US inflation rises to 39-yr high; clothing prices rise 5% in 12 months

President Joe Biden acknowledged the burden on household budgets arising out of the high inflation and assured citizens that efforts are being made to ease supply bottlenecks. "We are making progress on pandemic-related challenges to our supply chain which make it more expensive to get goods on shelves, and I expect more progress on that in the weeks ahead," Biden said in a statement.

The White House and the Federal Reserve have characterised high inflation this year as transitory.

American Apparel and Footwear Association president and chief executive officer Steve Lamar said prices for clothing and footwear rose by 5 per cent and 4.7 per cent in the 12 months till November. 

“These price increases for apparel and footwear are truly unprecedented, after 20-plus years of deflation in the apparel and footwear market,” said Lamar.

“Shockingly, men’s apparel topped the charts this week with a 7.8 per cent increase during this period, while infant-toddler apparel increased 4.5 per cent. This is a direct result of unnecessary tariffs and the worsening shipping crisis,” he lamented in a press release.

“These price tags reflect a mix of record-setting inflationary pressure, tariffs on imports, and other excessive fees faced by companies who are working to keep Americans affordably dressed. These price increases are clearly unsustainable for consumers and brands alike. Unless corrective action is taken, inflation will continue spreading like wildfire,” he added.

Fibre2Fashion News Desk (DS)