inflation

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October Inflation Report Pushes Dow Futures Way Up

Consumer inflation hit 7.7% from a year ago, the smallest gain since January

(Newser) - Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September,...

1.3 Million Diabetic Americans Forced to Ration Insulin

It can have serious if not deadly consequences

(Newser) - Nearly 30 million Americans have been diagnosed with diabetes, and over 7 million of them rely on a daily dose of insulin, including almost 1.9 million living with Type 1. For them, access to insulin is a matter of life and death, but as the Guardian reports, a recent...

'Take What You Get' on Turkeys This Thanksgiving

Inflation, supply chain issues, avian flu are pushing bird prices up, with no relief in sight

(Newser) - Just a few weeks ago, economists with the American Farm Bureau Federation warned that Americans should brace themselves for higher turkey prices this year heading into the holidays, blaming inflation and an outbreak of avian flu. Now, more recent numbers are in, and that dour outlook for the Thanksgiving dinner...

IRS Announces Record Boost for 401(k) Infusions

For 2023, you can deposit $22,500 to qualified retirement plans—up to $30K for those 50 and over

(Newser) - Good news for those who want to pump more money into their retirement savings: The IRS just raised the contribution limit on 401(k) plans for 2023, as well as for similar tax-deferred plans for public education workers, federal and state employees, and those who work for tax-exempt groups. That new...

Inflation-Adjusted Tax Rates Announced

Some could see lower tax rates in 2023

(Newser) - The Internal Revenue Service on Tuesday announced the adjustments that will be in effect for 2023 tax rates in response to soaring inflation, meaning some taxpayers could see a lower tax bill. As the New York Times reports, typically when tax rates are adjusted for inflation, the adjustments are "...

Macron Rivals, Nobel Laureate March Against Inflation

Demonstrators increase pressure on government

(Newser) - Thousands of protesters, including France's newly crowned Nobel literature laureate, piled into the streets of Paris on Sunday, in a show of anger against the bite of rising prices and pressure on the government of President Emmanuel Macron. The march for wage increases and other demands was organized by...

Social Security's COLA Increase Is the Biggest in 40 Years

It's 8.7% for 2023, but some say that's not enough to keep up with seniors' reality

(Newser) - The Social Security Administration just announced the biggest cost of living adjustment in four decades in response to record high inflation. The annual inflation adjustment for 2023 is 8.7%, compared to 5.9% for 2022, meaning the country's 70 million Social Security beneficiaries will see a monthly increase...

Annual 'Core' Inflation Sees Biggest Jump in 40 Years

6.6% over the past 12 months

(Newser) - Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains that many have received, and ensuring that the Federal Reserve will keep raising interest rates aggressively. Consumer prices rose 8.2% in September, compared with a...

Inflation Affects Walmart, Target Holiday Strategies

With prices going up, retailers expect shopping to start earlier

(Newser) - This fall, it won't just seem like the holiday shopping season is starting early. Walmart and Target on Thursday announced an earlier-than-normal launch as part of their holiday sales strategy. As CNN puts it, "Halloween is still a month away, but Walmart is ready for Christmas." Anticipating...

Social Security Checks Will Likely Get a Very Big Bump

Senior Citizens League now forecasts 8.7% cost-of-living adjustment

(Newser) - Update: When we last read the tea leaves in May, it was looking like seniors could be looking at an 8.6% adjustment to their monthly Social Security checks in 2023. The cost-of-living adjustment (COLA) happens in October, and with just one month to go, the predicted increase has ticked...

New Inflation Report Is an Unhappy Surprise

Consumer prices rise 0.1% in August, had been expected to decline

(Newser) - Investors were fully expecting good news from the new monthly inflation report out Tuesday. But instead of declining, prices actually rose in August. Which means the Federal Reserve is all but certain to forge ahead with an aggressive rate hike at its Sept. 20-21 meeting. Details:
  • Monthly rise: Prices rose
...

Cost to Raise a Child Now Tops $300K

Inflation has made parenting a greater financial burden, researcher says

(Newser) - Inflation's damage is being felt not just one loaf of bread or gallon of gas at a time, but in big-picture expenses—such as the cost of raising a child. A new Brookings Institution estimate puts the total for raising a child through age 17 at $310,605. The...

Lowe's Makes Big Move to Help Workers With Inflation

It's awarding $55M in bonuses for hourly employees

(Newser) - To help its hourly front-line workers amid historic inflation, Lowe's said on an earnings call Wednesday that it will be awarding $55 million in bonuses for them and offering limited-time employee discounts of as much as 20% on household and cleaning essentials, NBC News reports. "We will continue...

Wall Street Roars After Inflation Cools More Than Expected

Major indexes hit 3-month highs

(Newser) - Stocks closed at three-month highs on Wall Street Wednesday as investors cheered a report showing inflation cooled more than expected in July. The S&P 500 jumped 2.1% to 4,210.24 Wednesday on expectations that slower inflation will mean the Federal Reserve won’t hike interest rates as...

Finally, Skyrocketing Inflation Takes a Breather

Latest report shows it slipped from its 40-year peak, but it remains a high 8.5%

(Newser) - Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June, reports the AP . Consumer prices jumped 8.5% in July compared with a year earlier, the government...

Grocery Delivery Falls Off as Prices Rise

Inflation, premium charges drive consumers back to stores

(Newser) - Karen Raschke, a retired attorney in New York, started having groceries delivered early in the pandemic. Each delivery cost $30 in fees and tips, but it was worth that to avoid the store. Then this spring, Raschke learned her rent was increasing by $617 per month. Delivery was one of...

Inflation Surged 9.1% in June, Even More Than Expected

Economists were expecting a 40-year high of 8.8%

(Newser) - The consumer price index for June is worse than expected—and what was expected was bad. The CPI was up 9.1% year-over-year in June, above economists' prediction of 8.8%. Even that estimate was worse than May's 8.6%. The last time inflation was this high was in...

Is This Goodbye to the $1 McDonald's Soda?

Prices are going up at some locations

(Newser) - Sad news for fans of the seemingly ubiquitous $1 any-size McDonald's beverage: Inflation may be putting an end to it, or at least to its ubiquity. Franchisees tell the Wall Street Journal some owners have decided to get rid of the dollar deal even though the fast food company...

Hospital Reminds Desperate Kenyans It Won't Buy Kidneys

Nation is deep into a cost of living crisis worsened by Russian blockade in Ukraine

(Newser) - With the price of food and other necessities soaring, a hospital has found it necessary to remind desperate Kenyans that they shouldn't try to raise money by selling an organ. "How much for my kidney?" is now the question most often posted to Kenyatta National Hospital, a Facebook...

Protest Demands Help With Soaring Prices

With bills rising more than pay, London marchers want government to help

(Newser) - Thousands of people marched through central London on Saturday in a protest over the soaring cost of living in Britain. Huge crowds flooded into the British capital for the rally to demand that the government do more to help people faced with bills and other expenses that are rising more...

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