US inflation surges again in June, raising risks for economy
2 years, 5 months ago

US inflation surges again in June, raising risks for economy

Associated Press  

WASHINGTON — U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively -- trends that raise the risk of a recession. The government’s consumer price index soared 9.1% over the past year, the biggest yearly increase since 1981, with nearly half of the increase due to higher energy costs. “There may be some relief in the July numbers — commodity prices have come off the boil, at least — but we are a very, very long way from inflation normalizing, and there is no tangible sign of downward momentum,” said Eric Winograd, an economist at asset manager AllianceBernstein. “It’s depressing.” Some people are placing blame on companies for using inflation as a cover to raise prices beyond the amount they need to cover their own higher costs.

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US wholesale inflation surged higher in November
Trending News
1 week, 5 days ago

US wholesale inflation surged higher in November

CNN  

CNN — US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers. A closely watched gauge of underlying wholesale inflation grew more modestly and a chunk of November’s increase could be attributed to a spike in egg prices as a deadly bird flu ripples through …

New inflation numbers threaten Trump and GOP's plans for tax cuts and tariffs: report
1 week, 5 days ago

New inflation numbers threaten Trump and GOP's plans for tax cuts and tariffs: report

Raw Story  

New Labor Department data released Wednesday showed stubborn inflation continued, which could make it difficult for President-elect Donald Trump and his GOP allies to pass certain legislation they've planned. While the consumer price index increased 2.7 percent in November from 2023, it was also larger than September's 2.4 percent rise, The Washington Post reported. "While Trump criticized President Joe Biden’s …

US inflation rose for second straight month: What are the challenges for Trump now?
1 week, 6 days ago

US inflation rose for second straight month: What are the challenges for Trump now?

Firstpost  

President-elect Donald Trump has made tackling inflation and reducing the cost of living a cornerstone of his campaign. However, the recent uptick in inflation suggests the road ahead may be more complex than anticipated Inflation in the United States ticked up for the second consecutive month in November. The consumer price index, a key measure of inflation, rose to 2.7 …

US inflation rises 2.7% YoY in November, logs highest gain in seven months; Wall Street awaits US Fed verdict
1 week, 6 days ago

US inflation rises 2.7% YoY in November, logs highest gain in seven months; Wall Street awaits US Fed verdict

Live Mint  

US Inflation Report November 2024: US inflation accelerated for a second straight month in November 2024, reporting the steepest gain in the last seven months amid higher food prices and other sectors. US Inflation Report November 2024: Key Metrics The CPI rose 0.3 per cent last month, the largest gain since April after advancing 0.2 per cent for four straight …

US inflation ticked up last month as some price pressures remain persistent
Trending News
1 week, 6 days ago

US inflation ticked up last month as some price pressures remain persistent

Associated Press  

WASHINGTON — Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major …

Rising costs of used cars and groceries push US inflation higher in November
1 week, 6 days ago

Rising costs of used cars and groceries push US inflation higher in November

India Today  

WASHINGTON: Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major source …

U.S. inflation ticked up last month as some price pressures persist
1 week, 6 days ago

U.S. inflation ticked up last month as some price pressures persist

LA Times  

Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major source of …

US consumer price increases accelerated last month with inflation pressures resilient
3 weeks, 6 days ago

US consumer price increases accelerated last month with inflation pressures resilient

Associated Press  

WASHINGTON — Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled in recent months. According to the Federal Reserve’s preferred inflation gauge, consumer prices rose 2.3% in October from a year earlier, the Commerce Department said Wednesday. Yet excluding the volatile food and energy categories, so-called “core” prices also …

Inflation: Biden’s spending is not what caused inflation and Trump’s win.
4 weeks, 1 day ago

Inflation: Biden’s spending is not what caused inflation and Trump’s win.

