Wednesday, February 1

Tag: inflation

Business

Shoppers expected to spend more at small businesses this holiday season: “It looks more prosperous than last year”

The National Retail Federation estimates a record 166 million people will shop from Thanksgiving through Cyber Monday. Don Queen, who owns the store Classic Toys in Los Angeles, California, is gearing up for the holiday rush by stocking up his shelves with toys from the past. "It looks more prosperous than last year," Queen said.  A recent survey shows 63% of small retailers expect to see higher profits this holiday season, according to technology firm Capterra. It is estimated that more gift buyers are likely to shop on Small Business Saturday than Black Friday this year, according to Bankrate. The annual event dedicated to small businesses began in 2010. It's a welcome relief for mom-and-pop stores that cannot compete with sales at big box reta...
Opinion: Inflation has driven US politics before
Politics

Opinion: Inflation has driven US politics before

Editor’s Note: Meg Jacobs teaches history at Princeton University. Follow her on Twitter @MegJacobs100. The opinions expressed in this commentary are hers. Read more opinion on CNN. CNN  —  President Joe Biden stands accused of playing politics with petroleum. His opponents say the reason he is releasing millions of barrels of oil from the Strategic Petroleum Reserve is to bring prices at the pump down before the midterm elections. They might be right. As public opinion polls reveal, the economy appears to be the top issue for voters. As we approach the midterms, more and more candidates, especially in the GOP, are running on anti-inflati...
Skittles, Reese’s and other popular Halloween candies see price hike
Business

Skittles, Reese’s and other popular Halloween candies see price hike

Americans have felt the effects of high inflation on groceries, gas, rent and now, as Halloween approaches, candy. According to the National Retail Federation, people are estimated to spend more than $3 billion on Halloween candy this year.The 10 most popular candy brands, plus assortment bags, have seen an average price increase of 13% since 2021— with some sweets jumping more than 30%, according to the Datasembly Grocery Price Index.The highest price increases were Skittles at 42% and Starburst at 35%. Other candies with high price hikes included M&M's, with an increase of 14%, and Reese's, with an increase of 13%, Datasembly found. "If you have a busy house with lots of people trick-or-treating, you're definitely going to spend more," smar...
Canadian Conservatives elect “right-wing populist” Pierre Poilievre to lead fight against Justin Trudeau
Politics

Canadian Conservatives elect “right-wing populist” Pierre Poilievre to lead fight against Justin Trudeau

Pierre Poilievre, newly-elected leader of Canada's Conservative Party, speaks to the crowd after winning the leadership race during a Conservative Party of Canada leadership event at the Shaw Centre in Ottawa, Ontario, Canada, September 10, 2022. James Park/Bloomberg/Getty Toronto — Canada's opposition Conservative Party elected its go-to attack dog as its new party leader Saturday. Pierre Poilievre is a firebrand populist who opposes vaccine mandates and blames global inflation on Liberal Prime Minister Justin Trudeau. He won the party leadership on the first ballot, defeating a moderate, centrist candidate with 68% of the votes cast by the party's members. The 43-year-old P...
Travelers urged to take advantage of falling airline ticket prices, experts say
Business

Travelers urged to take advantage of falling airline ticket prices, experts say

Inflation finally slowed in July, a shift that could be due in part to declining fuel prices. That, in turn, appears to have corresponded to a drop in airfares, which are down 7.8% in July compared to June, according to the latest numbers released this week from the Labor Department.Flights from San Diego are $230 cheaper on average than the peak they reached in May, according to the travel site Hopper. Flights to Hawaii have dropped $154, and a flight to Prague will cost you about $300 less."I feel like it went up, but now it's going back to like normal prices," traveler Sharrie Scott said. Airline ticket prices peaked in May as pent-up pandemic demand filled planes and fuel prices soared. To find a deal, Ranada Young and her mom took a ridiculo...
Senate passes Democrats’ sweeping climate, health and tax bill, delivering win for Biden
Politics

Senate passes Democrats’ sweeping climate, health and tax bill, delivering win for Biden

Washington — The Senate on Sunday passed Democrats' sweeping economic package designed to combat climate change, address health care costs and raise taxes on large corporations, marking a crucial achievement for President Biden and his party as they look to maintain their hold on Congress in the November midterm elections.The plan, called the Inflation Reduction Act, cleared the upper chamber by a vote of 51 to 50 along party lines, with Vice President Kamala Harris providing the tie-breaking vote in the evenly divided Senate. Democrats used a fast-track legislative process known as reconciliation to pass the measure in the face of unanimous opposition from Republicans."It's been a long, tough and winding road but at last, at last, we have arrived," Senate Majority Leader Chuck Sch...
Federal Reserve hikes interest rates for the fourth time this year
Politics

Federal Reserve hikes interest rates for the fourth time this year

The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn.The latest increase brings the federal funds rate to between 2.25% and 2.50%, which is where it was at its most recent high in summer 2019 before the coronavirus pandemic. This marks the fourth interest rate hike of the year as consumer prices have risen at the fastest pace in more than 40 years. Five months ago, the federal funds rate was near zero percent. At its June meeting, the Federal Open Market Committee raised the federal funds rate by...
Republican campaign ads hammer Democrats on inflation
Politics

Republican campaign ads hammer Democrats on inflation

Each month brings new 40-year highs in inflation and this year has seen spiking prices at the pump, in the grocery store and in housing — a fact that has not escaped the notice of Republicans hoping to parlay those numbers into election victories in the fall. One avenue Republicans are taking is advertising: Republican lawmakers, candidates and conservative groups have been hammering Democrats with advertisements over the airwaves and online about inflation. "Liberals spent trillions on a wasteful spending bill, and now we face record inflation," the narrator said in an ad by the American Action Network. A National Republican Senate Committee ad slapped a price tag on the inflationary costs Americans are paying in Wisconsin, where Sen. Ron Johnson is running for reelection: "$5,000...
Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News
Business

Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News

By JOE McDONALD, AP Business WriterBEIJING (AP) — Asian stock markets rose Thursday after higher U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth.Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street futures edged lower. Oil prices advanced.Wall Street's benchmark S&P 500 index lost 0.4% on Wednesday after data showed U.S. consumer inflation accelerated to 9.1% in June over a year earlier from May's 8.6%. That was despite three rate hikes this year by the Federal Reserve.Investors worry aggressive action by the Fed and other central banks to cool inflation that is at four-decade highs might derail global growth.Political Cartoons“Growth fears are hitting the markets harder than inflation concerns,” said Stephen Innes of SPI Ass...
“Greedflation”: Is corporate profit-taking driving prices higher?
Business

“Greedflation”: Is corporate profit-taking driving prices higher?

At Sugar Hill Creamery, in Harlem, the hand-made ice cream will cost you more these days, because, according to owner Petrushka Bazin Larsen, everything costs her more. "Everything is going up, from dairy, milk and cream, to just our cups," she told correspondent David Pogue. "Costs me more to get the cups here than it is for the cups. Do you know what I'm saying? The freight charges are gastronomical!"No matter what business you're in, your costs have gone up, for all kinds of reasons. For Dariusz Paczuski's vodka company, Rocket Vodka, the costs of the glass itself, "depending on the size of the bottle, are up 17% to 25% on the larger size bottles."At Caroline Morris' gift shop, Kimman's Co., she said, "My vendors, where they might have paid $3,000 for a container for shipping, a...