasion which has fanned inflation further.