Slate  

By now we are all familiar with the refrain that inflation cost Democrats the election. Critical accounts blame Joe Biden for driving prices higher with federal spending, while sympathetic treatments note a worldwide trend of inflation toppling governments around the world. But the Journal’s own numbers tell a different story, attributing only 0.6 percent of the total inflationary surge across …

The Most Fatal Mistake of Biden’s Term
1 month ago

The Most Fatal Mistake of Biden’s Term

Slate  

We’re still sifting through all the reasons that the 2024 presidential cycle turned out the way it did, but there’s clearly one factor that proved more potent than just about any other: costs. “Eviction rates, the number of families that report being unable to find food to eat, the number of children uninsured—all of that is higher than it was …

Fed up with high prices? Here's where things stand with inflation
1 month, 1 week ago

Fed up with high prices? Here's where things stand with inflation

NPR  

Fed up with high prices? Here's where things stand with inflation toggle caption Justin Sullivan/Getty Images By the numbers, inflation in America continues in the same direction: Easing largely — but still sticky. "We both make decent wages, but with the way that inflation has increased, it's like our dollar just doesn't go as far," says Spangler, who helps manage …

Inflation hit a bump in October after slowing for six straight months
1 month, 1 week ago

Inflation hit a bump in October after slowing for six straight months

CNN  

CNN — The annual rate of inflation moved higher last month for the first time since March, as expected — but economists say the underlying trend remains favorable for another round of interest rate cuts. Consumer prices rose 0.2% last month and were up 2.6% from the year before, according to the latest Consumer Price Index data released Wednesday by …

The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns
1 month, 1 week ago

The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns

CNN  

New York CNN — Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. “President …

Voter frustration with rising prices had a major impact on the election
1 month, 2 weeks ago

Voter frustration with rising prices had a major impact on the election

NPR  

Voter frustration with rising prices had a major impact on the election We look at the impact of inflation on the outcome of the presidential elections this week. Maziar Minovi, who heads the Eurasia Group, has studied dozens of elections going back decades and found whenever there's a sustained period of high inflation, voters are twice as likely to lose …

Inflation versus wages: Trump’s stunning comeback explained in two charts
1 month, 2 weeks ago

Inflation versus wages: Trump’s stunning comeback explained in two charts

Al Jazeera  

The rise in prices under the Biden administration proved fatal to Kamala Harris’s election hopes. In exit polls, 45 percent of voters said they were worse off than four years ago, when President Joe Biden took office, versus just 24 percent who said their financial situation had improved. Voters who named inflation as their number one concern broke for Trump …

Trump already 'set to repeat Biden's mistake': conservative economist
1 month, 2 weeks ago

Trump already 'set to repeat Biden's mistake': conservative economist

Raw Story  

Conservative economist Brian Riedl thinks that President Joe Biden's biggest mistake was the first major piece of legislation that he signed into law: The American Rescue Plan. Writing on Twitter, Riedl acknowledges that inflation was likely to have spiked regardless of what Biden did when he came into office given pandemic-related supply chain disruptions, but he adds that $1.9 trillion …

Opinion: If Harris falls short, blame Democrats and the media on this issue
1 month, 3 weeks ago

Opinion: If Harris falls short, blame Democrats and the media on this issue

LA Times  

The Harris-Biden economy is “firing on all cylinders” despite the pandemic and policy mess Trump handed them. Here’s one that’s certain to be cited if Kamala Harris loses: the perception among many voters, even those with no love for Donald Trump, that he’d be a better manager of the economy. And yet, just over a week earlier, the Journal reported …

Top conservative economists warn of huge inflation after election – ESPECIALLY if Trump wins
1 month, 3 weeks ago

Top conservative economists warn of huge inflation after election – ESPECIALLY if Trump wins

Daily Mail  

Conservative-leaning economists are warning that Donald Trump's policies could trigger a new surge in inflation. Both Trump and Vice President Kamala Harris have put forward policies that they claim will keep inflation under control, while boosting growth for the US economy. Conservative-leaning economists are warning that Donald Trump's policies could cause a spike in inflation A second Trump term would …

Column: American economists and consumers got inflation wrong during its recent surge. They still do
2 months, 3 weeks ago

Column: American economists and consumers got inflation wrong during its recent surge. They still do

