from CNBC Television
Sixteen Nobel Prize-Winning Economists Worried Second Trump Term Could ‘Reignite’ Inflation
“We all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s”
by Charisma Madarang
Rolling Stone
Sixteen Nobel prize-winning economists released a grave warning in a joint letter on Tuesday, detailing a potential economic fallout if former President Donald Trump wins the White House in November.
“We the undersigned are deeply concerned about the risks of a second Trump administration for the U.S. economy,” the letter began, which was published in full by CBS News. The economist wrote that it was imperative for the United States, which is “embedded in deep relationships with other countries,” to maintain “normal and stable relationships with other countries.”
Karine Jean-Pierre Claims Rampant Inflation Won’t Hurt Biden During First Debate
WH press secretary blames soaring inflation on COVID-19 pandemic and Ukraine conflict before falsely claiming prices have gone down.
by Jamie White
Info Wars
White House press secretary Karine Jean-Pierre insisted that the topic of inflation won’t bring down Joe Biden during the presidential debate against former President Donald Trump.
Jean-Pierre falsely claimed food costs have gone down since 2022 during her Tuesday appearance on MSNBC’s “Morning Joe”, blaming the COVID-19 pandemic for the elevated food prices.
“So, yes, eggs and milk and there are grocery things that were up, it has gone down,” Jean-Pierre said. “It has gone down since 2022.”
Inflation in Canada Throws Another Curveball: Core CPI Spikes Month-to-Month by Most Since 2022
by Wolf Richter
Wolf Street
It was obviously “unexpected.” But the Bank of Canada has been leery of this sort of mess showing up.
When the Bank of Canada cut its policy rates by 25 basis points earlier in June, it based that cut on the inflation rates that had cooled sharply, and it based further cuts on these trends continuing. But leery of just the sort of reversal inflation dished up today, BOC governor Tiff Macklem said at the press conference that future cuts would depend on two big Ifs: “If inflation continues to ease” (#1 IF), and if “our confidence that inflation is headed sustainably to the 2% target continues to increase” (#2 IF).
‘Difficult Decision’: Hooters Shutters Dozens of Locations as Inflation Plagues Consumers
[Ed. Note: This is not the America I grew up in.]
by Amy Furr
Breitbart.com
Hooters has closed dozens of locations as inflation continues choking people and businesses in President Joe Biden’s America.
A Hooters spokesperson told the New York Post on Monday, “Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision” to shut down some of its restaurants.
Approximately 40 of its 300 restaurants across the globe have been closed. However, the company has been opening locations for American consumers and others all over the world, while also offering its frozen foods on the shelves of grocery stores.
In May, analysis showed that inflation, the high cost of living, and the post-coronavirus lockdown landscape have made it difficult for restaurants in America to keep going, Breitbart News reported:
Americans Are Mad About Inflation. McDonald’s Just Admitted They Were Right.
After years of squeezing customers’ wallets, corporations are realizing that customers have reached a breaking point.
by Helaine Olen
MSNBC
McDonald’s new $5 Meal Deal debuts Tuesday. For the next month, customers can get a McChicken or a McBurger, four chicken nuggets, a side of fries and a small drink for less than the price of a single Big Mac. The highly publicized, limited-time promotion seems to mark a change in the battle over inflation — and it’s a sign that, finally, people — and the government — are successfully fighting back against rising prices.
Yes, the inflation rate in the U.S. is slowing. In May, prices were up 3.3% from a year earlier, down from 4% from May 2022 to May 2023 and a steep drop from the 8.6% jump from May 2021 to May 2022. But many people still tell pollsters the cost of living is much too high. Consumers continue to cut back where they can. Overall retail sales are increasingly lackluster, and — crucially for McDonald’s — visits to restaurants are in decline.
Inflation: Where We Are Now (Part II)
by Kelsey Williams
GoldSeek
NOTE: Part of the article I posted did not show up in the referral link sent with the standard email announcement. The text below is everything that followed the CPI bar chart.
Inflation – How It Started And Where We Are Now
continued…
We can see on the chart that the annual CPI rate is under 5% almost eighty percent of the time and that prices actually dropped about ten percent of the time (red years 1920’s, 1930’s). The potential for volatility increases, though, because of the cumulative effects of inflation.
CUMULATIVE EFFECTS OF INFLATION
The first year pictured on the chart is 1914, one year after the inception (1913) of the Federal Reserve. Prices rose by one percent in 1914, followed by a rise of almost two percent in 1915.
Monmouth Poll: 87% Say Biden’s Policies Hurt, Had No Impact On Rising Costs
by Wendell Husebo
Breitbart.com
Eighty-seven percent of Americans believe President Joe Biden’s policies either hurt or had no impact on inflation, the number one issue among respondents, a Monmouth University poll found this week.
Under Biden’s leadership, costs soared across the board by about 20 percent. The increased cost of goods appears to be a top reason Biden is losing support among demographics that typically vote Democrat.
The pollster asked respondents, “Thinking about this most important concern, have the actions of the federal government over the past six months helped, hurt, or had no real impact on this concern?”
What to Expect from June’s Inflation Data
by Simon Moore
Forbes
U.S. Consumer Price Index data for June is expected to further confirm cooling inflation. This could lend support to a potential interest rate cut from the Federal Open Market Committee later in 2024.
Nowcast Inflation Projections
Nowcasts as modeled by the Federal Reserve Bank of Cleveland suggest that the monthly increase in headline CPI inflation for June will be 0.08% and that core CPI inflation, removing food and energy, will be 0.28%.
Turning to Personal Consumption Expenditures inflation data, which the FOMC prefers, but is released later in the m0nth, the expectation is for 0.09% monthly PCE inflation and for 0.21% for core monthly PCE inflation.
How Much Purchasing Power Will We Have in the Next Five Years?
by Nicholas Rizzo
MoneyWise
The last three years have seen an average annual inflation of 5.6%, the highest three year average inflation rate since the early 1980s recession.
With this in mind, we looked at data from the Bureau of Labor Statistics (BLS), the Federal Housing Finance Agency (FHFA) and Redfin to find out how far salaries have kept up with inflation over the last five years, and how much money we will have in our pockets in the next five years if things carry on in the same direction.
Experts: What is Causing Food Prices to Spike Around the World?
by Giuliana Viglione
Carbon Brief
Spiking food prices have made headlines around the world this year, from eggs in the US to vegetables in India.
The UN Food and Agriculture Organization’s Food Price Index has been slowly increasing over the past six months following declines over much of 2023.
For example, the price of orange juice concentrate in the US was 42% higher in April than it was a year ago, while the price of fresh orange juice in the UK has risen 25% over the last year.
In Greece, the price of olive oil rose by nearly 30% over 2023 and by more than 63% in April of this year.
No single factor alone can explain the rising prices.