Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%
2 years, 6 months ago

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%

Daily Mail  

The average cost of a gallon of gasoline in the US has risen to $5.014 as grocery costs saw the highest surge in a year since 1979. Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of Biden's handling of the economy After the release of the Labor Department's May numbers, President Biden finally conceded that inflation remains stubbornly high after months of deflecting the issue. 'Today's report underscores why I have made fighting inflation my top economic priority,' Biden said in a statement, conceding that 'it is not coming down as sharply and as quickly as we must see.' Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of Biden's handling of the economy. Friday's report underscored fears that inflation is spreading beyond energy and goods whose prices are being driven higher by clogged supply chains and Russia's invasion of Ukraine.

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History of this topic

Fed up with high prices? Here's where things stand with inflation
1 month, 3 weeks 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 …

Food prices are no longer rising as much — but here's why it might not feel that way
5 months, 4 weeks ago

Food prices are no longer rising as much — but here's why it might not feel that way

NPR  

Food prices are no longer rising as much — but here's why it might not feel that way toggle caption Justin Sullivan/Getty Images North America Grocery prices are no longer climbing as much as they did in the last two years — but many Americans are still frustrated by what it costs to put food on the table. Here are …

Cost of living and the rising price of political survival
6 months ago

Cost of living and the rising price of political survival

New Indian Express  

Across the Atlantic Ocean in Canada, headed for polls next year, the ruling Liberals suffered a shock 590-vote defeat in a byelection for a traditionally conservative seat. In the US, which will vote in November, inflation is the top concern for over half the voters, followed by the economy, homelessness, federal debt, immigration, drug use and social security. A recent …

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps
6 months, 3 weeks ago

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Good news for drivers, …

US inflation cooled in May in a sign that price pressures may be easing
6 months, 4 weeks 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 …

US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel
6 months, 4 weeks ago

US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel

Associated Press  

NEW YORK — Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks. Beyond pandemic-specific impacts, experts note that high gas prices seen following Russia’s invasion of Ukraine in 2022 and persistent inflation may have led many Americans to modify their driving habits. That’s …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
7 months, 2 weeks ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration said …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
7 months, 2 weeks ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

Average petrol prices increase again as drivers feel pain at the pumps
8 months, 2 weeks ago

Average petrol prices increase again as drivers feel pain at the pumps

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

Gas inflation is back! Prices at the pump surge to $3.47 a gallon but costs vary by as much as $30 a tank between states - here are where motorists are worst-hit
9 months, 3 weeks ago

Gas inflation is back! Prices at the pump surge to $3.47 a gallon but costs vary by as much as $30 a tank between states - here are where motorists are worst-hit

Daily Mail  

Costs have been pushed up by recent drone attacks on Russian oil refineries Gas prices are up year-on-year for the first time in 2024, experts said Motorists are facing an average of $52 to fill up a tank of gas, new figures show Motorists are facing an average of $52 to fill up a tank of gas after prices at …

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, 4 weeks 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 …

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 …

Oil prices creep higher, raise inflation concerns
1 year, 3 months ago

Oil prices creep higher, raise inflation concerns

Associated Press  

NEW YORK — Oil prices are creeping higher and raising concerns about the impact on inflation’s cooling trajectory, consumers’ wallets and the Federal Reserve’s interest rate policy. U.S. crude oil prices started rising in early summer after slipping or holding relatively steady for most of the year. Higher oil prices trickle down to everything from gasoline prices to transportation and …

Rising gas prices push up the rate of annual inflation to 3.7% - the second consecutive rise THIS YEAR - but experts insist interest rates will remain steady
1 year, 3 months ago

Rising gas prices push up the rate of annual inflation to 3.7% - the second consecutive rise THIS YEAR - but experts insist interest rates will remain steady

Daily Mail  

Inflation in the US has accelerated for a second consecutive month to a 3.7 percent annual rate - up from 3.2 percent in July. Inflation in the US has accelerated for a second consecutive month to a 3.7 percent annual rate - up from 3.2 percent in August Core inflation, which strips out volatile prices including food and energy and …

High gas prices push up inflation, but prices overall are slowly moving in the right direction
1 year, 3 months ago

High gas prices push up inflation, but prices overall are slowly moving in the right direction

Associated Press  

WASHINGTON — Inflation jumped last month largely because of a spike in gas prices but other costs rose more slowly, suggesting price pressures are easing at a gradual pace. Wednesday’s figures keep the prospect of another rate increase later this year on the table, however, perhaps at its November or December meetings, economists said, because core prices ticked up a …

