inflation

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Janet Yellen: I Was Wrong About Inflation

Treasury secretary says she did not accurately predict 'the path that inflation would take'

(Newser) - Last year, Treasury Secretary Janet Yellen said that inflation posed just a "small risk" to Americans. Now, she's admitting she didn't get that quite right. "I think I was wrong then about the path that inflation would take," Yellen told CNN Tuesday when Wolf Blitzer...

Biden: Trump 'Demeaned the Fed,' and I Will Not

President stakes out a hands-off policy toward Federal Reserve on inflation in op-ed

(Newser) - President Biden meets with Fed chief Jerome Powell at the White House Tuesday afternoon, but he has already signaled his main message in advance: "I won't meddle with the Fed," is how a headline above a Biden op-ed in the Wall Street Journal puts it. In his...

Congressional Budget Office: Deficit Will Shrink, Then Surge

It released an economic outlook Wednesday

(Newser) - The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in...

2 Tweets From Bezos on Biden, With One Theme: 'Misdirection'

Amazon founder goes after president on Twitter about inflation

(Newser) - President Biden is well aware of the nation's current woes around inflation , and he recently pledged to make it his top domestic priority. But his thoughts on how to do so have rankled one of the world's richest men, and that man took to Twitter to tell the...

April Report Holds Tentative Sign Inflation Could Be Peaking

It hit 8.3% last month, but slowed from 40-year high

(Newser) - Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households. Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday. That was below the 8.5%...

Gas Prices Reach Record, and Biden Speaks Out

Inflation is my No. 1 priority, says the president

(Newser) - About a month ago, President Biden ordered the release of a million barrels of oil a day from national reserves to help curb steep gas prices. On Tuesday, however, those gas prices reached their steepest point on record—an average of $4.37 across the US, reports the Hill . No...

In One Country, the Cost of Living Is Up Almost 70%

Food prices in Turkey have nearly doubled year-on-year

(Newser) - Like many other countries, Turkey is facing rising inflation caused by factors such as the pandemic and the war in Ukraine. Unlike other countries, Turkey has responded by cutting interest rates, not raising them—and the result has been what one analyst calls a "spectacular failure." Official figures...

Federal Reserve Announces Biggest Rate Hike in 22 Years

Benchmark interest rate is going up by a half-point

(Newser) - In a widely expected move, the Federal Reserve has raised its key interest rate by a half-percentage point, the first time it has done so since 2000. The Fed, which is fighting to tame inflation, signaled that there will be more large rises in its benchmark short-term interest rate to...

Deutsche Bank Predicts 'Major Recession'

The prediction distinguishes Deutsche as the most pessimistic of major Wall Street banks

(Newser) - In a report issued to clients Tuesday, analysts with Deutsche Bank predicted a "major recession" next year, reports CNN. The bank's analysts based their gloomy forecast on historical analysis of the Fed’s response during periods of high inflation and low unemployment. When looking at its inflation and...

Watchdog Accuses Major Retailers of Price Gouging

With corporate profits at 50-year highs, consumer protection advocates are crying foul

(Newser) - In a new report, nonpartisan watchdog Accountable.US cries foul over massive profit increases by America’s top 10 retailers. Here is how CBS MoneyWatch sums up the group's report : “Instead of keeping prices stable for struggling families, corporations have overcharged Americans and prioritized profit.” Overall, the...

One Common Brand Bucks Inflation Trend

As 'LA Times' reports, AriZona Iced Tea has been 99 cents for 30 years and isn't changing

(Newser) - Nobody needs a headline to know prices are up. It’s obvious with pretty much everything involving price tags and supply chains, including the ready-to-drink iced tea market. While prices for other major products in the beverage aisle are up across the board, per the Los Angeles Times, there remains...

Amazon's Inflation, Fuel 'Challenges' Lead to a Fee First

Starting April 28, company to tack on 5% surcharge for 3rd-party sellers using fulfillment services

(Newser) - Everyone's getting hit by the recent inflation surge and rise in gas prices, including some of the biggest retailers in the world—and now the platform's sellers will help Amazon compensate for its own financial hit, via a new 5% fuel and inflation surcharge set to begin April...

'This Is a Time When Economic Resilience Will Be Tested'

Markets pull back after report on inflation

(Newser) - Stock indexes edged lower on Wall Street Tuesday, shedding early gains as investors weigh new data on inflation . The pullback follows back-to-back losses driven by worries about the economic collateral damage as the Federal Reserve tackles high inflation more aggressively. A report showed inflation is still at its highest level...

Red-Hot Inflation Gets Even Hotter
Red-Hot Inflation
Gets Even Hotter
Apr 12, 2022 7:47 AM CDT

Red-Hot Inflation Gets Even Hotter

March rise is 8.5% compared to a year ago, a 40-year high

(Newser) - Economists figured the new inflation report would be brutal—the stats are the first to fully encompass rising gas prices in the wake of the Ukraine war—and the figures from March released on Tuesday were just that. In fact, they came in a little worse than expected:
  • Annual: Prices
...

Jamie Dimon Warns of Unprecedented Trifecta

Pandemic recovery, Ukraine war, and high inflation could 'dramatically increase' risks to economy

(Newser) - JPMorgan CEO Jamie Dimon is out with his annual letter to shareholders, which Axios notes is closely watched in financial circles. The Wall Street Journal finds that it's less rosy than last year, when he saw a potential "Goldilocks" moment of sustained growth on the horizon. This year,...

Hiring Streak in US Sets an 80-Year Record

We've had 11 straight months with gains of more than 400K jobs

(Newser) - Despite red-hot inflation , US employers kept hiring at a solid pace in March. The key numbers:
  • Jobs: Employers added 431,000 jobs for the month, coming in a bit shy of expectations of about 490,000. However, the Wall Street Journal points out this marks 11 straight months with gains
...

Lobster Prices Are 'Almost Embarrassing'

Meanwhile, your bag of Doritos has 5 fewer chips

(Newser) - It's no secret that inflation is resulting in sky-high prices in trips to the gas station or supermarket. But Washingtonian reports that one product in particular might be getting hit worst of all: lobster. The dish was already pricey before this pandemic-related bout of inflation, of course, but now...

Latest Inflation Report Holds No Good News

US inflation soared 7.9% in past year, a new 40-year high

(Newser) - Propelled by surging costs for gas, food, and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come, reports the AP . The increase reported Thursday by the Labor Department reflected the 12 months ending...

Jobs Report Suggests We're on the Road to Recovery

Employers added 678K new jobs, topping expectations

(Newser) - The monthly jobs figures are out for February, and they signal a return to "something resembling normal," reports the New York Times . A drop in coronavirus cases coincided with strong hiring and increased consumer spending. More:
  • Jobs: Employers added 678,000 jobs in February, topping economists' forecasts for
...

Latest Report Confirms Inflation Is Still Really Bad

Consumer prices jumped 7.5% last month compared with 12 months earlier

(Newser) - Inflation soared over the past year at its highest rate in four decades, hammering America’s consumers, wiping out pay raises, and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy. The Labor Department said Thursday that consumer prices jumped 7.5% last month compared...

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