Skyrocketing inflation rates are costing the average American household $296.45 in extra expenses, according to a recent analysis. Ryan Sweet, a senior economist at Moody’s Analytics, came to the number following the latest Labor Department data revealing that consumer prices spiked 7.9% in February, according to data obtained by FOX Business. Sweet took the average […]
Tag: inflation
US barreling toward recession, experts say, as inflation hits 40-year-high
Inflation hit a 40-year high in February, and the worst is yet to come as the U.S. economy barrels toward a recession, experts say. The consumer price index (CPI) climbed 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%. Gas jumped 6.6% […]
How Much Does It Cost to Charge an Electric Car?
Prospective electric car owners gotta know, “Will my electric bill go through the roof when I charge at home?” After all, you’re plugging a battery literally the size of a Volkswagen into your house, so it must make the electric meter spin like when Clark Griswold plugged in a million strands of Christmas lights, right? […]
Gas prices in many US cities will hit $5 in ‘weeks.’ Some are already higher
Get ready to pay even more at the pump – perhaps as much as $5 per gallon or more. Some consumers are already paying more than that: The average price for a gallon of regular gasoline in San Francisco hit the $5 mark Thursday. That’s the first time a U.S. city has hit an average […]
Here’s how sanctions on Russia will actually cost you more
As the United States and Europe ramp up their sanctions on Russia, Western consumers will soon face rising costs. That’s true even for American consumers, even though relatively few Russian exports reach US shores. The higher prices are modest compared to the destruction of life and property in Ukraine. But the price pressures come at […]
U.S. inflation rate could reach 10% as energy prices soar due to Ukraine Invasion
The threat of a full-scale Russian invasion of Ukraine is raising the risks of an energy supply shock, which some observers say could send the annual U.S. inflation rate up to 10% at some point from 7.5% as of January. That’s the view of RSM chief economist Joseph Brusuelas and BNY Mellon’s Daniel Tenengauzer. In […]
Ukraine-Russia crisis could push inflation to 10% if conflict escalates
U.S. inflation is already at the highest level in four decades. The worsening Ukraine-Russia crisis could push it even higher. That’s because the conflict is threatening to send oil prices above $100 a barrel for the first time since 2014, according to RSM chief economist Joe Brusuelas. Oil prices already surged to a fresh eight-year […]
Rents Reach ‘Insane’ Levels across US with no relief in sight
Krystal Guerra’s Miami apartment has a tiny kitchen, cracked tiles, warped cabinets, no dishwasher and hardly any storage space. But Guerra was fine with the apartment’s shortcomings. It was all part of being a 32-year-old graduate student in South Florida, she reasoned, and she was happy to live there for a few more years as […]
Democrats finally get the memo, inflation is real
Sen. Joe Manchin, D-W.V., has groused about inflation since last year. After months of browbeating Manchin for not supporting the Democrats’ social spending package, other Democrats are now finally joining Manchin with their own inflationary concerns. “We have solutions and we’re going to focus like a laser on reducing costs,” said Senate Majority Leader Chuck […]
Should middle-class households fear inflation?
For economists, the surge in public alarm over inflation is puzzling. By most measures, both the national economy and the personal economies of Americans are doing quite well. Gross domestic product rose last year at the fastest pace since 1984, recovering all of the output lost during the pandemic-induced recession in 2020. Moreover, the unemployment […]
Inflation Soars To Highest Levels Since 1982
Consumer prices rose 7.5 percent annually by the end of January, according to data released Thursday by the Labor Department, the fastest rate since February 1982. The Labor Department’s consumer price index (CPI), which tracks inflation, rose on an annual basis for the sixth consecutive month and above the 7.2 percent increase projected by a […]
Yellen Says Rate Hikes Will Slow As Inflation Stays Low
The Federal Reserve could scale back on its expected pace of interest rate hikes if inflation continues to be soft, Chair Janet Yellen told Congress. Under questioning over why the central bank remains committed to normalizing policy even as price and wage pressures remain muted, Yellen said the Fed is aware of the softness in […]