Inflation boosts U.S. household spending to $433 a month
2 years ago

Inflation boosts U.S. household spending to $433 a month

Daily Mail  

American households are still forking out huge sums of extra cash for the same products as last year as inflation batters the nation. Despite weaker than expected inflation for October American households are still feeling the pinch with household spending rising 7.7 percent at the same time last year to $433 a month The impact on households isn't streamline however, with personal inflation rates on the types of goods and services an individual buys and other factors like geography playing a part October's rate, while down from September is still nearing the highest levels since the early 1980s. Used car prices, which skyrocketed in price last year as shortages of computer chips sharply reduced the availability of new cars, fell 2.4 percent from September to October. Even with last month's tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases. Annual inflation in the US remained stubbornly high at 7.7 percent last month, but dipped for the fourth straight month Gasoline prices rose again in October, after several months of declines from June's peak Inflation was near the top of many voters' minds in the midterm congressional elections.

Household Prices Price High Biden Month Republicans Fed Months Inflation Rates  high  months  rate  costs  spending  inflation  rates  433  average  prices  month  price  household  boosts

History of this topic

U.S. consumer spending rises in November; monthly inflation subsides
2 days, 21 hours ago

U.S. consumer spending rises in November; monthly inflation subsides

The Hindu  

U.S. consumer spending increased in November, underscoring the economy's enduring strength, which prompted the Federal Reserve this week to project fewer interest rate cuts in 2025 than it had three months ago. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month after a downwardly revised 0.3% gain in October, the Commerce Department's Bureau …

US Fed’s preferred inflation yardstick edges higher by 2.4% in November, stays within Wall Street estimates
3 days, 20 hours ago

US Fed’s preferred inflation yardstick edges higher by 2.4% in November, stays within Wall Street estimates

Live Mint  

The US Federal Reserve's preferred inflation measure rose for a second straight month in November by 2.4 per cent, yet stayed within Wall Street estimates. The US Commerce Department's data showed on Friday that the personal consumption expenditures price index rose 2.4 per cent year-on-year in the 12 months to November, up from 2.3 per cent in October. At 2.4 …

US home sales hit fastest pace since March with more properties up for sale
4 days, 22 hours ago

US home sales hit fastest pace since March with more properties up for sale

Associated Press  

Sales of previously occupied U.S. homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. “Looks like …

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate
5 days ago

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate

Associated Press  

WASHINGTON — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product — the economy’s output of goods and services — accelerated from the April-July rate of 3% and …

Where inflation accelerated in November – and where it eased
6 days ago

Where inflation accelerated in November – and where it eased

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Some products swung the other way last month, from …

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 …

US inflation rose for second straight month: What are the challenges for Trump now?
1 week, 5 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 …

Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead
1 week, 6 days ago

Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead

CNN  

CNN — Inflation heated back up again in November, but it likely wasn’t bad enough to keep the Federal Reserve from cutting rates next week. “We have some PTSD around egg prices from the pandemic and certainly lingering avian flu outbreaks; but those prices being up almost 40% year over year certainly is another thing people will look at in …

The economy is still inflated
2 weeks, 6 days ago

The economy is still inflated

Live Mint  

The Federal Reserve has slowed inflation, but many Americans continue to pay a high price for the cumulative inflationary consequences of excessive monetary and fiscal stimulus. Joe Biden’s $1.9 trillion American Rescue Plan was close to being enacted, but we never imagined that the Fed would maintain zero interest rates and continue its massive purchases of assets until March 2022, …

What’s really behind the surprise surge in house prices?
3 weeks ago

What’s really behind the surprise surge in house prices?

The Independent  

Sorry to make a soggy start to the week even more miserable, but it brings bad news for homebuyers. Nationwide recently trumpeted itself as the “first major lender to offer first-time buyers ability to borrow six times income, up to 95 per cent loan-to-value”. “The acceleration in house price growth is surprising, since affordability remains stretched by historic standards, with …

US consumer price increases accelerated last month with inflation pressures resilient
3 weeks, 5 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 …

Soft landing? Not so fast: Inflation heated back up in October
3 weeks, 6 days ago

Soft landing? Not so fast: Inflation heated back up in October

CNN  

CNN — The Federal Reserve’s favored inflation gauge just moved in the wrong direction. “The big picture is inflation is still a risk; that hasn’t changed,” Elizabeth Renter, senior economist at NerdWallet, told CNN in an interview. “The disinflationary trend that we saw earlier this year has effectively stalled as we head into what’s likely going to be a bumpy …

Mortgage rates: Bad news if you’re looking to buy a house in the next two years
1 month ago