LA Times  

Sen. JD Vance tried to blame the $4 price of a dozen eggs on Kamala Harris in this campaign video. The “strong policy response” Powell referred to was the Fed’s raising of short-term interest rates 11 times, a total of 5.25 percentage points, from March 2022 through July 2023. In November 2021, however, Powell told Congress that it was “probably …

Ahead of elections, US Federal Reserve shifts interest rates dramatically to deal with worst inflation
3 months ago

Ahead of elections, US Federal Reserve shifts interest rates dramatically to deal with worst inflation

India TV News  

The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market. "The committee has gained greater confidence that inflation is moving sustainably toward 2%, and judges …

U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates
3 months, 1 week ago

U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates

LA Times  

Wednesday’s report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates next week. Excluding volatile food and energy costs, …

"Extremely dangerous": Economists say Trump's inflation plan could badly backfire on workers
4 months ago

"Extremely dangerous": Economists say Trump's inflation plan could badly backfire on workers

Salon  

Donald Trump told voters during a speech last week that he would bring prices back to pre-COVID levels if elected, drawing heavy skepticism from economists who have studied his proposals. Related A survey of economists found most believe inflation would get worse under Trump He explained that Trump isn’t trying to slow the rate of inflation by increasing prices at …

U.S. inflation slowed again in July, clearing the way for the Fed to begin cutting rates
4 months, 1 week ago

U.S. inflation slowed again in July, clearing the way for the Fed to begin cutting rates

LA Times  

A sale sign is displayed on a store clothes rack. Wednesday’s report from the Labor Department showed that consumer prices rose just 0.2% from June to July after dropping slightly the previous month for the first time in four years. At a news conference last month, Powell said that cooler inflation data this spring had strengthened the Fed’s confidence that …

US inflation cooled in May in a sign that price pressures may be easing
6 months, 1 week ago

US inflation cooled in May in a sign that price pressures may be easing

Associated Press  

WASHINGTON — Inflation in the United States eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2% from April to May, the government said Wednesday. Fed officials, who will …

Biden polls: Inflation is not the president’s problem.
6 months, 2 weeks ago

Biden polls: Inflation is not the president’s problem.

Slate  

In January of 1980, Jimmy Carter had been in office for three years, and the economy was terrible. Biden isn’t just clearing the low bar set by the Carter administration, he’s besting every other leader in the developed world, with the United States enjoying stronger wages, lower inflation, and better job growth than any nation in the G7, and its …

US inflation eased last month in the first slowdown of 2024
7 months, 1 week ago

US inflation eased last month in the first slowdown of 2024

Associated Press  

WASHINGTON — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% …

US employers scaled back hiring in April. How that could let the Fed cut interest rates
7 months, 3 weeks ago

US employers scaled back hiring in April. How that could let the Fed cut interest rates

Associated Press  

WASHINGTON — The nation’s employers pulled back on their hiring in April but still added a decent 175,000 jobs in a sign that persistently high interest rates may be starting to slow the robust U.S. job market. Even with the April hiring slowdown, last month’s job growth amounted to a solid increase, though it was the lowest monthly gain since …

Fed’s preferred inflation gauge shows price pressures stayed elevated last month
7 months, 4 weeks ago

Fed’s preferred inflation gauge shows price pressures stayed elevated last month

Associated Press  

WASHINGTON — A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid. Friday’s inflation data showed that excluding volatile food and energy costs, “core” prices rose by an elevated 0.3% from February to March, …

As US inflation ticks back up, it could impact the presidential election
8 months, 1 week ago

As US inflation ticks back up, it could impact the presidential election

Al Jazeera  

The fight against inflation is far from over and could reduce the chances of interest rate cuts for this year. Wednesday’s “disappointing” inflation data in the United States showed a jump from February, dampening expectations of an interest rate cut and raising concerns that inflation could remain stubbornly high. The latest inflation data as well as last week’s jobs data …

Higher gas and rents keep US inflation elevated, likely delaying Fed rate cuts
8 months, 2 weeks ago

Higher gas and rents keep US inflation elevated, likely delaying Fed rate cuts

Associated Press  

WASHINGTON — Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year. “The lack of moderation in inflation will undermine Fed officials’ …

Why beating inflation is turning out to be as hard as losing weight
8 months, 2 weeks ago

