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    US Inflation Jumped 7.5% In The Past Year, A 40

    Consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982.

    US Inflation Jumped 7.5% In The Past Year, A 40-Year High

    The Labour Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982.

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    Updated: 10 Feb 2022 7:50 pm

    Inflation soared over the past year at its highest rate in four decades, hammering America's consumers, wiping out pay raises and reinforcing the Federal Reserve's decision to begin raising borrowing rates across the economy.

    The Labour Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982.

    Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year. When measured from December to January, inflation was 0.6%, the same as the previous month and more than economists had expected. Prices had risen 0.7% from October to November and 0.9% from September to October.

    There are few signs that inflation will slow significantly anytime soon. Most of the factors that have forced up prices since last spring remain in place: Wages are rising at the fastest pace in at least 20 years.

    Ports and warehouses are overwhelmed, with hundreds of workers at the ports of Los Angeles and Long Beach, the nation's busiest, out sick last month. Many products and parts remain in short supply as a result. The steady surge in prices has left many Americans less able to afford food, gas, rent, child care and other necessities.

    More broadly, inflation has emerged as the biggest risk factor for the economy and as a serious threat to President Joe Biden and congressional Democrats as midterm elections loom later this year. The Fed and its chair, Jerome Powell, have pivoted sharply away from the ultra-low-interest rate policies that the Fed pursued since the pandemic devastated the economy in March 2020.

    Powell signalled two weeks ago that the central bank would likely raise its benchmark short-term rate multiple times this year, with the first hike almost surely coming in March. Investors have priced in at least five rate increases for 2022. Over time, those higher rates will raise the costs for a wide range of borrowing, from mortgages and credit cards to auto loans and corporate credit. For the Fed, the risk is that in steadily tightening credit for consumers and businesses, it could trigger another recession.

    Many large corporations, in conference calls with investors, have said they expect supply shortages to persist until at least the second half of this year. Companies from Chipotle to Levi's have also warned that they will likely raise prices again this year, after having already done so in 2021. Chipotle said its increased menu prices by 10% to offset the rising costs of beef and transportation as well as higher employee wages.

    And the restaurant chain said it will consider further price increases if inflation keeps rising.

    स्रोत : www.outlookindia.com

    Us Inflation rate: US inflation jumped 7.5% in the past year, a 40

    Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation leaping in the past year. And there are few signs that it will slow significantly anytime soon.

    US inflation jumped 7.5% in the past year, a 40-year high

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    US inflation jumped 7.5% in the past year, a 40-year high

    APLast Updated: Feb 11, 2022, 11:39 AM IST

    Share Font Size Save Print 2Comment Synopsis

    Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation leaping in the past year. And there are few signs that it will slow significantly anytime soon.

    US inflation hits highest level in 40 years as prices rise 7.5% from 2021

    Washington: Inflation soared over the past year at its highest rate in four decades, hammering America's consumers, wiping out pay raises and reinforcing the Federal Reserve's decision to begin raising borrowing rates across the economy. The Labour Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982.

    The acceleration of prices ranged across the economy, from food and energy to apartment rents and electricity.

    When measured from December to January, inflation was 0.6%, the same as the previous month and more than economists had expected.

    Prices had risen 0.7% from October to November and 0.9% from September to October.

    Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation leaping in the past year. And there are few signs that it will slow significantly anytime soon.

    Wages are rising at the fastest pace in at least 20 years. Ports and warehouses are overwhelmed, with hundreds of workers at the ports of Los Angeles and Long Beach, the nation's busiest, out sick last month.

    Many products and parts remain in short supply as a result.

    Even when measured month to month, prices for a broad range of goods and services accelerated from December to January - and not just for items directly affected by the pandemic.

    Apartment rental costs rose 0.5% in January, the fastest pace in 20 years.

    Electricity prices surged 4.2% in January alone, the sharpest rise in 15 years, and are up 10.7% from a year earlier. Last month, household furniture and supplies rose 1.6%, the largest one-month increase on records dating to 1967.

    Food costs, driven by pricier eggs, cereal and dairy products, increased 0.9% in January.

    New car prices, which have jumped during the pandemic because of a shortage of computer chips, were unchanged last month but are up 12.2% from a year ago.

    The surge in new-car prices has, in turn, accelerated used-car prices; they rose 1.5% in January and are up a dizzying 41% from a year ago.

    The steady rise in prices has left many Americans less able to afford food, gas, rent, child care and other necessities.

    More broadly, inflation has emerged as the biggest risk factor for the economy and as a serious threat to President Joe Biden and congressional Democrats as midterm elections loom later this year.

    The Fed and its chair, Jerome Powell, have pivoted sharply away from the ultra-low-interest rate policies that the Fed pursued since the pandemic devastated the economy in March 2020.

    Powell signalled two weeks ago that the central bank would likely raise its benchmark short-term rate multiple times this year, with the first hike almost surely coming in March.

    Investors have priced in at least five rate increases for 2022.

    Over time, those higher rates will raise the costs for a wide range of borrowing, from mortgages and credit cards to auto loans and corporate credit.

    For the Fed, the risk is that in steadily tightening credit for consumers and businesses, it could trigger another recession.

