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
1 year 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 will cut interest rates soon rather than later. Pictured is its chairman Jerome Powell Meanwhile gas prices emerged as a key driver of the Consumer Price Index after shooting up 4.3 percent month-on-month - though they remain 3.9 percent below where they were last year. The latest data puts the Fed in a sticky position over when to start cutting interest rates - which are currently at their highest level since 2001 In brighter news, many grocery prices remained relatively flat, with the cost of food at home increasing 0.1 percent The latest data puts the Fed in a sticky position over when to start cutting interest rates - which are currently at their highest level since 2001.

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History of this topic

Inflation is Trump’s problem now
1 month, 1 week ago

Inflation is Trump’s problem now

CNN  

New York CNN — President Donald Trump has a rhetorical style that can be hard to follow. The “Biden inflation” he’s referring to is the Consumer Price Index, which went up 3% year-over-year in January — the fastest pace since June. “Blame Biden” satisfies Trump’s need for a simple-to-understand villain, regardless of its accuracy. Trump’s economic agenda doesn’t have much …

Trump faces uphill battle to fulfill campaign promise to cut costs as inflation rises to 3% in January
1 month, 1 week ago

Trump faces uphill battle to fulfill campaign promise to cut costs as inflation rises to 3% in January

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. The price of groceries, gas, and used cars are increasing with the rise in …

U.S. consumer inflation unexpectedly up, Trump blames Biden
Trending News
1 month, 1 week ago

U.S. consumer inflation unexpectedly up, Trump blames Biden

Raw Story  

by Daniel AVIS U.S. consumer inflation unexpectedly accelerated last month, data showed Wednesday, in a moment of potential political peril for President Donald Trump, who quickly blamed the uptick on his predecessor Joe Biden. "The jump in consumer prices in January supports our view that the Fed will hold rates steady at least through of this year," Nationwide chief economist …

U.S. inflation worsened last month as the cost of groceries and gas moved higher
1 month, 1 week ago

U.S. inflation worsened last month as the cost of groceries and gas moved higher

LA Times  

The cost of a carton of eggs at a Safeway in Seattle topped $13 in January. U.S. inflation accelerated last month as the cost of groceries, gas and used cars rose, a disappointment for families and businesses struggling with higher costs and likely underscoring the Federal Reserve’s resolve to delay any further interest rate cuts. President Trump pledged to reduce …

Prices were a key issue in 2024, but Trump makes clear they're not his top priority
1 month, 2 weeks ago

Prices were a key issue in 2024, but Trump makes clear they're not his top priority

NPR  

Prices were a key issue in 2024, but Trump makes clear they're not his top priority toggle caption Chip Somodevilla/Getty Images For as much that has happened in these first two weeks of the Trump presidency — and it's been a lot — one particular thing has been conspicuously absent: a focus on lowering prices. A top problem Trump said …

Trump says inflation isn’t his No. 1 issue. So what will happen to consumer prices?
1 month, 3 weeks ago

Trump says inflation isn’t his No. 1 issue. So what will happen to consumer prices?

Associated Press  

WASHINGTON — Two months ago, in his first network television interview after the election, Donald Trump said he owed his victory to Americans’ anger over immigration and inflation, specifically the rising cost of groceries. We’re going to bring those prices way down.” But in Trump’s first week back in the White House, there was little in his initial blitz of …

Boosting gas output while keeping prices low a tough task for Trump
1 month, 3 weeks ago

Boosting gas output while keeping prices low a tough task for Trump

The Hindu  

Gavin Maguire It may take more than a Sharpie pen and White House cheerleading to change natural gas output levels in the United States. But even with faster permitting for exploration and sales, the new Trump administration may struggle to boost U.S. gas output without help from local and international prices. If gas prices trend steadily higher in 2025, Mr. …

U.S. inflation picked up in December, though underlying price pressures ease slightly
2 months ago

U.S. inflation picked up in December, though underlying price pressures ease slightly

LA Times  

A shopper in a grocery store in San Francisco. U.S. inflation picked up last month as prices rose for gas, eggs, and used cars, yet underlying price pressures also showed signs of easing a bit. Many economists and investors are worried that inflation has gotten stuck above the Fed’s 2% target, after a steady decline in prices in 2023 and …

US producer prices rose 0.2% last month on higher energy costs
2 months ago

US producer prices rose 0.2% last month on higher energy costs

Associated Press  

WASHINGTON — U.S. wholesale inflation rose last month on higher energy prices. The Labor Department reported Tuesday that its producer price index — which tracks inflation before it hits consumers — rose 0.2% last month from November, down from a 0.4% gain the month before. Compared to a year earlier, producer prices rose 3.3%, biggest jump since February 2023 and …

New inflation numbers threaten Trump and GOP's plans for tax cuts and tariffs: report
3 months, 1 week 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 rises 2.7% YoY in November, logs highest gain in seven months; Wall Street awaits US Fed verdict
3 months, 1 week 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
3 months, 1 week 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
3 months, 1 week 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
3 months, 1 week 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 …

Voter frustration with rising prices had a major impact on the election
4 months, 1 week 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 …

Trump already 'set to repeat Biden's mistake': conservative economist
4 months, 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 …

Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation
8 months ago

Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation

Associated Press  

WASHINGTON — President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords as he tries to show he’s doing something about the high cost of housing, according to a person familiar with the plan. “This is not going to create a single unit of housing — which is what is needed …

