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 is spreading well beyond energy and goods whose prices are being driven up by clogged supply chains and Russia’s invasion of Ukraine. For the 19 countries that use the euro currency, inflation fueled by rising food and fuel prices hit a record 8.1% last month, leading the European Central Bank to announce that it will raise interest rates for the first time in 11 years, starting in July and again in September.

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History of this topic

US wholesale inflation surged higher in November
Trending News
1 week, 6 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, 6 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 …

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 …

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 …

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 …

Soaring inflation helped lead Trump to victory – here’s why some of his policies might drive prices higher again
1 month, 2 weeks ago

Soaring inflation helped lead Trump to victory – here’s why some of his policies might drive prices higher again

New Indian Express  

President-elect Donald Trump owes his political comeback in large part to voters’ concerns over the soaring price of everything from gasoline and housing to coffee and bagels. But in an ironic twist, some of Trump’s own policies – which he heavily promoted on the campaign trail – could send inflation soaring once more if enacted. Stagnant real wages Exit poll …

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 …

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 …

Inflation has slowed, but the economy remains big issue for voters in picking a president
3 months, 1 week ago

Inflation has slowed, but the economy remains big issue for voters in picking a president

Raw Story  

Inflation hit a three-year low last month, just as the presidential election is heating up. Trump, the former president and Republican nominee, blamed the Biden administration for high prices early on Tuesday’s debate in Philadelphia, falsely claiming the post-pandemic wave of inflation is the worst ever. Democratic nominee andVice President Harris responded to Tuesday’s question about the economy by touting …

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, 2 weeks 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, …

Fox News host fact-checks Republican governor who claimed 35 percent inflation
4 months, 1 week ago

Fox News host fact-checks Republican governor who claimed 35 percent inflation

Raw Story  

Fox News host Neil Cavuto gave New Hampshire Gov. While discussing the increased costs of living, Sununu said voters won’t look at the economy's recent strength, but rather price hikes that have come over President Joe Biden’s term. “They are going to look at what's happened over the last 4 years – That’s where you are looking at 25, 30, …

Cost of living and the rising price of political survival
5 months, 2 weeks 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 …

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 …

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% …

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, …

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 …

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

Associated Press  

WASHINGTON — After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden’s political fortunes. A survey by the Federal Reserve Bank of New York found that Americans’ inflation expectations have reached their lowest point in nearly …

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

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 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. Please try again later {{ …

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 …

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 …

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 …

US price and wage increases slow further in the latest signs of cooling inflation
1 year, 4 months ago

US price and wage increases slow further in the latest signs of cooling inflation

Associated Press  

WASHINGTON — Signs that inflation pressures in the United States are steadily easing emerged Friday in reports that consumer prices rose in June at their slowest pace in more than two years and that wage growth cooled last quarter. Together, the figures provided the latest signs that the Federal Reserve’s drive to tame inflation may succeed without triggering a recession, …

Americans continue to feel better about inflation and the economy
1 year, 4 months ago

Americans continue to feel better about inflation and the economy

CNN  

Washington, DC CNN — US consumers have been feeling a whole lot better this summer as inflation has continued to slow. Consumer sentiment tracked by the University of Michigan rose 11% in July from the prior month, reaching its highest level since October 2021, according to a final reading of the month’s data. “Overall, the sharp rise in sentiment was …

Inflation stayed high last month, compounding the challenges facing the U.S. economy
1 year, 7 months ago

Inflation stayed high last month, compounding the challenges facing the U.S. economy

NPR  

Inflation stayed high last month, compounding the challenges facing the U.S. economy Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images Inflation remained stubbornly high last month after more than a year of rising interest rates. "My feeling is that there's a gradual slowdown here, but March seemed a little too good to be true," said Omair Sharif, …

Cheaper gas and food provide some relief from US inflation
1 year, 8 months ago

Cheaper gas and food provide some relief from US inflation

Associated Press  

WASHINGTON — U.S. consumer inflation eased in March, with less expensive gas and food providing some relief to households that have struggled under the weight of surging prices. Measured from a year earlier, prices were up just 5% in March, down sharply from February’s 6% year-over-year increase and the mildest such rise in nearly two years. As goods prices have …

US inflation eases to lowest level in nearly two years
1 year, 8 months ago

US inflation eases to lowest level in nearly two years

Firstpost  

Washington: The consumers have a sigh of relief as U.S. consumer inflation eased in March. Measured from a year earlier, prices were up just 5% in March, down sharply from February’s 6% year-over-year increase and the smallest rise in nearly two years. Price increases in the economy’s vast service sector — ranging from rents and restaurant meals to haircuts and …

US inflation slows to 6.4%, but price pressures re-emerge
1 year, 10 months ago

US inflation slows to 6.4%, but price pressures re-emerge

Associated Press  

WASHINGTON — The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowly easing. At the same time, Tuesday’s consumer price report from the government showed that inflationary pressures in the U.S. economy remain stubborn and are likely to …

