If it seems as if you’re paying more for everyday items, your suspicions are correct.
As inflationary rates hit a 13-year high in the U.S., many companies are raising prices to offset higher costs for materials such as aluminum and lumber, in addition to rising prices for gas and vehicles.
According to AAA, gas prices are averaging $3.15 per gallon, the highest in at least seven years.
Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen and the White House say the inflation trend is temporary, but corporate chieftains aren’t waiting for the final verdict: They’re already taking action in the form of price hikes.
Yellen to Congress: Raise the debt ceiling or risk irreparable harm
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Yellen to Congress: Raise the debt ceiling or risk irreparable harm
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Parents Believe Their Kids Will Be Worse Off Financially By Giulia Campos Learn new skills or hone existing ones with these online learning platforms.
One of the outgrowths of the pandemic is a bleak outlook on the long-term economy. According to a report Wednesday from the Pew Research Center, almost 70% of American parents believe their children will be worse off financially.
The global assessment surveyed 18,850 adults in 17 countries with major advanced economies. The U.S. ranked sixth in pessimism towards children’s financial futures, tied with Canada and falling behind Japan, France, Italy, Spain and Belgium.
In the past 16 months, children saw their classes transition from their brick-and-mortar schools to the virtual world. As a result, students faced varied challenges, from rising rates of depression and anxiety to the loss of student learning.
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Worries over rising prices on everything from cars to plane tickets to washing machines are overblown for now, a senior Bank of America Merrill Lynch economist said Wednesday.
Michelle Meyer, the head of U.S. economics at Bank of America Global Research,
told a webinar hosted by the Wall Street bank and its Merrill Lynch wirehouse unit that “thus far, most of the evidence suggests the inflation spike we’re seeing is temporary.”
The Labor Department
reported last week that in June, U.S. consumer prices rose the most in 13 years, with the consumer price index jumping 0.9% on a seasonally-adjusted basis, the biggest one-month gain since June 2008. That’s compared with a 0.6% rise in May. In the 12 months since June 2020, all prices have risen an average 5.4% before seasonal adjustment, the most since August 2008.