Question for Fed: Has it waited too long to fight inflation?
On Wednesday, the government is expected to report that consumer prices jumped 7.1% over the past 12 months, which would be the steepest such increase in decades.
Inflation
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U.S. economy grew at 2.3% in third quarter, up from earlier estimate
But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
Inflation squeezes holiday budgets for low-income shoppers
The government’s report last week that consumer prices jumped 6.8% over the past year showed that some of the largest cost spikes have been for such necessities as food, energy, housing, autos and clothing.
Federal Reserve to tighten credit faster, sees three rate hikes in 2022
The Fed’s policy change does carry risks. Raising borrowing costs too fast could stifle consumer and business spending. That, in turn, would weaken the economy and likely raise unemployment.
Wholesale inflation jumps record 9.6% over past 12 months
The increase in wholesale prices was widespread, led by a 1.2% increase in the cost of goods and a 0.7% rise in the price of services.
Surging inflation forcing people, businesses to adapt
Across the United States, in homes and in businesses, the highest inflation in a generation is heightening financial pressures and forcing people to adapt to a new reality.
U.S. consumer inflation up 6.8% in past year, most since 1982
The Labor Department also reported Friday that prices rose 0.8% from October to November—a substantial increase, though slightly less than 0.9% increase from September to October.
Poll: Incomes are up, but Americans focus on inflation
Most people say the sharply higher prices for goods and services in recent months have had at least a minor effect on their financial lives, including about 4 in 10 who say the hit has been substantial.
Survey: Business economists foresee persistent inflation
The nation’s business economists have sharply raised their forecasts for inflation, predicting an extension of the price spikes that have resulted in large part from bottlenecked supply chains.
Powell says Fed might accelerate pullback in economic support
Chairman Jerome Powell said Tuesday that the Federal Reserve will consider acting more quickly to dial back its ultra-low-interest rate policies to counter higher inflation. His remarks quickly accelerated losses on Wall Street.
Consumer spending rebounds despite rising October inflation
U.S. consumer spending rebounded in October, rising by a a solid 1.3% despite rising inflation that over the past year has reached the fastest pace in more than three decades.
U.S. GDP slowed sharply in Q3, but big rebound expected in Q4
The expectation is that the economy in the current October-December quarter could grow at the strongest pace this year, with some economists forecast GDP could surge to an 8% rate in the fourth quarter.
Discount chain Dollar Tree hiking prices to $1.25
After 35 years of selling goods for a buck, Dollar Tree is boosting its standard price point to $1.25, the company said in a statement Tuesday.
Expect to pay more for Christmas trees, experts say
Experts said tree buyers should expect to pay between 10% and 30% more for both live trees and artificial trees this year and also have a smaller selection to choose from.
Prices for Thanksgiving dinner items in Indiana surging this year
The Indiana Farm Bureau is out with its annual Thanksgiving market basket survey and it shows Hoosier shoppers can expect to spend about 12% more at the grocery store this year than in 2020 for the family feast.
Inflation set to spoil holidays for struggling U.S. families
Inflation is eating into recent wage increases, and the timing couldn’t be worse after federal pandemic relief expired for about 7.5 million people.
Americans ramped up retail spending in October
Solid hiring, strong pay raises, and healthy savings for many households are underpinning robust spending. But much of the sales increase reflected higher prices.
Here’s why inflation is so high, and when it might ease
As any American who has bought a carton of milk, a gallon of gas or a used car could tell you, inflation has settled in. And economists are now voicing a more discouraging message.
U.S. consumer prices soared 6.2% in past year, most since 1990
Inflation is eroding the strong gains in wages and salaries that have flowed to America’s workers in recent months, creating political headaches for the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve.
Producer prices rise 8.6%, matching September record high
The Labor Department reported Tuesday that its producer price index—which measures inflation before it hits consumers—rose 0.6% last month from September, pushed higher by surging gasoline prices.