The U.S. economy grew by 1.6 percent in this year’s first quarter, adjusted for inflation, the commerce department reported.
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SOARING CAR INSURANCE PREMIUMS ARE DRIVING INFLATION
The cost of car insurance rose 2.7 percent in March and has shot up 22.2 percent year on year, CNBC reported. Car insurance makes up 2.85 percent of the Consumer Price Index.
U.S. INFLATION RAN AT 3.2 PERCENT IN FEBRUARY
In February, consumers paid 3.2 percent more for goods and services than they did a year earlier and 0.4 percent more than in December, the U.S. Bureau of Labor Statistics (BLS) reported last week.
EUROZONE INFLATION SLOWS TO 2.6 PERCENT IN FEBRUARY
Prices inflated by 2.6 percent in February across the 20-country Eurozone, slipping from January’s 2.8 percent and coming closer to the European Central Bank’s (ECB’s) 2-percent target.
FED’S FAVORITE INFLATION MEASURE FALLS: WILL INTEREST RATES FALL?
The Personal Consumption Expenditures Index (PCE), the U.S. Federal Reserve’s most closely watched inflation indicator, slowed to an annual rate of 2.4 percent in January, matching analysts’ expectations and within a short reach of the central bank’s 2-percent overall inflation target.
ARGENTINA’S INFLATION REACHES 254 PERCENT
Argentina’s inflation rate climbed to 254 percent in January, year on year, although the month-to-month increases have slowed recently, the government reported on 14 February.
NO INFLATION? COST OF OWNING AND OPERATING A CAR KEEPS RISING
The annual cost to own, insure, fuel, and maintain a new car climbed to $12,182 in 2023 from $10,728 in 2022, according to AAA. Other expenses such as parking fees and road tolls were additional factors that boosted the cost.
WAGE GROWTH MAY SLOW INFLATION’S FALL, DELAY ECB RATE CUTS
The Eurozone’s annual rate of wage increases rose to 4.7 percent in 2023’s third quarter, the fastest pace in the common currency’s 25-year history, the Financial Times reported.
EUROZONE INFLATION CREEPS CLOSER TO 2-PERCENT TARGET
Headline inflation in the 20-nation Eurozone ticked down to 2.8 percent last month after notching 2.9 percent in December, coming closer to the European Central Bank’s (ECB’s) 2-percent target, the zone’s Eurostat statistics agency reported.
MOST OF RECENT INFLATION DUE TO CORPORATE GREEDFLATION
In 2023’s second and third quarters, 53 percent of inflation was due to corporations jacking consumer prices to protect profits, according to a study by think tank Groundwork Collaborative (GC), which claims “resounding evidence” for the allegation.