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Tag: Inflation

Fuel prices may be easing, but grocery costs are up the most since 1979
Business

Fuel prices may be easing, but grocery costs are up the most since 1979

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 ...
Drivers find relief at gas pump as prices drop
Business

Drivers find relief at gas pump as prices drop

Drivers find relief at gas pump as prices drop - CBS News Watch CBS News Americans are finally seeing relief at the pump. The average price of gas has fallen for more than 50 straight days, and the national average is on the verge of falling below $4 per gallon. Errol Barnett takes a look. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link
Senate Democrats near passage of Inflation Reduction Act in marathon overnight session
Politics

Senate Democrats near passage of Inflation Reduction Act in marathon overnight session

Washington — Democrats drove their election-year economic package toward Senate approval early Sunday, debating a measure with less ambition than President Biden's original domestic vision but that touches deep-rooted party dreams of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.Debate began Saturday and by sunrise on Sunday, Democrats had swatted down a dozen Republican efforts to torpedo the legislation, with no clear end in sight. Despite unanimous GOP opposition, Democratic unity in the 50-50 chamber — buttressed by Vice President Kamala Harris' tiebreaking vote — suggested the party was on track for a morale-boosting victory three months from elections when congressional control is at stake.The House planned to return briefly from s...
By 51-50 margin, Senate votes to begin debate on Inflation Reduction Act
Politics

By 51-50 margin, Senate votes to begin debate on Inflation Reduction Act

Democrats started pushing their election-year economic bill through the Senate on Saturday, starting the sprawling collection of President Joe Biden's priorities on climate, energy, health and taxes on a pathway through Congress that the party hopes will end in victory by the end of this week.In a preview of the sharply partisan votes that are expected on a mountain of amendments, the evenly divided Senate voted to begin debate on the legislation 51-50, with Vice President Kamala Harris breaking the tie and overcoming unanimous Republican opposition. The package, a dwindled version of earlier multitrillion-dollar measures that Democrats failed to advance, has become a partisan battleground over inflation, gasoline prices and other issues that polls show are driving voters. ...
Parliamentarian weakens Democrats’ drug plan in Inflation Reduction Act, as Senate prepares to vote
Business

Parliamentarian weakens Democrats’ drug plan in Inflation Reduction Act, as Senate prepares to vote

The Senate parliamentarian on Saturday dealt a blow to Democrats' plan for curbing drug prices but left the rest of their sprawling economic bill largely intact as party leaders prepared for the first votes on a package containing many of President Joe Biden's top domestic goals.Elizabeth MacDonough, the chamber's nonpartisan rules arbiter, said lawmakers must remove language imposing hefty penalties on drugmakers that boost their prices beyond inflation in the private insurance market. Those were the bill's chief pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own. Other major provisions were left intact, including giving Medicare the power to negotiate what it pays for pharmaceuti...
Stocks fall Tuesday after House Speaker Nancy Pelosi lands in Taiwan
Business

Stocks fall Tuesday after House Speaker Nancy Pelosi lands in Taiwan

Stocks declined Tuesday after House Speaker Nancy Pelosi landed in Taiwan's capital of Taipei amid a high-pressure standoff with China. She and other members of Congress were greeted by a contingent of Taiwanese officials on the tarmac.  In a statement shortly after the plane landed, Pelosi said her visit was meant to honor "America's unwavering commitment to supporting Taiwan's vibrant Democracy."The S&P 500 fell 27 points, or 0.7%, to close at 4,091. The Dow Jones industrials declined 1.2% and the Nasdaq lost 0.2%.  "Speaker Pelosi's visit to Taiwan opens a dangerous period for U.S.-China-Taiwan tensions that will add to and elevate market risk as events unfold," Raymond James Equity Research analysts and Alex Anderson said in a report. ...
Face The Nation: Kashkari, Salvanto, Khalid
Politics

Face The Nation: Kashkari, Salvanto, Khalid

Face The Nation: Kashkari, Salvanto, Khalid - CBS News Watch CBS News Missed the second half of the show? The latest on inflation concerns with Minneapolis Fed chief, Neel Kashkari, the 2022 CBS News Battleground Tracker finds GOP leads race for House, and a political panel discusses November's midterm elections and more. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link
Breaking down the U.S. economy’s mixed signals
Business

Breaking down the U.S. economy’s mixed signals

Breaking down the U.S. economy's mixed signals - CBS News Watch CBS News Unemployment is down. Inflation is up. With the Federal Reserve Board again raising interest rates this week, plus new indications we could be in a recession, the economy is in uncharted waters. And no one seems certain about what's next or what to do. CBS News' chief political analyst John Dickerson helps us add it all up with the help of two experts: Lloyd Blankfein of Goldman Sachs, with the overview; and Michelle Singletary, a personal finance columnist for the Washington Post, with advice for all of us. ...
Key inflation gauge jumps 6.8% in June as prices continue to surge
Politics

Key inflation gauge jumps 6.8% in June as prices continue to surge

An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest annual increase in four decades.Friday's government figures underscore the persistence of the inflation that is eroding Americans' purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up to the November midterm elections. On a month-to-month basis, prices rose 1% from May to June, faster than the 0.6% rise from April to May and the biggest such jump since 2005. "Consumer sentiment sure stinks but Americans nevertheless continue to increase their spending," Bill Adams, chief economist for Comerica Bank, said in response to the inflation figures released this morning.A separate...
What the Fed’s latest interest-rate hike means for your money
Business

What the Fed’s latest interest-rate hike means for your money

The Federal Reserve is again using its most potent weapon in trying to douse the hottest inflation in 40 years: interest rate hikes. But the central bank's move Wednesday to further raise borrowing costs means consumers and businesses are grappling with back-to-back increases of three-quarters of percentage point — a double-barrel monetary blast that could make a big impact on your finances. To be sure, the Fed has raised rates in consecutive months before, but two 0.75 percentage-point hikes in a row "is pretty extraordinary," noted Matt Schulz, chief credit analyst at Lending Tree. The Fed hasn't hiked rates by a combined 1.5% percentage points in consecutive meetings since as far back as the 1980s.Today's hike marks the fourth rate increase this year, though inflation still h...