Why beating inflation is turning out to be as hard as losing weight

NPR  

Why beating inflation is turning out to be as hard as losing weight Enlarge this image toggle caption Scott Olson/Getty Images Scott Olson/Getty Images Beating inflation is starting to feel a lot like losing weight, at least before the Ozempic era: Losing the first pounds is generally easier — it's getting rid of the last ones that's proving hard. Enlarge …

An inflation gauge closely tracked by the Federal Reserve shows price pressures easing gradually
8 months, 3 weeks ago

An inflation gauge closely tracked by the Federal Reserve shows price pressures easing gradually

Associated Press  

WASHINGTON — A measure of inflation that is closely tracked by the Federal Reserve slipped last month in a sign that price pressures continue to ease. The government reported Friday that prices rose 0.3% from January to February, decelerating from a 0.4% increase the previous month in a potentially encouraging trend for President Joe Biden’s re-election bid. Excluding volatile food …

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year
9 months, 1 week ago

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year

Daily Mail  

President Biden today welcomed new inflation data despite it showing costs have risen 3.2 percent in the last year. Pictured: during a speech at a YMCA March 11, 2024 Inflation rose slightly to 3.2 percent in February as prices were pushed up by housing costs and gas The inflation figure plays a big part in the whether the Federal Reserve …

What do rising gas prices mean for the future of US inflation? Here's what experts have to say
9 months, 1 week ago

What do rising gas prices mean for the future of US inflation? Here's what experts have to say

Hindustan Times  

A stubborn increase in gasoline prices would most likely have augmented inflation in the US to this level in February and even more so, which would favour the Fed's deliberation over adjusting the interest rate downwards. A 4% surge in February affects US inflation outlook The Fed members’ tune started changing for the better in January, when the publication of …

US inflation up again in February in latest sign that price pressures remain elevated
9 months, 1 week ago

US inflation up again in February in latest sign that price pressures remain elevated

Associated Press  

WASHINGTON — Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign, both of which are counting on a steady easing of price pressures this year. Prices rose 0.4% from January to February, higher than the previous month’s figure of 0.3%, …

American consumers are pushing back against high inflation — and they are winning
9 months, 4 weeks ago

American consumers are pushing back against high inflation — and they are winning

The Hindu  

Inflation has changed the way many Americans shop. In a video released on Super Bowl Sunday, Mr. Biden denounced shrinkflation as a “rip-off.” Consumer pushback against high prices suggests to many economists that inflation should further ease. “That was the fear — that everybody would tolerate higher prices,” said Gregory Daco, chief economist at EY, who notes that it hasn't …

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months
10 months ago

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months

Associated Press  

WASHINGTON — Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing U.S. inflation. In minutes from the Jan. 30-31 meeting released Wednesday, most Fed officials also said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to …

US consumer inflation falls to 3.1pc in January, but less than expected
10 months, 1 week ago

US consumer inflation falls to 3.1pc in January, but less than expected

Hindustan Times  

US consumer inflation cooled in January but at a slower rate than expected, resisting President Joe Biden's efforts to soothe families' cost of living concerns in an election year. U.S. President Joe Biden The closely watched Consumer Price Index rose 3.1 percent from a year ago last month, down from 3.4 percent in December, the Department of Labor said on …

US inflation slows but remains elevated in sign that price pressures are easing only gradually
10 months, 1 week ago

US inflation slows but remains elevated in sign that price pressures are easing only gradually

Associated Press  

WASHINGTON — Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control. At his most recent news conference, Fed Chair Jerome Powell singled out persistently high services prices as a concern and indicated the central bank’s policymakers would like to see …

US inflation dashes hopes of rate cuts in blow to Biden
10 months, 1 week ago

US inflation dashes hopes of rate cuts in blow to Biden

The Telegraph  

Joe Biden has suffered an economic setback as higher-than-expected US inflation figures hit hopes that the Federal Reserve would rapidly cut rates this year. However, it came in above expectations that inflation would fall to 2.9pc, which would have been the lowest inflation reading for almost three years. Stock markets fell and the dollar rose after the figures as traders …

