The Graphic Truth: What’s behind American inflation?

Annie Gugliotta

US inflation rates have finally started to relax over the past 12 months: Prices rose at an annual rate of 2.3% in April, within touching distance of the Federal Reserve’s 2% target. This chart shows what product categories fed the inflation surge in 2022 — and its subsequent slowdown.

The recent drop in inflation rates is in large part thanks to plateauing transport costs, which spiked in 2021 and 2022 amid global supply-chain issues and Russia’s invasion of Ukraine. However, housing costs have continued to rise at a fairly steady pace, a symptom of the current US property crunch.

More from GZERO Media

- YouTube

As the global economy faces uncertainty, Axel van Trotsenburg, Senior Managing Director of the World Bank, warns that “a wait-and-see attitude” is holding back investment and growth, especially in developing countries. Speaking with GZERO Media’s Tony Maciulis on the sidelines of the 2025 World Bank-IMF Annual Meetings, van Trotsenburg highlights human capital and infrastructure as key priorities, with a growing urgency to bridge both the digital and AI divides.

Chart of the most consequential Supreme Court cases of 2025.
Eileen Zhang

The 2025 Supreme Court term began this month, ushering in a slate of cases that could reshape American governance. No one will be watching more closely than President Donald Trump, whose efforts to expand executive power and limit independent oversight will be under the judicial microscope.

Kenya's opposition leader Raila Odinga addresses delegates after President William Ruto signed the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya, on July 9, 2024.
REUTERS/Thomas Mukoya

When Walmart stocks its shelves with homegrown products like Fischer & Wieser’s peach jam, it’s not just selling food — it’s creating opportunity. Over two-thirds of what Walmart buys is made, grown, or assembled in America, fueling jobs and growth in communities nationwide. Walmart’s $350 billion commitment to US manufacturing is supporting 750,000 jobs and empowering small businesses to sell more, hire more, and strengthen their hometowns. From farms to shelves, Walmart’s investment keeps local businesses thriving. Learn how Walmart's commitment to US manufacturing is supporting 750K American jobs.

Earlier this month, Microsoft released the 2025 TechSpark Impact Report, which highlights how the company is assisting regions across the US in achieving these goals. Since its launch, TechSpark has obtained over $700 million in community funding, supported more than 65,000 people in developing digital skills, and, thanks to the work of TechSpark Fellows, catalyzed $249M+ in funding and upskilled 34,600 individuals across 46 communities — highlighting the ripple effect of local leadership and innovation. Learn more about this progress in the 2025 report here.

People walk past a jewelry store in the Diamond District of Manhattan, New York City, USA, on August 6, 2025.
Jimin Kim / SOPA Images via Reuters Connect

GZERO spoke to Eurasia Group’s Commodities Director Tim Puko to better understand why the diamond industry has tanked, and the consequences of this for geopolitics.