Original Story: August 11, 2021
White House Press Secretary Jen Psaki addressed growing concerns regarding rising prices across the United States this week; admitting that inflation will likely “go up a bit” in the months ahead.
“We take inflation incredibly seriously. We watch it closely. The Federal Reserve, who has the purview, has predicted or put out a forecast that we expect it to go up a bit this year. We’ve long anticipated that,” said Psaki.
.@PressSec Jen Psaki: "We take [inflation] seriously. We watch it closely. The Federal Reserve, who has the purview, has predicted or put out a forecast that we expect it to go up a bit this year. We've long anticipated that." https://t.co/byqFT8saZe pic.twitter.com/AQyI0D6DfT
— The Hill (@thehill) August 11, 2021
Global chicken supplier Tyson Foods confirmed this week the company will be forced to raise prices to “keep up with inflation” as the economy struggles to recover from the global COVID-19 pandemic.
“Tyson Foods Inc (TSN.N) cannot increase prices for chicken and prepared foods fast enough to keep pace with rising costs for raw materials like grain, Chief Executive Donnie King said on Monday, after the company reported higher-than-expected quarterly earnings,” reports Reuters.
“Tyson increased its average price for pork by 39.3% in the last quarter, while it raised beef and chicken prices 11.6% and 15.6% respectively. Sales volumes also increased,” adds the global news agency.
— Reuters (@Reuters) August 9, 2021
The inflation rate in the United States jumped to 5.4% in June as prices for consumer goods soared; posting the fastest pace since 2008 while the economy struggles to recover from the COVID-19 shutdown.
“The Labor Department said last month’s consumer-price index increased 5.4% from a year ago, the highest 12-month rate since August 2008. The so-called core price index, which excludes the often-volatile categories of food and energy, rose 4.5% from a year before,” reports the Wall Street Journal.
U.S. consumer prices rose 5.4% in June from a year ago, keeping inflation at the highest annual rate in 13 years as the economic recovery gained steam https://t.co/HbP9VXcWMp
— The Wall Street Journal (@WSJ) July 13, 2021
“The index measures what consumers pay for goods and services, including clothes, groceries, restaurant meals, recreational activities and vehicles. It increased a seasonally adjusted 0.9% in June from May, the largest one-month change since June 2008. Prices for used cars and trucks leapt 10.5% from the previous month, driving one-third of the rise in the overall index, the department said. The indexes for airline fares and apparel also rose sharply in June,” adds the newspaper.
Read the full report here.
CARTER 2.0: Southeast Gas Stations Ration Fuel, Cars Line-Up, Drivers Wait for Hours
Americans in the southeastern section of the country had flashbacks of the 1979 Oil Crisis this week when gas stations began rationing fuel in the aftermath of a major cyberattack against a pivotal pipeline.
“The closure of the 5,500-mile Colonial Pipeline, which carries more than 100 million gallons of fuel from Texas to New Jersey each day, has stretched into its fifth day,” reports the New York Post.
“It sparked wild scenes of panic buying across Georgia, Florida, Virginia and South Carolina — with North Carolina Gov. Roy Cooper and Georgia Gov. Brian Kemp even declaring states of emergency in their areas. Kemp also issued an executive order suspending Georgia’s gas tax through Saturday to help offset the costs of higher fuel prices,” adds the newspaper.
“I DON’T HAVE ANY GAS AND THE STATE OF NORTH CAROLINA DOESN’T HAVE GAS!! WHAT IN THE 2021 IS GOING ON !!” one panicked driver tweeted.
“I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said another.
Read the full report at the New York Post.
CARTER 2.0? Gas Runs Dry After Pipeline Cyberattack, Long Lines in NC, SC, FL, VA
A cyberattack against a major energy pipeline along the East Coast caused fuel shortages in states like Florida, Virginia, and South Carolina Tuesday as security experts scrambled to get the key piece of infrastructure back online.
“Drivers along parts of the East Coast are feeling the immediate effects of the shutdown of the Colonial Pipeline following a ransomware attack, reports CBS News’ Laura Podesta. Some waited an hour or more on lines at gas stations before filling up or learning the pumps had run dry,” reports CBS News.
— Chaunte' Turner (@ChaunteLive5) May 11, 2021
“It was unbelievable. When I was driving today, I thought it was a catastrophe coming! I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said one local in South Carolina.
Gas prices jumped six cents within 24 hours, raising the national average to nearly $3 per gallon.
“If this outrage goes past the end of the week … prices could spike pretty dramatically,” said Kevin Book of Clearview Energy Partners.
Read the full report here.