Inflation slows but remains elevated, a sign price pressures are easing only gradually
10 months, 1 week ago

Inflation slows but remains elevated, a sign price pressures are easing only gradually

LA Times  

U.S. consumer prices rose more than expected in January, further reducing the chances that Federal Reserve officials will start lowering interest rates soon. At his most recent news conference, Fed Chair Jerome H. Powell singled out persistently high services prices as a concern and indicated the central bank’s policymakers would like to see services inflation ease further before starting to …

Americans’ economic outlook brightens as inflation slows and wages outpace prices
11 months ago

Americans’ economic outlook brightens as inflation slows and wages outpace prices

LA Times  

A customer checks prices while shopping at a grocery store last week in Wheeling, Ill. A typical basket of groceries now costs 20% more than in February 2021, just before inflation began to take off. After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, …

Slowing inflation suggests that Biden’s policies are helping, but American voters are still hurting
11 months, 1 week ago

Slowing inflation suggests that Biden’s policies are helping, but American voters are still hurting

Associated Press  

WASHINGTON — President Joe Biden can make an increasingly strong case that he’s helped fix inflation — if only he can get voters to believe him. Leading GOP lawmakers such as Rep. Jason Smith of Missouri, chairman of the House Ways and Means Committee, greeted the latest inflation numbers as evidence that voters are still suffering from high prices: “President …

Federal Reserve’s favored inflation gauge tumbles in November as prices continue to ease
1 year ago

Federal Reserve’s favored inflation gauge tumbles in November as prices continue to ease

LA Times  

The Federal Reserve’s favored inflation gauge shows somewhat more progress against inflation in November than economists had expected. The Federal Reserve’s preferred measure of prices fell last month, another sign that inflation is easing and that Americans should benefit from lower costs and reduced interest rates in 2024. Friday’s report from the Commerce Department showed that U.S. consumer prices slid …

Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession
1 year ago

Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession

Huff Post  

In this photo made with a slow shutter speed, Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Wednesday, Dec. 13, 2023, in Washington. “I think it’s really good to see the progress that we’re making,” Chair Jerome Powell said at a news conference Wednesday after the Fed's …

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession
1 year ago

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession

Associated Press  

WASHINGTON — It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Confidence is growing among Federal Reserve officials and many economists that high interest rates and healed supply chains will soon defeat inflation. With inflation cooling, Powell said the 19 officials on the Fed’s policy …

How rising prices for restaurants, car repair and other services kept inflation up last month
1 year ago

How rising prices for restaurants, car repair and other services kept inflation up last month

Associated Press  

WASHINGTON — Held down by sinking gas prices, U.S. inflation was mostly unchanged last month. Though they rose 4% last month from a year earlier, according to the November jobs report, that’s down from a peak of nearly 6% nearly two years ago. Though Fed Chair Jerome Powell has expressed optimism about slowing inflation, he said earlier this month that …

Inflation continues to moderate thanks to a big drop in gas prices
1 year ago

Inflation continues to moderate thanks to a big drop in gas prices

NPR  

Inflation continues to moderate thanks to a big drop in gas prices Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Falling gasoline prices helped keep a lid on inflation last month. A big reason for that is cooling gas prices, which dropped by 6% last month, helping to offset the rising …

The world economy will slow next year because of inflation, high rates and war, OECD says
1 year ago

The world economy will slow next year because of inflation, high rates and war, OECD says

Associated Press  

WASHINGTON — The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. China’s “consumption growth will likely remain subdued due to increased precautionary savings, gloomier prospects for employment creation and heightened uncertainty,″ the OECD said. The world economy has endured one shock …

Higher gas prices lift Fed’s preferred inflation gauge but underlying price pressures remain mild
1 year, 2 months ago

Higher gas prices lift Fed’s preferred inflation gauge but underlying price pressures remain mild

Associated Press  

WASHINGTON — An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices. Last month’s modest rise in core inflation could raise the likelihood that the Fed will leave interest rates unchanged at its next meeting Oct. 31-Nov. 1. Still, threats to a so-called “soft landing” — in which inflation would fall back …

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