Average U.S. gasoline price rises 22% in two weeks, to record $4.43 per gallon
The average price of gasoline at the pump is $1.54 higher per gallon than it was a year ago.
Inflation
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Fed seen being cautious in rate path amid Ukraine uncertainty
Investors have ramped up expectations for an aggressive Fed posture in the face of the highest inflation in four decades. But the economists say the outlook has become muted by uncertainty over Ukraine, sanctions and surging commodities prices.
U.S. inflation soared 7.9% over past year, a fresh 40-year high
For the 12 months ending in February, grocery prices leapt 8.6%, the biggest year-over-year increase since 1981, the government said. Gas prices are up a whopping 38%. And housing costs have risen 4.7%, the largest yearly jump since 1991.
Biden’s inflation plan upends thinking on jobs sent overseas
Critics see this new Biden effort as largely an attempt at political damage control, rather than a data-driven approach to reducing inflation.
U.S. beef prices set to rise further as ranchers’ costs soar
How much Americans will pay for a steak is going to be tested in the near future.
Powell tells Congress that Fed will raise rates this month
Chairman Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed.
Biden pledges to make inflation battle his ‘top priority’
The president acknowledged that millions of Americans still face financial hardships, particularly as the cost of groceries, gasoline, cars and rents have skyrocketed in what has become the fastest period of inflation in four decades.
Key inflation gauge hit 6.1% in January, highest since 1982
Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades—a heavy burden for U.S. households, especially lower-income families faced with elevated costs for food, fuel and rent.
A 10% drop for stocks can be scary for investors, but it’s not that rare
The worries rocking Wall Street about interest rates, inflation and now Ukraine have sent the S&P 500 index—the most widely followed measure of the U.S. stock market—tumbling more than 10% from its record.
Federal Reserve governor opens door to half-point rate hike in March
Federal Reserve Governor Michelle Bowman said Monday that she was open to lifting interest rates by more than the traditional quarter-point at the central bank’s next meeting in March.
Federal Reserve: Faster rate hikes likely if inflation stays high
Fed officials are expected to raise their benchmark short-term rate several times this year beginning in March. But economists have increasingly suggested that the Fed has waited too long to unleash its inflation-fighting tools.
Heineken warns worst inflation in decade to weigh on beer
The brewer said it will raise prices for its beer by “courageous” amounts as it seeks to offset rising raw material and energy costs and “crazy” shipping rates.
January retail sales surged 3.8% as threat of omicron faded
Volatility in retail sales data is emerging after the pandemic and as related supply crunches drastically altered the behavior of Americans
Homebuyers face another obstacle as costlier loans sap affordability
Costs for 30-year loans hit a more than two-year high of 3.69% last week, rising about 20% just since Christmas. Further increases are expected as the Federal Reserve, trying to curb inflation, hikes its benchmark rate.
January wholesale inflation surged 9.7% from year ago
Inflation, under control for four decades, re-emerged as an economic issue last year as the United States rebounded with unexpected speed from 2020’s short but devastating coronavirus recession.
Federal Reserve officials agree on a March rate hike but little else
A worsening inflation picture has touched off a range of opinions from the Federal Reserve’s policymakers about just how fast they should raise interest rates.
U.S. inflation jumped 7.5% over past year, a 40-year high
The acceleration of prices ranged across the economy, from food and furniture to apartment rents, airline fares and electricity.
Inflation has Fed critics pointing to spike in money supply
The persistence of inflation, now running at an annual rate of 7%, has provided ammunition to conservative critics of the central bank known as “monetarists” for their adherence to the writings of economist Milton Friedman.
Key inflation gauge rose 5.8% in 2021, most in 39 years
The report Friday from the Commerce Department also said that consumer spending fell 0.6% in December, with purchases of cars, electronics, and clothes declining.
Fed plans to raise rates starting in March to cool inflation
With high inflation squeezing consumers and businesses and unemployment falling steadily, the Fed also said it would phase out its monthly bond purchases, which have been intended to lower longer-term rates, in March.