Tag: Inflation

The Inflation Reduction Act is aimed at tackling a host of problems, from climate change to catching tax cheats, but there's one issue it may not solve: reducing inflation. That's the conclusion of the Penn Wharton Budget Model, a group of economists and data scientists at University of Pennsylvania who analyze public policies to predict their economic and fiscal impacts. Its analysis, published Friday, comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike. The Inflation Reduction Act would invest nearly $400 billion in energy security and climate change proposals, aimed at reducing carbon emissions by approximately 40% by 2030. It also would allow Medicare to negotiate with drugmakers on prescription prices, and would limit out-o...

Although inflation eased last month, Americans aren't seeing any relief in the grocery aisle. Food prices jumped 13.1% in July, the biggest one-year increase since March of 1979. Annual inflation slowed in July to 8.5%, from 9.1% in June, as gasoline prices dropped. But costs for food at home bucked the trend, increasing at a faster rate in July from the previous month. Americans say their top concern is paying for everyday expenses such as food and gas, according to a recent survey from New York Life. One way people are coping is tapping their savings. Consumers are also changing their habits in buying groceries, such as by shifting to cheaper brands at the supermarket, noted Neil Saunders, managing director of GlobalData. "[T]he bad news is ...