Jack Dorsey, 44, who is now the CEO of Twitter and Square, a mobile payment company, issued a warning for the rise of inflation in America over the weekend.
Talking to Twitter on Saturday, Dorsey announced: "Hyperinflation is going to change everything. It's happening."
Many of his 5.8million followers quickly replied to Dorsey for more information, and in response to one person, he announced: "It will happen in the U.S. soon, and so will the world."
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Lately, the U.S. economy has been severely impacted by a supply chain crisis, which has witnessed consumers spending more money and buying greater numbers of products. However, businesses are struggling to meet demand.
A backlog of shipping at ports across the U.S. has ended in the supply chain struggling to keep its head above the water.
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The Port of Los Angeles, where over half of shipping containers arrive in the U.S., has witnessed ship traffic jams. Trucks are not arriving in a timely manner to offload the massive amount of shipping containers arriving.
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Hyperinflation is a term to define a period of excessive general price increases of everyday goods.
Typically, hyperinflation sees the rate of inflation increase by 50 percent each month - by comparison, the inflation rate has stayed at about two percent per year since 2011 - yet the last 12 months have seen a 5.4 percent hike.
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Unlike standard inflation, which measures prices per month, hyperinflation monitors the increases each day.
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Hyperinflation does not usually occur without an initial trigger like war, social uprising, or supply shock.
Dorsey's warning on social media, amid growing inflation in the U.S., which some specialists explained is an outcome of the ongoing supply chain crisis.
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The consumer price index measures the rate of inflation in America and experts were shocked to see it grow by 0.4 percent last month.
This was 0.1 percent higher than anticipated and resulted in a year-on-year rise of 5.4 percent compared to 2020.
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The consumer price index examines the average prices of consumer products and services such as transport, food, and medical care.
It is used to measure inflation, because it reflects a currency's purchasing power over time, and the general growth of prices of everyday goods.
When this figure was broken down, it seems that the rising costs of food and fuel were the most significant contributors to this increase.
Meat prices grew by 3.3 percent in September, while fuel oil saw a 3.9 percent rise.
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