The real-world effect of inflation is being felt by millions of Americans in vital areas like fuel, electricity and grocery bills, threatening to undermine consumer spending on discretionary goods.
in January, rising to 7.5% from a peak of 7% in December, according to government data released Thursday.A Moody's report last month estimated the average family was spending $250 more per month due to excess inflation, even before the new monthly figures.For a family of four on a "thrifty" budget, food cost an average ofin December, up from $671 a year earlier, according to the most recent figures published by the Department of Agriculture.
Real average weekly earnings — a figure accounting for inflation's impact — fell 3.1% in January, compared with a year earlier.There are "some encouraging signs underneath the hood that recent upward pressure from goods shortages is fading," Capital Economics U.S. economist Andrew Hunter wrote. One such area is new vehicle prices, which were flat last month against December after rising more than 1% per month since June.Go deeper
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US inflation expectations seesaw near weekly top with eyes on CPI dataUS inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data, add to the market’s anxi
Read more »
Stock Futures Rise Slightly Ahead of Key Inflation DataU.S. stock futures rose slightly on Wednesday night ahead of key inflation data due Thursday morning.
Read more »
Your Super Bowl party will be much more expensive this yearInflation is coming for your Super Bowl party, but it has spared some favorites more than others.
Read more »
Con Edison bills surge in January, prompting outcry from New YorkersConEd customers are crying foul as energy bills double, in another layer of inflation nation.
Read more »
The inflation dilemma: Wait it out, or cause a recessionWant to bring down inflation? The great dilemma is this: The only real options are to be patient, or cause a recession.
Read more »
Dow Plunges 500 Points As ‘Market Anxiety’ Returns After Latest Inflation SurgeThe stock market plunged on Thursday after a worse-than-expected inflation reading—with consumer prices spiking 7.5% in January—raised investor concerns that the Federal Reserve could tighten monetary policy too quickly and send markets into a tailspin.
Read more »