Pain at the pump as gas prices hit the HIGHEST seasonal level in a decade: Average price stands at $3.811 a gallon
1 year, 4 months ago

Pain at the pump as gas prices hit the HIGHEST seasonal level in a decade: Average price stands at $3.811 a gallon

Daily Mail  

Gas prices are now at their highest seasonal level in more than a decade - following a surprise rally toward the end of the summer driving season. At the same time, gasoline demand ballooned back to levels well above those last summer, leaving national stockpiles largely below seasonal norms The decision was billed by both Riyadh and Moscow as a …

Drivers hit by one of the biggest monthly jumps in fuel prices in decades
1 year, 4 months ago

Drivers hit by one of the biggest monthly jumps in fuel prices in decades

The Telegraph  

Drivers had to stomach one of the largest monthly fuel price rises in more than two decades in August, new data shows. The increase for petrol was the fifth biggest monthly jump in 23 years, according to the RAC, while the rise in diesel was the sixth biggest monthly rise. Higher wholesale prices have rapidly filtered through to the pumps, …

Gas prices creep towards $4 a gallon on average as they reach 10-month high - here's where motorists are charged most
1 year, 4 months ago

Gas prices creep towards $4 a gallon on average as they reach 10-month high - here's where motorists are charged most

Daily Mail  

That has likely been caused by a combination of short supply and heat in the US Gas prices are approaching $3.90 - their highest levels since October last year Gas prices hit a 10-month high on Tuesday - reaching a national average of $3.86 a gallon, according to the AAA. A recent hike in gas prices has been caused in …

Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say
1 year, 5 months ago

Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say

Associated Press  

NEW YORK — U.S. gas prices are continuing to rise — giving drivers across the country another headache at the pump. The national average for gas prices stood at about $3.82 a gallon on Thursday — about 29 cents higher than that seen one month ago, according to motor club AAA. While today’s prices at the pump remain far lower …

Why are gas prices rising? Experts point to extreme heat and oil production cuts
1 year, 5 months ago

Why are gas prices rising? Experts point to extreme heat and oil production cuts

Associated Press  

NEW YORK — Drivers are in for another headache at the pump as U.S. gas prices continue to rise. The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA. There are a few factors causing oil prices to rise, Gross …

Americans to spend $1.6 billion less on gas this Memorial Day weekend
1 year, 7 months ago

Americans to spend $1.6 billion less on gas this Memorial Day weekend

CNN  

New York CNN Business — Much like the skies, the roads will be busy this Memorial Day weekend as Americans celebrate the unofficial start of summer. It’s across the board: Drivers in all 50 states are experiencing cheaper gas prices this holiday weekend, including sharp declines in California, Alaska, New York, New Jersey and Florida, according to GasBuddy. Why gas …

Inflation is easing but prices for goods we have to buy are still astronomical
1 year, 8 months ago

Inflation is easing but prices for goods we have to buy are still astronomical

ABC  

On the surface, it's good news. Rents keep rising Rental prices have just recorded their largest annual rise since 2010, reflecting strong demand amid low vacancy rates across the country. It says the annual rise in gas prices of 26.2 per cent is the largest on record. It says higher wholesale electricity prices have also impacted household electricity bills, with …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years, 1 month ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

Stock market surges after inflation report shows the pain of high prices may ease
2 years, 1 month ago

Stock market surges after inflation report shows the pain of high prices may ease

NPR  

Stock market surges after inflation report shows the pain of high prices may ease Enlarge this image toggle caption FREDERIC J. BROWN/AFP via Getty Images FREDERIC J. BROWN/AFP via Getty Images Stocks surged in their biggest rally in two years on Thursday, after a better-than-expected inflation report showed that the galloping price increases that consumers have endured all year are …

Biden to oil companies: Don’t hike prices as Hurricane Ian nears
2 years, 3 months ago

Biden to oil companies: Don’t hike prices as Hurricane Ian nears

Al Jazeera  

There are few signs that average gas prices have jumped significantly in Florida as the hurricane began to approach. President Joe Biden has warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast. The nationwide average price had risen past $5 a gallon — and $6 in California — in June …

US gas prices tick up, ending 99-day streak of lower costs
2 years, 3 months ago

US gas prices tick up, ending 99-day streak of lower costs

Associated Press  

A 99-day run of falling gasoline prices — a streak that gave consumers a glimmer of hope that red-hot inflation might be cooling — has ended, with pump prices still much higher than a year ago. “I suspect that we will see choppy prices for gasoline through year end, with some down days and up days,” said Tom Kloza of …