Inflation rocked Biden’s second year as president. There’s more economic trouble on the horizon
1 year, 11 months ago

Inflation rocked Biden’s second year as president. There’s more economic trouble on the horizon

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery President Joe Biden listens during an event about infrastructure in …

High inflation and efforts to tame it defined 2022 economy
2 years ago

High inflation and efforts to tame it defined 2022 economy

Associated Press  

WASHINGTON — For the economy, 2022 was a throwback year. The Fed’s officials, it turns out, underestimated how pay increases, federal aid, supply shortages and a pent-up desire by consumers to spend would conspire to accelerate inflation — and keep it high. “We will see much better inflation numbers over the course of the next 12 to 18 months.’’ Yet …

Inflation is slowing, but still high. What you need to know
2 years ago

Inflation is slowing, but still high. What you need to know

Associated Press  

NEW YORK — After reaching 40-year highs over the summer, price increases in the U.S. are now steadily easing. The Federal Reserve’s series of aggressive interest rate hikes have also created downward pressure on prices by making borrowing steadily more expensive. Some economists are now suggesting that the Fed won’t be able to get inflation down to 2% again anytime …

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 …

Inflation hits new record in Europe, slowing economy
2 years, 1 month ago

Inflation hits new record in Europe, slowing economy

The Hindu  

Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine. While liquid gas succeeded in filling Europe's storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. Natural …

Inflation hits new record in Europe, slowing economy
2 years, 1 month ago

Inflation hits new record in Europe, slowing economy

Associated Press  

FRANKFURT, Germany — Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia’s war in Ukraine. Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans’ ability to spend. Natural gas …

A key US inflation gauge stayed at a high 6.2% in September
2 years, 1 month ago

A key US inflation gauge stayed at a high 6.2% in September

Associated Press  

WASHINGTON — A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily. The persistence of high inflation, near the worst in four decades, has intensified pressure on the Fed to keep aggressively raising its key …

UK inflation accelerates to 40-year high as food prices rise
2 years, 2 months ago

UK inflation accelerates to 40-year high as food prices rise

Associated Press  

LONDON — British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year high and heaping pressure on the embattled government to balance the books without gutting help for the nation’s poorest residents. “In today’s society, I find that completely unacceptable.” Hunt this week told the House of Commons that the government would …

U.K. inflation accelerates to 40-year high as food prices rise
2 years, 2 months ago

U.K. inflation accelerates to 40-year high as food prices rise

The Hindu  

British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year high and heaping pressure on the embattled government to balance the books without gutting help for the nation's poorest residents. “In today's society, I find that completely unacceptable.” Hunt this week told the House of Commons that the government would “prioritise help …

Rising prices set to gobble up Americans’ Thanksgiving budgets
2 years, 2 months ago

Rising prices set to gobble up Americans’ Thanksgiving budgets

LA Times  

Grocery shoppers at a store in Rosemead, Calif. Higher prices for food contributed to an annual inflation rate of 8.2% in September. And in areas central to most consumers’ everyday lives, prices are rising at faster rates than many Americans have seen in their lifetimes. “It’s pretty insane,” said Laura Shouse, a small-business owner in Huntington Beach, referring to soaring …

Inflation stayed uncomfortably high in September
2 years, 2 months ago

Inflation stayed uncomfortably high in September

CBS News  

Inflation continued to wallop Americans in September, with a key measure of price increases hitting a 40-year high last month, the Labor Department reported on Thursday. Core inflation, which tracks average price increases except for volatile food and energy costs, rose 6.6% over the past 12 months — its highest rate since 1982. The owners' equivalent rent index increased 0.8% …

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 …

US inflation still stubbornly high despite August slowdown
2 years, 3 months ago

US inflation still stubbornly high despite August slowdown

Associated Press  

WASHINGTON — Lower gas costs slowed U.S. inflation for a second straight month in August, but most other prices across the economy kept rising — evidence that inflation remains a heavy burden for American households. Fueled by high rents, medical care and new cars, core prices leaped 6.3% for the year ending in August and 0.6% from July to August, …

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 …

Powell: Higher rates unlikely to cause deep US recession
2 years, 3 months ago

Powell: Higher rates unlikely to cause deep US recession

Associated Press  

WASHINGTON — The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels — and in the process caused a deep recession and sharply higher unemployment. “We think we can avoid the very high social costs that Paul Volcker and the Fed had to bring …

Hints of cooling prices, but Fed vows firm inflation stance
2 years, 3 months ago

Hints of cooling prices, but Fed vows firm inflation stance

Associated Press  

WASHINGTON — Inflation eased last month as energy prices tumbled, raising hopes that the surging costs of everything from gasoline to food may have peaked. So-called core inflation, which excludes volatile food and energy prices, rose 4.6% last month from a year earlier after rising 4.8% in June. The drop — along with a reduction in the Labor Department’s consumer …

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