Statistics Canada said Tuesday the annual pace of inflation rose in April for the first time since it peaked in June last year. The agency said its consumer price index was up 4.4 percent compared with a year ago, up from a year-over-year increase of 4.3 percent in March. Statistics Canada said the first tick…
Statistics Canada Says the Annual Pace of Inflation Rose to 4.4 Percent in April
High Car Prices Result in Americans Holding Onto Aging Vehicles
Higher car prices are forcing Americans to hold onto their vehicles longer than they want to, according to a new survey, The price of new and used cars remains high, with many car owners planning to delay selling their vehicles, along with rising borrowing rates and high inflation cutting into many Americans’ expenses. The average…
Public Sector Offered 10.5 Percent Pay Rise
The federal government has offered Commonwealth public servants a 10.5 percent pay rise over the next three years following negotiations. This is the largest pay rise to be offered to Australian Public Service (APS) employees in more than 10 years and will see public servants get a four percent rise in the first year, 3.5 percent in the…
Federal Reserve Officials Plan for Higher Rates as Inflation Threat Persists
The message was loud and clear from multiple Federal Reserve officials: interest rates will stay higher this year, the benchmark rate might increase, and it is unlikely there will be any rate cuts this year. Inflation is an issue that is still plaguing monetary policymakers, and restoring price stability, even in the face of a…
EXPLAINER: Grocery Rebate Rollout: Who Is Eligible and How Will It Be Paid?
With food inflation eating into the wallets of Canadians, the federal government has announced that so-called grocery rebate payments will go out on July 5. The announcement came following the passage of Bill C-46, the Cost of Living Act, by the Senate on May 11. The Liberal government claims the rebate will deliver “targetted” inflation relief…
Fed Officials Say Don’t Bet on Rate Cuts Even If There’s a Recession
Two senior Federal Reserve officials threw cold water on investor hopes for interest-rate cuts anytime soon as they both expressed concern about stubborn inflation. Raphael Bostic, president of the Federal Reserve Bank of Atlanta, highlighted the stickiness of inflation while saying that he does not anticipate any interest-rate cuts this year and, if anything, “we may have…
Food Prices Won’t Go Down ‘Any Time Soon,’ UK Farming Union Warns
Inflated food prices won’t be going down any time soon, the president of the National Farmers’ Union (NFU) has warned. It comes after the UK’s food price in March had the second biggest yearly hike among the G-20 countries after Turkey. The latest figures from the Office for National Statistics (ONS) showed that the UK’s consumer…
US Credit Card Debt Hits a Record High of Nearly $1 Trillion
May 15, 2023
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Americans find themselves increasingly burdened by credit-card debt as the relentless grip of chronic inflation tightens its hold on the cost of essential goods. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit was just released, showing a record-high 17 percent year-over-year increase in credit-card balances during the first quarter of…
US Credit Card Debt Holds at Record High of Nearly $1 Trillion
May 15, 2023
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U.S. credit card balances failed to decline in the first three months of 2023 as Americans find themselves increasingly burdened by the relentless grip of chronic inflation. Total credit card debt stood at $986 billion in the first quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit…
Fed Report Shows Record-High Annual Increase in Credit-Card Balances
May 15, 2023
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ArchivedbidenBusiness & Marketscredit carddebteconomyFeesinflationNewspersonal financetrillionUSUS News
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Americans find themselves increasingly burdened by credit-card debt as the relentless grip of chronic inflation tightens its hold on the cost of essential goods. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit was just released, showing a record high 17 percent year-over-year increase in credit-card balances during the first quarter…
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