Inflation rises 5.4% from year ago, matching 13-year high
The unexpected burst of inflation this year reflects sharply higher prices for food and energy, but also for furniture, cars, televisions, and other largely imported goods.
Inflation
Articles
Social Security cost-of-living adjustment largest in decades
The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.
Consumer spending rebounded in August despite COVID
Americans bought more furniture, clothes, and groceries during the month, while the delta variant caused them to pull back on traveling and eating out.
Powell defends Fed policies, says inflation may persist
Federal Reserve Chair Jerome Powell on Wednesday stood behind the ultra-low interest rate policies he has pursued since the pandemic decimated the economy more than 18 months ago. But he acknowledged inflation has stayed higher for longer than he expected.
Powell says spike in inflation lasting longer than expected
Federal Reserve Chairman Jerome Powell said that the unprecedented process of reopening the economy after the COVID shutdowns has resulted in a number of problems that could continue in coming months.
U.S. consumer prices see lowest increase in 7 months
While the upward march of prices appears to have eased last month, economists caution that the same underlying causes remain. Supply chains are still snarled, especially for critical components like computer chips, and consumer demand is easily outpacing supply.
U.S. producer prices jump unprecedented 8.3%
Inflation at the wholesale level saw its biggest annual gain since the Labor Department started calculating the 12-month number in 2010.
Council committee advances inflation wage change, paid parental leave
An Indianapolis City-County Council committee on Tuesday unanimously voted to advance a plan allowing public employees’ wages to rise with inflation, as work continues on the city’s first public pay scale change in more than a decade.
Biden administration ramps up antitrust efforts amid worries about high prices
Senior administration officials have been worried about polling showing that voters—including many Democrats—blame President Biden’s economic policies for high inflation.
U.S. consumer spending slows, while inflation hits three-decade high
Consumer prices over the past 12 months have risen 4.2%, the biggest 12-month gain since a 4.5% increase for the 12 months ending in January 1991.
Powell: Fed on track to slow down aid for economy later this year
In a speech being given virtually to an annual gathering of central bankers, Federal Reserve Chairman Jerome Powell stressed that the beginning of tapering does not signal any plan to start raising the Fed’s benchmark short-term rate.
Fed discussed pulling back on bond purchases later this year
The Federal Reserve is edging toward an announcement that it will begin paring the pace of its Treasury and mortgage bond buying, which now amounts to $120 billion a month.
Wholesale costs up 1% for second straight month
Prices at the wholesale level over the past 12 months are up a record 7.8%, the largest increase in that span of time in a series going back to 2010.
U.S. consumer prices rose in July but at slower pace
Rising inflation has emerged as the Achilles’ heel of the economic recovery, erasing much of the benefit to workers from higher pay and heightening pressure on the Federal Reserve’s policymakers under Chair Jerome Powell, who face a mandate to maintain stable prices.
For first time, average hourly pay for supermarket, restaurant workers tops $15
Wages have been rising rapidly as the economy reopens and businesses struggle to hire enough workers. Some of the biggest gains have gone to workers in some of the lowest-paying industries.
Fed chairman says inflation, though elevated, will likely moderate
Federal Reserve Chairman Powell reiterated his long-held view that high inflation readings over the past several months have been driven largely by temporary factors.
Wholesale inflation over past year jumps by record amount
Nearly 60% of the gain in wholesale prices in June reflected a jump in the cost of services, led by higher margins received by wholesalers and retailers.
U.S. consumer prices surged in June by the most since 2008
The pickup in inflation, which has coincided with the economy’s rapid recovery from the pandemic recession, has heightened concerns that the Federal Reserve might feel compelled to begin withdrawing its low-interest rate policies earlier than expected.
Fed officials discuss timing of reducing bond purchases
The discussions, revealed in the minutes of the Fed’s June meeting released Wednesday, indicate that the Fed is moving closer to tapering those purchases, even though most analysts don’t expect a reduction until late this year.
Worried about inflation? Check paystubs, not just pump price
In terms of inflation, which is the bogeyman for investors right now, a big and sustained gain in wages would be even more dangerous than the price spikes already seen for oil and other commodities.