Gas prices are rising, with the Los Angeles County average jumping 8.5 cents overnight
2 years, 3 months ago

Gas prices are rising, with the Los Angeles County average jumping 8.5 cents overnight

LA Times  

The question now is whether pump price increases are just a blip or the precursor to the return of sustained higher prices. Los Angeles County’s average gas price rose Wednesday to $5.545 for a gallon of self-service regular, up 8.5 cents from the day before, AAA data show, as refinery problems accelerated increases that began nearly three weeks ago. He …

Two thirds of voters say their incomes are falling behind the cost of living
2 years, 3 months ago

Two thirds of voters say their incomes are falling behind the cost of living

Daily Mail  

Nearly two thirds of U.S. adults say their incomes are falling behind the cost of living, and grocery bills have surpassed mortgage repayments for some, as the economy remains a key issue for voters in the upcoming midterm elections. U.S. consumer prices unexpectedly rose in August, with an 8.3 percent increase against the previous year, and underlying inflation accelerated amid …

Driven by consumers, US inflation grows more persistent
2 years, 3 months ago

Driven by consumers, US inflation grows more persistent

Associated Press  

WASHINGTON — U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession. Instead, inflation has now sp On Tuesday, the government said inflation ticked up 0.1% from July to August and 8.3% from a year …

Inflation falls to 8.3% - the second drop in a row - but still sits near 40-year high
2 years, 3 months ago

Inflation falls to 8.3% - the second drop in a row - but still sits near 40-year high

Daily Mail  

Inflation in the US dipped again in August to an 8.3 percent annual rate, thanks largely to falling gas prices, but remained near a four-decade high even as President Joe Biden says he is making progress on the issue. Falling gas prices led the retreat in August's inflation figures, with gasoline dropping 10.6 percent on the month, though pump prices …

Explained: Why gas prices in the US are falling and will they continue to fall?
2 years, 4 months ago

Explained: Why gas prices in the US are falling and will they continue to fall?

Firstpost  

Falling gas prices gave Americans a slight break from the pain of high inflation, with the average price dipping below $4. Most analysts don’t think prices will spike in the short term unless something unexpected happens United States consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, …

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession
2 years, 4 months ago

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession

News 18  

Gas prices in the United States fell below $4 a gallon Thursday, retreating to their lowest level since March, a sign of relief for Americans struggling with historically high inflation and a political boost for President Joe Biden, who has been under pressure to do more to bring down prices. The decline below $4 per gallon “is providing much needed …

EXPLAINER: Mixed US inflation signs. Where are prices going?
2 years, 4 months ago

EXPLAINER: Mixed US inflation signs. Where are prices going?

Associated Press  

WASHINGTON — Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn’t budge at all from June after 25 straight months of increases. When that happened last fall, Federal Reserve Chair Jerome Powell was forced to jettison his description of higher prices as being merely “transitory” and to …

Inflation slowed in July. Has it peaked?
2 years, 4 months ago

Inflation slowed in July. Has it peaked?

LA Times  

Richard Castro spent a lot more in May when he filled up his vehicle’s fuel tank in Los Angeles. No matter how one may view the U.S. economy, there’s no question that inflation is the biggest economic challenge right now for policymakers, business leaders and consumers. One of the Fed’s chief goals in raising rates is to cool the labor …

‘Uncharted territory’: Five key takeaways on US inflation
2 years, 5 months ago

‘Uncharted territory’: Five key takeaways on US inflation

Al Jazeera  

What consumers feeling the pain of rising food and fuel prices need to know. “The size of the shocks that have buffeted the economy and the speed and suddenness with which things have changed has put us in a place where it’s very challenging from a monetary policy standpoint.” Following its meeting next week, the Fed is expected to raise …

Five things to know about inflation and how it is affecting us
2 years, 5 months ago

Five things to know about inflation and how it is affecting us

Al Jazeera  

Why inflation is happening across the globe, and how the pandemic and the war in Ukraine are causing food and energy prices to rise. The inflation rates of 37 of 44 of the world’s largest economies more than doubled from the first quarter of 2020 to the same period in 2022, according to the Pew Research Center. Current shortages and …

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, …

US inflation jumps 9.1 percent in June to fresh four-decade high
2 years, 5 months ago

US inflation jumps 9.1 percent in June to fresh four-decade high

Al Jazeera  

The rise in the CPI gives the Federal Reserve – the US central bank – free rein to hike interest rates further later this month. US inflation roared again to a fresh four-decade high last month, likely strengthening the Federal Reserve’s resolve to aggressively raise interest rates that risks upending the economic expansion. The consumer price index rose 9.1% from …

