I thought it had been. I knew it wasn't on the UK's side of things, because our's has been at 0% for the last 2-3 years. Going up by that amount in such a short time is some really big inflation, which is why I asked, because I doubted myself for a few seconds and thought it was both currency's :P
The government claims that inflation in the US is low, but in doing so they save billions of dollars because they don't have to pay seniors more money for social security. They actually fund the department that makes the official claim several times over just by lying. Sure oil went down, but healthcare, rent, and groceries? Make your own calculations on inflation.
If you're talking about exchange rates, there's a perception in the markets right now that the world's economy is slowing down except the US. It's kind of a safe haven play for traders.
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