U.S. inflation rose to 4.2 percent in May from 3.8 percent in April, reaching its highest rate since April 2023, according to data from the U.S. Bureau of Statistics.
Tag: inflation
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U.S. INFLATION WILL REACH 6 PERCENT THIS QUARTER, ANALYSTS SAY
The rate of U.S. inflation will reach 6 percent in this year’s second quarter, according to economists in the Federal Reserve Bank of Philadelphia’s 22 May Survey of Professional Forecasters.
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WAR’S ENERGY SHOCK WORSENS THE U.S. ECONOMIC DIVIDE
Since 28 February when the Iran War began, Americans have spent $45 billion more on gasoline and diesel fuel than they would have if fuel prices had remained at pre-war levels, according to data from the U.S. government and the Oil Price Information Service.
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U.S. INFLATION REACHED 3.3 PERCENT IN MARCH WHILE GROWTH SLOWED
In March, U.S. inflation jumped 0.5 percent from February to an annual rate of 3.3 percent, the U.S. commerce department reported. Core inflation – which filters out the costs of energy and food – rose to an annual rate of 2.6 percent, according to the U.S. Bureau of Labor Statistics.
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ECONOMIC UPDATE
As we continually note, there is no connection between Wall Street and Main Street.
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MORTGAGE RATE REACHES 6.46 PERCENT
Last week, the U.S. national average interest rate on a 30-year fixed-rate mortgage climbed to 6.46 percent, rising from 6.38 percent the week before to its highest level since September.
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U.S. RETAIL SALES OUTPACED INFLATION IN FEBRUARY
In February, U.S. retail sales made their largest month-on-month gain since August, rising 0.6 percent.
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ENERGY SHOCK WILL PUSH U.S. INFLATION TO 4.2 PERCENT, OECD SAYS
The energy price surge set off by the Iran War will drive U.S. inflation to 4.2 percent this year, the highest among G7 nations, according to a projection by the Organization for Economic Cooperation and Development (OECD).
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U.S. INFLATION STAYS FLAT IN FEBRUARY. THAT WAS BEFORE THE WAR.
In February, the annual U.S. headline inflation rate was 2.4 percent, the same as in January, the U.S. labor department reported. Core inflation, which ignores food and energy costs, was paced at 2.5 percent, aligned with economists’ expectations.
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CONSUMER PRICE INFLATION JUMPS IN CHINA
Prices for consumer goods in China increased 1.3 percent in February, year on year, from January’s 0.2 rise.