Live Updates: Inflation and Other Economic Updates

These household items have experienced significant price increases due to inflation

Whichever way you slice it, consumer prices have skyrocketed in 2022. On an annual basis, prices in March jumped 8.5%, the highest inflation rate in 40 years. . A perfect storm of supply chain issues, the war in Ukraine and the residual effects of $5 trillion in stimulus payments have resulted in a price spike that many Americans have never seen in their lives.

To capture the real effects of rising inflation, GOBankingRates analyzed data from the Bureau of Labor Statistics to see how much prices actually rose from April 2021 to April 2022, with seasonal adjustments.

Here’s a look at the household items that have seen the biggest price increases over the past year, presented in reverse order.

What prompted the World Bank to revise its global economic forecasts downwards?

The World Bank has drastically cut its forecast for global growth, saying that following the damage caused by the COVID-19 pandemic, the Russian-Ukrainian war has amplified the slowdown in the global economy – an economy that is entering this which could become a long period of low growth and high inflation (stagflation).

The World Bank’s latest report on the global economic outlook indicates that global growth is expected to decline to 2.9% in 2022, a steep drop from 5.7% growth in 2021 and significantly below 4 .1% that was expected in January. It should hover around this rate in 2023-2024.

To learn more, click here.

Are Wendy’s Hostile Takeover Rumors a Good Time to Buy Stock?

Around the world and throughout the crisis, it has been harder to be a woman during the pandemic than a man. According to a report by the United Nations Foundation, COVID-19 is “quickly undoing the limited, but valuable, progress the world has made towards gender equality over the past few decades.”

Read: COVID-19 has completely undone decades of progress for working women

Even without the virus, the world would have entered Women’s History Month 2021 with the dream of gender-based pay equity still exactly that – a dream. Then came COVID-19, which forced women out of work in higher percentages than men. Women were also more likely to have their hours reduced or their wages reduced and missed more opportunities to advance in their careers or earn more money.

To learn more, click here.

Were stimulus checks the cause of current inflation?

More than $1 trillion has been distributed through direct stimulus payments and advanced child tax credits during the 2020-21 pandemic. Trillions of additional dollars have been sent indirectly through improvements to programs like SNAP. Shortly thereafter, prices began to rise across the economy, and shortly thereafter inflation rose at its fastest pace in 40 years.

While it’s easy to draw a straight line of cause and effect between the two events, the connection is a little murkier than that. While these economic payments surely fueled the fire of inflation, they were certainly not the root cause.

To learn more about the relationship between stimulus checks and current inflation rates, click here for the full article.

Could the chilli shortage lead to increased costs for Sriracha?

Sriracha maker Huy Fong said in a letter to consumers that “due to weather conditions affecting the quality of chillies, we are now facing a more serious shortage of chilli.”

“Therefore, all orders submitted on or after April 19, 2022 will be scheduled AFTER Labor Day (September 6, 2022) in order of receipt. Also, if you have provided us with a purchase order and have not received confirmation, it will be suspended until September 2022. We understand this can cause issues.

So far, no word has been given as to whether or not price increases will follow once Sriracha becomes available again.

To learn more about the shortage and what is being done to curb inflation, click here.

Hotel prices are inflating, especially in these major US cities

With summer travel plans on the rise, gas prices and flights aren’t the only costs that are skyrocketing due to inflation.

According to hotel market data provider STR, hotel prices have risen about 33% in the United States over the past year, based on national averages for April and May. But the price increases are much higher in several major cities including San Francisco, New York and Chicago.

Get specific details on the cost increases by reading the full article here.

The Senior Citizens Inflation Relief Act and its relationship to Social Security

As consumer prices and inflation reach 40-year highs and Social Security’s cost of living adjustment (COLA) lags, retiree benefits are stretched to the limit.

A new bill called the Senior Citizens Inflation Relief Act, introduced in the House on May 10 by Rep. Bill Posey (R-FL), proposes to increase the amount of money seniors can earn while receiving benefits of social security. According to the bill, this would “temporarily increase the monthly exempt amount for 2022 and 2023 for persons below full retirement age, and for other purposes.”

To learn more about the benefits this bill could bring to Social Security recipients, click here.

To Balance Inflation, Here’s How Much Raise You Should Ask For

Even though inflation is historically high, the good news is that unemployment is historically low, making employers desperate to find (and keep) good workers. This, in turn, gives potential employees more bargaining power.

But how much should you ask?

The inflation rate in the United States has hovered around 8.3% to 8.5% in recent months, with some economists forecasting 9% before the end of the year. While the obvious solution is to ask for a salary increase of around 8.5% to keep up with inflation, that’s not always the best strategy, experts say.

To learn more, read the full article by clicking here.

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