    Many large corporations, in conference calls with investors, have said they expect supply shortages to persist until at least the second half of this year. Companies from Chipotle to Levi's have also warned that they will likely raise prices again this year, after having already done so in 2021.

    Chipotle said it's increased menu prices 10% to offset the rising costs of beef and transportation as well as higher employee wages. And the restaurant chain said it will consider further price increases if inflation keeps rising.

    "We keep thinking that beef is going to level up and then go down, and it just hasn't happened yet," said John Hartung, the company's chief financial officer.

    Executives at Chipotle, as well as at Starbucks and some other consumer-facing companies, have said their customers so far don't seem fazed by the higher prices.

    Levi Strauss & Co. raised prices last year by roughly 7% above 2019 levels because of rising costs, including labor, and plans to do so again this year. Even so, the San Francisco-based company has upgraded its sales forecasts for 2022.

    "Right now, every signal we're seeing is positive," CEO Chip Bergh told analysts.

    Many small businesses, which typically have lower profit margins than larger companies and have struggled to match their sizable pay raises, are also raising prices.

    The National Federation for Independent Business, a trade group, said it found in a monthly survey that 61% of small companies raised their prices in January, the largest proportion since 1974 and up from just 15% before the pandemic.

    स्रोत : economictimes.indiatimes.com

    US inflation jumped to 40

    The rise was propelled by increased prices for gas, food and housing in the sharpest spike since 1982

    US news

    This article is more than 6 months old

    US inflation jumped to 40-year high of 7.9% last month

    This article is more than 6 months old

    The rise was propelled by increased prices for gas, food and housing in the sharpest spike since 1982

    Edward Helmore and agencies

    Thu 10 Mar 2022 14.06 GMT

    US inflation surged again last month to a new 40-year high of 7.9%, propelled by surging costs for gas, food and housing.

    The February figures, the sharpest increase since 1982, are only a foretaste of higher prices to come as they do not factor in the impacts of the Ukraine war, Biden’s ban on Russian energy imports and tightened oil supplies that have sent prices at US gas stations and other energy commodities to record levels.

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    Even before the war further accelerated price increases, robust consumer spending, solid pay raises and persistent supply shortages had sent US consumer inflation soaring.

    Housing costs, which make up about a third of the government’s consumer price index, have risen sharply, with apartment vacancy rates reaching their lowest level since 1984.

    Economists predict inflation will keep rising – in the short term. “Given the spike in crude oil and gasoline prices since Russia’s invasion of Ukraine, it will climb well above 8% in March,” said Paul Ashworth at Capital Economics.

    “An eventual drop back in energy prices, gradually easing of supply constraints and more favourable base effects mean that March should be the peak, with both headline and core inflation falling to nearer 3% by the end of this year,” he added.

    The rise in the cost of energy – as much as 20% in March alone – is predicted to add 0.8 percentage points to the consumer inflation index.

    Food prices were also up 1.0% in February, caused in part by a severe drought in the West and South that translates to a 2.3% m/m increase in prices for fruit and vegetables. Crop prices on the world market are also surging as a result of the conflict in Ukraine, a region that is estimated to produce 12% of the world’s wheat.

    The cost of wheat, corn, cooking oils, fertiliser and metals, including aluminum and nickel – key Russian and Ukrainian exports – have also soared since the invasion.

    Highest US inflation in 40 years signals end of ultra-cheap money

    Read more

    “Inflation is not likely to roll over and begin to come down for several more months,” Michael Gapen, chief US economist at Barclays told Bloomberg. “This sets the stage for where we are now. And we need to see how long this conflict plays out and how disruptive the sanctions regime actually is.”

    The government’s report also showed that inflation rose 0.8% from January to February, up from the 0.6% increase from December to January.

    For most Americans, inflation is running far ahead of the pay rises that many have received in the past year. The disparity between the cost of living and wage growth has become the top political threat to president Joe Biden and congressional Democrats as the midterm elections draw closer.

    The US central bank is set to raise interest rates several times this year beginning with a quarter per cent hike next week.

    The Fed is also phasing out pandemic stimulus support in the bond markets, a move mirrored by the European Central Bank, which announced that it is scaling back stimulus plans sooner than anticipated as the Ukraine crisis drives up inflation expectations in the eurozone.

    On Wednesday, Riyadh US oil was down 12% to $108.70 a barrel, though still up sharply from about $90 before Russia’s invasion.

    If Europe were to join the US and the United Kingdom and bar Russian oil imports, analysts estimate that prices could soar as high as $160 a barrel.

    Even before Russia’s invasion, inflation was not only rising sharply but also broadening into additional sectors of the economy. Many prices have jumped over the past year because heavy demand has run into short supplies of items like autos, building materials and household goods.

    In the final three months of last year, wages and salaries jumped 4.5%, the sharpest such increase in at least 20 years. Those pay raises have, in turn, led many companies to raise prices to offset their higher labor costs.

    That pattern is akin to the “stagflation” dynamic that made the economy of the 1970s miserable for many Americans. Most economists, though, say they think the US economy is strong enough that another recession is unlikely, even with higher inflation.

    The Fed chairman, Jerome Powell, is keeping his options open. Last month, policy analysts were expecting a half-point interest rate rise, not the quarter point rise anticipated next week.

    Topics US news Inflation Economics news Reuse this content

    स्रोत : www.theguardian.com

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