Inflation picked up slightly in March as Americans saw their paychecks rise and kept up a sturdy pace of spending, according to data released Friday by the Commerce Department. The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, rose 0.3 percent in March and 2.7 percent over the past year. […]
Tag: food prices
Savings at the gas pump spent at supermarket
Americans are saving money at the gas pump, only to spend it in the produce aisle. Gasoline and grocery prices moved in opposite directions last month, as the overall inflation rate declined slightly. Consumer prices in November were up 7.1% from a year ago, compared to an annual increase of 7.7% the month before. It […]
Thanks Inflation! Thanksgiving up 20% this year
Thanksgiving dinner will cost a whopping 20% more than it did last year, according to a new survey released Wednesday by the American Farm Bureau Federation. A feast for 10 with 12 menu items including a turkey, stuffing, cranberries, and pumpkin pie mix will cost $64.05 on average — up $10.74 from last year. That […]
Inflation surges in September
Inflation ran hotter than expected in September as persistent prices continued to squeeze U.S. households and worsen a political headache for President Biden with just one month until midterm elections. The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose […]
1 Year After Biden Said It Would Be ‘Temporary’ inflation is out of control
The one-year anniversary of Joe Biden’s promise that inflation in the U.S. would not be long-term has been reached with costs continuing to spiral and a poll showing Americans’ distrust of the president’s ability to ease the strain on their wallets. Biden said on July 19, 2021, the price rises that followed the easing of […]
Experts say the US is already in a recession
Amid soaring inflation, the prospects of the year getting worse economically have been growing with experts warning that the U.S. is already in a recession. While a recession is technically a contraction of gross domestic product (GDP) across two consecutive quarters, some experts say such a definition is too simplified. A government report has shown […]
Consumers are buying less and switching to store brands
Decades-high inflation is changing US consumers’ grocery habits. Kroger, the nation’s largest grocery store chain, said Thursday that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from beef to pork.“Rising inflation has consumers rethinking their shopping and eating habits,” Kroger (KR) CEO Rodney McMullen […]
U.N. warns of Crippling global food shortages this summer
Fears of a global food crisis are growing due to the shock of the war in Ukraine, climate change and rising inflation. Kristalina Georgieva, the International Monetary Fund managing director, told the World Economic Forum in Davos, Switzerland on Monday that “the anxiety about access to food at a reasonable price globally is hitting the […]
Inflation hits a new 40-year high in March 8.5%
America’s inflation problem didn’t abate in March. Prices kept creeping up, hitting a fresh 40-year high, data from the Bureau of Labor Statistics showed Tuesday. The Consumer Price Index rose 8.5% for the year ended in March, not adjusted for seasonal swings. That outpaced February’s elevated reading of 7.9% and marked a level not seen […]
In economic views, Americans believe inflation outweighs jobs
This week’s positive jobs report and the stronger employment rate aren’t entirely lost on Americans — just outweighed when they rate the economy. Many do say the job market is good and that jobs have increased over the last year – but it’s still inflation driving views, and even those who say the job market […]
81% of adults in this survey believe a recession likely
After two years of the coronavirus pandemic, a recession and a rapid recovery, Americans are worried that the economy may swiftly decline once again. Some 81% of adults said they think the U.S. economy is likely to experience a recession in 2022, according to the CNBC + Acorns Invest in You survey, conducted by Momentive. […]