The U.S. annual inflation rate climbed to 9.1 percent in June, topping the market estimate of 8.8 percent and May’s annual rate of 8.6 percent. This was the highest level since November 1981. According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose 1.3 percent month-over-month. The monthly inflation was also higher…
Bank of America Reports Slowdown in Consumer Spending
July 12, 2022
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An analysis of Bank of America’s (BoA) aggregated credit and debit card spending growth per household has shown a slowdown in such activity, underlining the negative effect of inflation. “In the 28-day period ending June 30, aggregate Bank of America card spending (credit and debit) per household was up 3.3 percent YoY (year-on-year). This was…
Gold Prices Hits Lowest Level in Nine Months
July 12, 2022
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Gold prices weakened in Tuesday trade to its lowest level in nine months, while the dollar strengthened ahead of the crucial U.S. inflation data release. Spot gold prices fell to $1,722.36 per ounce during early trade on July 12, the lowest since Sept. 30. It later recovered and was trading at around $1,734 by 5:16…
Grocery Cart Inflation ‘Far Exceeding’ Official Rate, Studies Say
The average price of U.S. groceries has skyrocketed due to high inflation and shortages among the top ten key food items over the last 12 months up to May 2022, according to a June 28 sales report from NielsenIQ. American consumers are feeling the pain and are increasingly spending more of their income on many…
Mortgage Rates Soar, Currently Above 6 Percent
June 15, 2022
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Interest rates on mortgages have spiked above 6 percent amid fears that the U.S. Federal Reserve could raise benchmark interest rates even further in a bid to contain inflation. The interest rate on a 30-year fixed-rate mortgage was 6.28 percent as of June 14, 2022, according to Mortgage News Daily. This is a jump of…
Consumer Confidence Edges Lower Amid Inflation and War Concerns
April 27, 2022
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Consumer confidence dipped slightly in April 2022 following an increase in March as worries about inflation and the Russia–Ukraine war continued to weigh the economy down, according to a survey conducted by The Conference Board. The Consumer Confidence Index in April was at 107.3, down from 107.6 in March, an April 26 press release stated….
White House Expecting ‘Extraordinarily’ High Inflation in March
April 12, 2022
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The Biden administration warned that inflation numbers in March could be very high, ahead of the Bureau of Labor Statistics (BIS) inflation report scheduled to be released on Tuesday. “We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” White House press secretary Jen Psaki said to reporters on April…
Starbucks Raises Prices as Inflation Eats Into Profits
February 2, 2022
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Starbucks said it will continue to raise menu prices because of inflationary pressures and persistent supply chain disruptions that have resulted in manufacturers across industries being unable to receive raw materials on time. “[We have] already taken pricing actions this fiscal year, one in October 2021 and another in January 2022. And we have additional…
Trudeau to Maintain Spending as Tories Call for Plan to Address Rising Cost of Living
Prime Minister Justin Trudeau said today his government will keep injecting money into the economy in response to the pandemic, while Conservatives called for an immediate action plan to reverse the rising cost of living amid escalating inflation. “We will continue to be there [for Canadians] because we came into this pandemic in one of…
South Korea’s Consumer Price Index Rising at Record Pace Due to Heavy Reliance on Imports From China
January 8, 2022
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China’s rising raw material costs are driving up the prices of consumer goods in South Korea, said the Bank of Korea. According to a Yonhap News Agency report citing the Bank of Korea, China’s soaring producer price index and export prices driven by its rising raw material costs are adding to South Korea’s inflation pressures,…
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