inflation

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Finally, Skyrocketing Inflation Takes a Breather

Latest report shows it slipped from its 40-year peak, but it remains a high 8.5%

(Newser) - Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June, reports the AP . Consumer prices jumped 8.5% in July compared with a year earlier, the government...

Grocery Delivery Falls Off as Prices Rise

Inflation, premium charges drive consumers back to stores

(Newser) - Karen Raschke, a retired attorney in New York, started having groceries delivered early in the pandemic. Each delivery cost $30 in fees and tips, but it was worth that to avoid the store. Then this spring, Raschke learned her rent was increasing by $617 per month. Delivery was one of...

Inflation Surged 9.1% in June, Even More Than Expected

Economists were expecting a 40-year high of 8.8%

(Newser) - The consumer price index for June is worse than expected—and what was expected was bad. The CPI was up 9.1% year-over-year in June, above economists' prediction of 8.8%. Even that estimate was worse than May's 8.6%. The last time inflation was this high was in...

Is This Goodbye to the $1 McDonald's Soda?

Prices are going up at some locations

(Newser) - Sad news for fans of the seemingly ubiquitous $1 any-size McDonald's beverage: Inflation may be putting an end to it, or at least to its ubiquity. Franchisees tell the Wall Street Journal some owners have decided to get rid of the dollar deal even though the fast food company...

Hospital Reminds Desperate Kenyans It Won't Buy Kidneys

Nation is deep into a cost of living crisis worsened by Russian blockade in Ukraine

(Newser) - With the price of food and other necessities soaring, a hospital has found it necessary to remind desperate Kenyans that they shouldn't try to raise money by selling an organ. "How much for my kidney?" is now the question most often posted to Kenyatta National Hospital, a Facebook...

Protest Demands Help With Soaring Prices

With bills rising more than pay, London marchers want government to help

(Newser) - Thousands of people marched through central London on Saturday in a protest over the soaring cost of living in Britain. Huge crowds flooded into the British capital for the rally to demand that the government do more to help people faced with bills and other expenses that are rising more...

Biden: Americans Are 'Really, Really Down'

In interview, president says recession isn't inevitable

(Newser) - President Biden said Thursday that the American people are "really, really down" after a tumultuous two years that included the coronavirus pandemic, volatility in the economy, and surging gasoline prices that are slamming household budgets. In an interview with the AP in the Oval Office, the president also said...

For Biden, 2 Moves on the Inflation Front

He considers rollback of tariffs on China, pressures oil companies

(Newser) - Amid sky-high inflation and a reeling stock market, the Biden administration is looking for remedies, and two are making headlines. However, neither is seen as being able to make a substantive dent in the problems:
  • Tariffs: The White House may roll back some or all of the tariffs imposed on
...

Inflation Clocks in at New 40-Year High

Prices surged 8.6% in May compared to previous year

(Newser) - The costs of gas, food, and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department...

2 Gloomy Forecasts Sour the Market's Mood

Yellen worries about inflation, the World Bank about stagflation

(Newser) - The US stock market did not wake up in a great mood on Wednesday, with the Dow and the benchmark S&P 500 both down about half a percentage point in early trading. That might have something to do with two dour forecasts issued Tuesday about the US and the...

Janet Yellen: I Was Wrong About Inflation

Treasury secretary says she did not accurately predict 'the path that inflation would take'

(Newser) - Last year, Treasury Secretary Janet Yellen said that inflation posed just a "small risk" to Americans. Now, she's admitting she didn't get that quite right. "I think I was wrong then about the path that inflation would take," Yellen told CNN Tuesday when Wolf Blitzer...

Biden: Trump 'Demeaned the Fed,' and I Will Not

President stakes out a hands-off policy toward Federal Reserve on inflation in op-ed

(Newser) - President Biden meets with Fed chief Jerome Powell at the White House Tuesday afternoon, but he has already signaled his main message in advance: "I won't meddle with the Fed," is how a headline above a Biden op-ed in the Wall Street Journal puts it. In his...

Congressional Budget Office: Deficit Will Shrink, Then Surge

It released an economic outlook Wednesday

(Newser) - The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in...

2 Tweets From Bezos on Biden, With One Theme: 'Misdirection'

Amazon founder goes after president on Twitter about inflation

(Newser) - President Biden is well aware of the nation's current woes around inflation , and he recently pledged to make it his top domestic priority. But his thoughts on how to do so have rankled one of the world's richest men, and that man took to Twitter to tell the...

April Report Holds Tentative Sign Inflation Could Be Peaking

It hit 8.3% last month, but slowed from 40-year high

(Newser) - Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households. Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday. That was below the 8.5%...

Gas Prices Reach Record, and Biden Speaks Out

Inflation is my No. 1 priority, says the president

(Newser) - About a month ago, President Biden ordered the release of a million barrels of oil a day from national reserves to help curb steep gas prices. On Tuesday, however, those gas prices reached their steepest point on record—an average of $4.37 across the US, reports the Hill . No...

In One Country, the Cost of Living Is Up Almost 70%

Food prices in Turkey have nearly doubled year-on-year

(Newser) - Like many other countries, Turkey is facing rising inflation caused by factors such as the pandemic and the war in Ukraine. Unlike other countries, Turkey has responded by cutting interest rates, not raising them—and the result has been what one analyst calls a "spectacular failure." Official figures...

Federal Reserve Announces Biggest Rate Hike in 22 Years

Benchmark interest rate is going up by a half-point

(Newser) - In a widely expected move, the Federal Reserve has raised its key interest rate by a half-percentage point, the first time it has done so since 2000. The Fed, which is fighting to tame inflation, signaled that there will be more large rises in its benchmark short-term interest rate to...

Deutsche Bank Predicts 'Major Recession'

The prediction distinguishes Deutsche as the most pessimistic of major Wall Street banks

(Newser) - In a report issued to clients Tuesday, analysts with Deutsche Bank predicted a "major recession" next year, reports CNN. The bank's analysts based their gloomy forecast on historical analysis of the Fed’s response during periods of high inflation and low unemployment. When looking at its inflation and...

Watchdog Accuses Major Retailers of Price Gouging

With corporate profits at 50-year highs, consumer protection advocates are crying foul

(Newser) - In a new report, nonpartisan watchdog Accountable.US cries foul over massive profit increases by America’s top 10 retailers. Here is how CBS MoneyWatch sums up the group's report : “Instead of keeping prices stable for struggling families, corporations have overcharged Americans and prioritized profit.” Overall, the...

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