Mortgage rates: Bad news if you’re looking to buy a house in the next two years

CNN  

Washington CNN — Americans looking to purchase a home in the next few years will have a tough pill to swallow. Mortgage rates are now expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Wells Fargo economists project mortgage rates to average 6.3% by the end of next year, according …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Hindustan Times  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. Average rate on a 30-year mortgage in the US rises to highest level since July The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. When mortgage rates increase they can add …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on …

Energy costs push UK inflation to 2.3 percent
1 month ago

Energy costs push UK inflation to 2.3 percent

China Daily  

Inflation in the United Kingdom increased to 2.3 percent in October, putting pressure on the Bank of England to wait until next year before making additional interest rate cuts. Figures released by the Office for National Statistics, or ONS, on Wednesday showed that surging household energy costs pushed the consumer price index higher, breaking the pattern of declining inflation rates …

US inflation may have picked up in October after months of easing
Trending News
1 month, 1 week ago

US inflation may have picked up in October after months of easing

Associated Press  

WASHINGTON — Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years. From September to October, core prices are expected to have risen 0.3% for a third straight month — a pace that, if sustained, would exceed the Federal …

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 …

You need to make $108,000 to afford a home in America
1 month, 1 week ago

You need to make $108,000 to afford a home in America

CNN  

CNN — In most US cities, buying a home now requires a six-figure salary. A household needed to earn $107,700 to afford a new single-family home and pay property taxes and insurance costs in the third quarter of this year, according to a new report from Oxford Economics. San Jose, California, was the least affordable US metro region, with a …

U.S. inflation rose slightly last month after 2 years of steady cooling but remained low
1 month, 1 week ago

U.S. inflation rose slightly last month after 2 years of steady cooling but remained low

LA Times  

Inflation in the United States ticked up in October, driven by costlier rents, used cars and air fares, a sign that price increases might be leveling off after having slowed in September to their lowest pace since 2021. Consumer inflation, which peaked at 9.1% in 2022, has since fallen steadily, though overall prices are still about 20% higher than they …

Grocery inflation rises as supermarket trips hit four-year high
1 month, 1 week ago

Grocery inflation rises as supermarket trips hit four-year high

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Supermarket prices were 2.3% higher than a year ago last month, up slightly on …

America’s economy explains a lot about why Trump got reelected
1 month, 2 weeks ago

America’s economy explains a lot about why Trump got reelected

CNN  

CNN — Donald Trump’s decisive election victory was about many things: a global rejection of incumbents, a rise in the Republican electorate and a battle for the future of America’s democracy. Why the US economy stings so much Housing: America’s home prices have reached new record highs for 15 straight months. That’s a healthy pace by any measure, and it’s …

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
1 month, 3 weeks ago

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win

LA Times  

Mortgage rates have been on the rise despite recent action from the Federal Reserve. In September, the Federal Reserve lowered its benchmark interest rate for the first time since 2020, giving hope to prospective home buyers that mortgage rates would follow suit. “They are saying ‘What’s going on?’” The fact that mortgage rates have gone up despite the cut underscores …

Why has inflation slowed and what does it mean for households?
2 months, 1 week ago

Why has inflation slowed and what does it mean for households?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. It was the lowest reading since April 2021 and …

US economy exceeded expectations for job growth last month, data shows
2 months, 2 weeks ago

US economy exceeded expectations for job growth last month, data shows

Daily Mail  

The US economy far exceeded expectations for job growth last month, according to new data released Friday. The Fed's benchmark interest rate does not directly affect mortgage rates, but home loan costs tend to dip alongside rate cuts. 'Although mortgage rates have relented substantially, they bounced back somewhat this week as investors and the Fed disagree somewhat on the likely …

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 …

US home sales fell in August despite easing mortgage rates, more homes on the market
3 months ago

US home sales fell in August despite easing mortgage rates, more homes on the market

Hindustan Times  

LOS ANGELES — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased …

US inflation falls to 2.5% in August, reaches 3-year low as Federal Reserve set to cut interest rates
3 months, 1 week ago

US inflation falls to 2.5% in August, reaches 3-year low as Federal Reserve set to cut interest rates

Hindustan Times  

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, so-called core prices rose 3.2% in August from a year ago, the same as in July. A key reason for last month's drop …

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, …

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

US inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates

Politico  

For months, cooling inflation has provided gradual relief to America’s consumers, who were stung by the price surges that erupted three years ago, particularly for food, gas, rent and other necessities. A key reason for last month’s drop in overall inflation was the third decline in gas prices in the past four months: Average gas prices fell 0.6% from July …

U.S. shoppers sharply boosted spending at retailers in July despite higher prices
4 months, 1 week ago

U.S. shoppers sharply boosted spending at retailers in July despite higher prices

