Friday, October 7

Tag: inflation

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...
Add Rent to the Rising Costs Bedeviling Small Businesses | Business News
Business

Add Rent to the Rising Costs Bedeviling Small Businesses | Business News

By MAE ANDERSON, AP Business WriterNEW YORK (AP) — The rent has come due for America’s small businesses and at a very inopportune time.Landlords were lenient about rent payments during the first two years of the pandemic. Now, many are asking for back rent, and some are raising the current rent as well. Meanwhile, most of the government aid programs that helped small businesses get through the pandemic have ended while inflation has sharply pushed up the cost of supplies, shipping, and labor.Martin Garcia, owner of gift and décor store Gramercy Gift Gallery in San Antonio, Texas, survived the first part of the pandemic in part by paying his landlord whatever rent he could each month. Then in August 2021, after the federal moratorium on evictions ended, his landlord asked for the full amoun...
Burgers taking a bigger bite out of holiday barbecue budgets
Business

Burgers taking a bigger bite out of holiday barbecue budgets

Like pretty much everything else, Fourth of July cookouts will be pricier this year.Ingredients for a home-prepared quarter-pound cheeseburger ran $2.07 in May, with ground beef accounting for $1.20 and cheddar cheese 35 cents, according to the U.S. Department of Agriculture. That's 11.3% higher than the $1.86 it cost for the same burger last year, the USDA said.The retail price of ground beef is up 16.9% from 2021, and accounts for 17 cents of the added cost, while cheddar cheese and bread costs each rose about 1 cent per burger. The price of iceberg lettuce has jumped 23.3% from a year ago, but adds only 2 cents to the total, according to the agency. Cost of a home-grilled cheeseburger up 21 cents from 2021 U.S....
Biden Launches Indo-Pacific Trade Deal, Warns Over Inflation | Business News
Business

Biden Launches Indo-Pacific Trade Deal, Warns Over Inflation | Business News

By JOSH BOAK and AAMER MADHANI, Associated PressTOKYO (AP) — President Joe Biden on Monday launched a new trade deal with 12 Indo-Pacific nations aimed at strengthening their economies as he warned Americans worried about high inflation that it was “going to be a haul” before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.Biden, speaking at a news conference after holding talks with Japan’s Prime Minister Fumio Kishida, acknowledged the U.S. economy has “problems” but said they were "less consequential than the rest of the world has.”He added: “This is going to be a haul. This is going to take some time," even as he rejected the idea a recession in the U.S. was inevitable.The comments came just before Biden's launch of the Indo-Pacif...