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.
Tyson Foods raises prices, scrambles to keep up with inflation https://t.co/KoCCPpEQ8D pic.twitter.com/hsep6tDJee
— 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.
BIDEN'S INFLATION NATION: Inflation Rate Jumps, Highest Since 2008, Prices Up 5.4% in June
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 PART II: Border Encounters Hit ‘New Monthly High’ as Inflation Hits Levels Not Seen in 28 Years
Two new reports released Thursday spell big trouble for the Biden administration as the number of “border encounters” and inflation each reach record highs.
“Border officials encountered the highest number of people seeking to cross the U.S.-Mexico border this year in May, with encounters hitting 180,034, up slightly from 178,854 in April,” reports the Hill.
NEW: Border encounters hit new monthly high https://t.co/7g7rKoVU3R pic.twitter.com/ltgIdvRmST
— The Hill (@thehill) June 10, 2021
New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.
“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.
BREAKING! US Headline #Inflation rose to 5.0% in May, beating expectations. Core #CPI up to a whopping 3.8%, highest since 1992! pic.twitter.com/CNBQQkupJq
— jeroen blokland (@jsblokland) June 10, 2021
“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”
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