LA Times  

Americans stepped up their spending at retailers last month by the most in a year and a half, easing concerns that the economy might be weakening under the pressure of higher prices and elevated interest rates. The Commerce Department reported Thursday that retail sales jumped 1% from June to July, the biggest such increase since January 2023, after having declined …

What rising inflation means for you and what happens next
4 months, 1 week ago

What rising inflation means for you and what happens next

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. That means overall services prices still rose versus July last …

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 …

Something is happening to the US economy only seen once before
4 months, 4 weeks ago

Something is happening to the US economy only seen once before

Daily Mail  

The US economy accelerated last quarter, with consumers and businesses increasing their spending despite the continual pressure of high interest rates. GDP rose at an annual rate of 2.8 percent for the quarter from April through June 2024 The GDP report showed that businesses are continuing to invest and household spending remains strong. Alongside the growth of the economy, inflation …

US economic growth increased last quarter to a healthy 2.8% annual rate
4 months, 4 weeks ago

US economic growth increased last quarter to a healthy 2.8% annual rate

Associated Press  

WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. the Fed thinks that it’s getting close …

Sticker shock: How the supermarket has become a potent symbol of inflation in America
5 months, 2 weeks ago

Sticker shock: How the supermarket has become a potent symbol of inflation in America

NPR  

Sticker shock: How the supermarket has become a potent symbol of inflation in America toggle caption Chase Castor for NPR For Ellie Currence, every trip to the grocery store brings a moment of sticker shock. "Everything is more expensive, which is a huge bummer because it's the essentials I need," says Currence, who lives in Belton, Mo., outside Kansas City. …

Ongoing sales have boosted spending during a cost-of-living crisis. Will shoppers pay the price with an interest rate rise?
5 months, 2 weeks ago

Ongoing sales have boosted spending during a cost-of-living crisis. Will shoppers pay the price with an interest rate rise?

ABC  

Australia's struggling retail sector has been given a glimmer of hope, with rolling sales encouraging shoppers to spend — but economists warn that it may come with the price of another interest rate hike by the Reserve Bank. The recent jump in retail spending, boosted by clothing and footwear retailers offering big discounts and earlier-than-usual sales seasons, has increased expectations …

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?
5 months, 2 weeks ago

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Associated Press  

LOS ANGELES — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply …

US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools
6 months, 3 weeks ago

US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools

Hindustan Times  

The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer and equipment spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates before the end of the year. Details of the report showed that consumer spending growth, revised down by 0.5 …

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%
7 months, 2 weeks ago

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and …

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
7 months, 4 weeks ago

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Associated Press  

WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last …

Average long-term US mortgage rate climbs above 7%
8 months ago

Average long-term US mortgage rate climbs above 7%

Associated Press  

LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. “Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.” AP AUDIO: Average long-term US mortgage rate …

House prices fell in March. Here’s why that shouldn’t surprise us
8 months, 3 weeks ago

House prices fell in March. Here’s why that shouldn’t surprise us

The Independent  

After showing some modest signs of life, Britain’s maddening housing market decided to resume its sulk in March. The Nationwide Building Society’s latest index showed a modest year-on-year rise of 1.6 per cent but a seasonally adjusted month-on-month fall of 0.2 per cent when compared to February’s prices. The latest positive news came from the British Retail Consortium, which said …

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
8 months, 3 weeks ago

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. In the …

Mortgage rates tumble for the second week in a row
9 months, 1 week ago

Mortgage rates tumble for the second week in a row

CNN  

Washington, DC CNN — Mortgage rates dropped for the second week in a row, falling nearly a quarter of a percentage point over the past two weeks in the face of stronger-than-expected employment and inflation data. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” said Sam Khater, Freddie Mac’s chief …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession. The …

Average long-term US mortgage rose again this week to highest level since mid December
10 months ago

Average long-term US mortgage rose again this week to highest level since mid December

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate rose this week for the third time in as many weeks, driving up home loan borrowing costs in just as the spring homebuying season ramps up. The average rate on a 30-year mortgage rose to 6.90% from 6.77% last week, mortgage buyer Freddie Mac said Thursday. “Strong incoming economic and inflation …

US wholesale inflation accelerated in January in latest sign that prices picked up last month
10 months, 1 week ago

US wholesale inflation accelerated in January in latest sign that prices picked up last month

Associated Press  

WASHINGTON — Wholesale prices in the United States picked up in January, the latest sign that some inflation pressures in the economy remain elevated. Fed officials have expressed optimism that inflation is headed lower, and in December they forecast that they would cut their benchmark rate three times this year. Austan Goolsbee, president of the Chicago Fed, said Wednesday that …

How inflation has hit your shopping basket
10 months, 1 week ago

How inflation has hit your shopping basket

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. A slowing of inflation among many everyday food and drink items, including cheese and …

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