US inflation cooled in May in a sign that price pressures may be easing
9 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.
9 months, 1 week 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 …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
9 months, 3 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
9 months, 3 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 …

U.S. Inflation Eased Last Month In The First Slowdown Of 2024
10 months ago

U.S. Inflation Eased Last Month In The First Slowdown Of 2024

Huff Post  

LOADING ERROR LOADING WASHINGTON — Consumer 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% target level before …

US inflation eased last month in the first slowdown of 2024
10 months 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% …

Average petrol prices increase again as drivers feel pain at the pumps
10 months, 3 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 …

Higher Gas And Rents Keep U.S. Inflation Elevated, Likely Delaying Fed Rate Cuts
11 months, 1 week ago

Higher Gas And Rents Keep U.S. Inflation Elevated, Likely Delaying Fed Rate Cuts

Huff Post  

LOADING ERROR LOADING 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 many — or even whether — to cut interest rates this year. Gas prices are seen at a gas …

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
1 year 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 …

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

US consumer inflation falls to 3.1pc in January, but less than expected
1 year, 1 month 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 …

Inflation slows but remains elevated, a sign price pressures are easing only gradually
1 year, 1 month 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 …

US inflation dashes hopes of rate cuts in blow to Biden
1 year, 1 month 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 …

Slowing inflation suggests that Biden’s policies are helping, but American voters are still hurting
1 year, 2 months 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 …

How rising prices for restaurants, car repair and other services kept inflation up last month
1 year, 3 months 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 …

Higher gas prices lift Fed’s preferred inflation gauge but underlying price pressures remain mild
1 year, 5 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 …

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre
1 year, 6 months ago

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre

ABC  

Surging fuel prices are igniting fresh inflation fears, as production cuts by the global oil cartel heap yet more pain on consumers. Key points: Fuel prices across Australia have averaged more than $2 a litre for about a month Analysts say production cuts by the global oil cartel and a weak Aussie dollar are to blame The resurgent price has …

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, 6 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, 6 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, 6 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 …

Biden Celebrates Inflation Reduction Act’s Anniversary; Voters Seem Not To Notice
1 year, 7 months ago

Biden Celebrates Inflation Reduction Act’s Anniversary; Voters Seem Not To Notice

Huff Post  

President Joe Biden speaks during an event to mark the anniversary of the Inflation Reduction Act in the East Room of the White House on Aug. 16. Tom Williams via Getty Images WASHINGTON ― President Joe Biden on Wednesday celebrated the first anniversary of one of his major legislative achievements to date, the Inflation Reduction Act, taking credit for lower …

Biden marks 1-year anniversary of climate, health law, says ‘we’re investing in all of America’
1 year, 7 months ago

Biden marks 1-year anniversary of climate, health law, says ‘we’re investing in all of America’

Associated Press  

WASHINGTON — President Joe Biden proclaimed Wednesday his administration is “turning things around” for Americans when it comes to the economy, with his signature climate, health care and tax package giving people “more breathing room” on prices and investing anew in clean energy jobs. “We’re investing in all of America — in the heartland, and coast to coast.” His remarks, …

White House cheers ‘Bidenomics’ as inflation rises by only 0.2%
1 year, 8 months ago

White House cheers ‘Bidenomics’ as inflation rises by only 0.2%

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 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 {{ /verifyErrors }} President …

Inflation drops to 3% and Biden hopes to turn a weakness with voters into a strength
1 year, 8 months ago

Inflation drops to 3% and Biden hopes to turn a weakness with voters into a strength

Associated Press  

WASHINGTON — The politics of inflation took a sharp turn Wednesday with a report showing consumer prices rose at the slowest pace since the early months of Joe Biden’s presidency. “It is particularly notable and highly consistent with Bidenomics to see this steep a decline in the rate of inflation while employment remains so uniquely strong.” The president was quick …

Some good news! Inflation cools down to 3% in reaching distance of Fed's 2% target
1 year, 8 months ago

Some good news! Inflation cools down to 3% in reaching distance of Fed's 2% target

Daily Mail  

Inflation in the US has slowed to a 3 percent annual rate - its slowest pace in more than two years. The latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics showed that inflation grew by 0.2 percent in June - after increasing 0.1 percent in May. The 3 percent annual inflation rate is a sharp decrease …

Inflation is easing but prices for goods we have to buy are still astronomical
1 year, 10 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 …

Cheaper gas and food provide some relief from US inflation
1 year, 11 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 slows to 6.4%, but price pressures re-emerge
2 years, 1 month 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
2 years, 2 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 …

Biden hails ‘good news’ as rate of US Inflation falls for December as fuel prices drop
2 years, 2 months ago

Biden hails ‘good news’ as rate of US Inflation falls for December as fuel prices drop

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. Read our privacy policy US inflation dropped by 0.1 per cent for the month …

Government to cap wholesale gas prices as part of market intervention to lower power prices
2 years, 3 months ago

Government to cap wholesale gas prices as part of market intervention to lower power prices

ABC  

Anthony Albanese and his cabinet are set to endorse a multi-pronged strategy to curb sky-high power prices, as pressure mounts on the government to urgently intervene in the market. Key points: The resources minister says analysis is being done about what price to cap wholesale gas at The government is yet to settle on a solution to tackle coal prices …

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