Tag Archives: inflation

Commerce Dept: Prices Down Slightly In November

CNN Business reports: After three-plus years of prices steadily — and sometimes sharply — increasing month after month after month, they fell in November. Last month, for the first time since April 2020, prices fell on a monthly basis, according to a closely watched report released Friday by the Commerce Department. November’s Personal Consumption Expenditures price index, a comprehensive measure …

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Inflation Near 140% Boosts Far-Right In Argentina

Reuters reports: The South American nation, the region’s no. 2 economy and a major grains exporter, is facing its worst crisis in decades. Two-fifths of people live in poverty and a looming recession is shaking up Argentina’s presidential election run-off next Sunday. Rising voter anger is propelling a radical outsider, Javier Milei, the slight favorite in polls to beat economy …

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Gasoline Prices Fuel Uptick In US Inflation Rate

Reuters reports: U.S. consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday. The consumer price index increased by 0.6% last month, the largest gain since June 2022, the …

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Feds: Inflation Declined In June Compared To Last Year

The Washington Post reports: A year after inflation soared to the highest level in four decades, prices are returning closer to normal levels, with families and businesses feeling the difference as policymakers debate how much more to slow the economy. Government data released Wednesday showed a notable drop in inflation: Prices rose 3 percent in June compared with the year …

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Housing Costs Make FL Nation’s “Inflation Hotspot”

CNN reports: Florida is America’s inflation hotspot because of a persistent problem with sky-high housing costs. The Miami-Fort Lauderdale-West Palm Beach area has the highest inflation rate of metro areas with more than 2.5 million residents, with a 9% inflation rate for the 12 months ended in April. That’s more than double the national average of 4%, according to data …

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Feds Report Inflation Eased Slightly In February

Yahoo Finance reports: Inflation showed continued signs of cooling off in February but remained stubbornly high and well above the Federal Reserve’s 2% target in the year’s second month, according to the latest data from the Bureau of Labor Statistics released Tuesday morning. The Consumer Price Index (CPI) revealed headline inflation rose 0.4% over last month and 6% over the …

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NYC Ties With Singapore As World’s Most Expensive City

The Guardian reports: New York was the world’s most expensive metropolis in 2022, sharing the unwanted title with Singapore, as soaring energy prices doubled the inflation rate across the major global cities, according to the Economist Intelligence Unit’s annual survey. Last year’s leader Tel Aviv dropped to third, while Sydney snuck into the Top 10 and Moscow and St Petersberg …

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Record $9.1B Spent Online By Black Friday Shoppers

Axios reports: A record $9.12 billion was spent online for Black Friday, with electronics driving much of the growth compared to last year, according to new Adobe Analytics data. These record-breaking sales happened amid rising concerns about inflation and the cost of living. Purchases on electronics led the way, soaring by 221% compared to an average day in October. Smart …

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Social Security Benefits To Increase 8.7% In 2023

From the Social Security Administration: Approximately 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price …

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EU Inflation Topped 10% For August Versus Last Year

Courthouse News reports: Inflation in the 19-nation eurozone rose to 9.1% in August, up 7.1% from just a year earlier, according to data released Friday by Eurostat, the EU’s statistics agency. It remains 1% lower than the 10.1% inflation rate across the broader 27-member EU, which recorded a rate of just 3.2% in August 2021. The latest EU rate broke …

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UK Pound Slides To Lowest Level Vs USD Since 1985

The Wall Street Journal reports: The British pound slid to its lowest level against the U.S. dollar since 1985, a reflection of the U.K.’s dire economic situation. Investors are braced for sterling to weaken even further to a nadir not seen in more than two centuries of trading across the Atlantic. The pound fell 0.3% in early Monday trading in …

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EU Saw Record 8.9% Year-On-Year Inflation Rate In July

Reuter reports: Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU’s statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose in July for a …

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Exxon And Chevron Report Record Quarterly Profits

The New York Times reports: Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned a year ago. Revenue at the energy giant jumped to $115.6 billion, from $67.7 billion a year ago. Chevron’s performance was similar, with profit more than tripling to $11.6 billion as sales rose to $65 billion, …

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Federal Reserve Hikes Interest Rates To Cool Inflation

The New York Times reports: The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, continuing its aggressive campaign to cool rapid inflation even as the economy begins to slow. Central bankers voted unanimously to make the unusually large interest rate move, and the policy-setting Federal Open Market Committee signaled in its post-meeting statement that more …

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Inflation Report: June Prices Up 9.1% Over Last Year

CNBC reports: Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of …

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Labor Dept: March Prices Rose 8.5% Over Last Year

The Washington Post reports: Prices rose 8.5 percent in March compared with a year ago, the largest annual increase in four decades, as Russia’s war in Ukraine drove up energy prices even higher and policymakers launched a major effort to get soaring inflation under control. The inflation data, released Tuesday by the Bureau of Labor Statistics, showed prices rose 1.2 …

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Rising Prices Upend NYC’s “Pizza-Subway Principle”

Bloomberg News reports: The “pizza principle,” a mainstay of New York economics for more than four decades, states that a slice of cheese pizza will always be the same price as a subway ride. The rule has largely held true since first conjectured in the New York Times in 1980, with any increase in pizza prices tending to predict a …

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Labor Dept: February Prices Up 7.9% Over Last Year

The Washington Post reports: Prices rose 7.9 percent in February compared with a year ago, the largest annual increase in 40 years, even as fears grow that Russia’s war on Ukraine will push energy prices even higher in the months to come. The inflation data, released Thursday by the Bureau of Labor Statistics, showed prices rose 0.8 percent in February …

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Labor Dept: Consumer Prices Up 6.8% Over Nov 2020

NBC News reports: Consumer prices rose by 6.8 percent in November over the previous year, the highest annual inflation rate since June 1982, according to the latest Consumer Price Index data from the Bureau of Labor Statistics, released Friday. The figure exceeds the 6.2 percent year-over-year figure from October. Volatile energy prices, supply chain snarls, high consumer demand, and loose …

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Labor Dept Reports Highest Inflation Rate Since 1990

The New York Times reports: Consumer inflation surged in October as fuel costs picked up, supply chains remained under pressure and rents moved higher — bad news for economic policymakers at the Federal Reserve and for the Biden White House, which had been emphasizing a recent slowdown in price gains. Inflation picked up to 0.9 percent last month from September, …

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