Copper prices hit new record high, up 30% year-to-date, signaling increasing inflationary pressures.

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Copper prices surge to an unprecedented high of $5.08 per pound, marking a staggering 30% increase year-to-date and fueling concerns of rampant inflation. This new record surpasses the previous peak observed in March 2022, coinciding with the fastest inflation rate in 40 years. Over the past three months alone, copper prices have skyrocketed by 35%, exacerbating inflationary pressures across the board. The surge represents a monumental 55% increase in just two years, prompting policymakers to scramble for solutions to secure vital supplies. With a historically high correlation between rising copper prices and US CPI inflation, experts warn of further economic turbulence ahead, underscoring the urgency for decisive action to address the burgeoning crisis.

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