U.S. inflation reached a new 40-year high of 9.1% in June
2 years, 5 months ago

U.S. inflation reached a new 40-year high of 9.1% in June

LA Times  

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% in June from June 2021, the biggest year-over-year increase since 1981, with …

Higher gas prices hurt pockets, make small dent in emissions
2 years, 6 months ago

Higher gas prices hurt pockets, make small dent in emissions

Associated Press  

As Congress and now the Supreme Court stymie the Biden administration’s efforts to curb climate change, one thing the president doesn’t want - sky high gas prices - actually is nibbling away at emissions of heat-trapping gas. “High fuel prices are a really difficult thing because they’re a double-edged sword,” said Samantha Gross, director of the energy security and climate …

Biden To Urge US Congress For 3-Month Suspension Of Federal Gas Tax As Prices Skyrocket
2 years, 6 months ago

Biden To Urge US Congress For 3-Month Suspension Of Federal Gas Tax As Prices Skyrocket

News 18  

US President Joe Biden will ask Congress Wednesday to suspend the federal gas tax for three months as skyrocketing prices cause widespread anger among Americans just months before crucial mid-term elections. “With our deficit already down by a historic $1.6 trillion this year, the president believes that we can afford to suspend the gas tax to help consumers while using …

Biden says decision on gas tax holiday may come this week
2 years, 6 months ago

Biden says decision on gas tax holiday may come this week

Associated Press  

— President Joe Biden said Monday that he will decide by the end of the week whether he would support a federal gasoline tax holiday, possibly saving U.S. consumers as much as 18.4 cents a gallon. “I want an explanation for why they aren’t refining more oil,” Biden said. Energy Secretary Jennifer Granholm in a Sunday interview on CNN’s “State …

Gas prices fall below $5 per gallon in the first weekly drop since April
2 years, 6 months ago

Gas prices fall below $5 per gallon in the first weekly drop since April

NPR  

Gas prices fall below $5 per gallon in the first weekly drop since April Enlarge this image toggle caption Marta Lavandier/AP Marta Lavandier/AP A gallon of regular gas costs just under $5 in the U.S. — still much higher than a year ago, but it's also the first time in nine weeks that the weekly national average has fallen. Crude …

Several factors are converging to push gas prices higher
2 years, 6 months ago

Several factors are converging to push gas prices higher

Associated Press  

DALLAS — There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon. The United States is the world’s largest oil producer, but U.S. capacity to turn oil into gasoline is down 900,000 barrels of oil per day since the end of 2019, according to the Energy Department. At the end …

Average US gas price hits $5 for first time
2 years, 6 months ago

Average US gas price hits $5 for first time

CNN  

New York CNN Business — For the first time ever, a gallon of regular gas now costs $5 on average nationwide, according to AAA’s Saturday reading. “Come hell or high gas prices, people are going to take vacations.” The highest statewide average has long been in California, where the average stood at $6.43 a gallon in Saturday’s readings. Cheap gas …

Gas hits $5 a gallon for the first time. Here's how it got here and what's ahead
2 years, 6 months ago

Gas hits $5 a gallon for the first time. Here's how it got here and what's ahead

NPR  

Gas hits $5 a gallon for the first time. Here's how it got here and what's ahead Enlarge this image toggle caption Brandon Bell/Getty Images Brandon Bell/Getty Images Gasoline prices in the U.S. just hit $5 a gallon for the first time, and there's little relief in sight. Analysts warn gas prices are likely to go even higher still given …

US inflation at new 40-year high as price increases spread
2 years, 6 months ago

US inflation at new 40-year high as price increases spread

Associated Press  

WASHINGTON — The prices of gas, food and most other goods and services 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 a year earlier, faster than April’s year-over-year increase of 8.3%, the Labor Department said Friday. Friday’s report underscored fears that inflation …

Biden vows to battle inflation as prices keep climbing
2 years, 6 months ago

Biden vows to battle inflation as prices keep climbing

Associated Press  

LOS ANGELES — In President Joe Biden’s estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. Biden on Friday pledged to keep fighting against inflation while touring the Port of Los Angeles, America’s busiest port and a place that the White House said last October would be key for reducing price …

U.S. inflation hit a new 40-year high last month of 8.6%
2 years, 6 months ago

U.S. inflation hit a new 40-year high last month of 8.6%

The Hindu  

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 Labour Department said Friday. America’s rampant inflation is imposing severe pressures on families, forcing them …

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