from Fox Business
Memorial Day Inflation: Travel, BBQ and Booze All Cost More This Year
by Derek Saul
Forbes
Inflation may be more palatable than years past heading into this Memorial Day Weekend, but some of the most essential items for the unofficial kickoff of summer 2024 continue to burn a hole in Americans’ wallets.
Key Facts
– Inflation is sure to be a topic of discussion at Memorial Day barbecues nationwide later this month, with inflation now running at a hard-to-stomach 6% annualized rate over the last three years after coming in at 3.4% in April.
– Though inflation is far better than April 2023’s 4.9% and April 2022’s 8.3%, it’s far above the historical average of about 2%.
Four Ways Inflation Will Impact Your Summer Travel and Spending
by Madeline Duley
Yahoo! Finance
How Inflation Will Impact Your Summer Travel
With inflation continuing to rear its ugly head, take a look at its impact on Americans’ summer vacation budgets and the strategies you can employ to save money this summer.
Latest Inflation Figures Are Good News – Even if They Give a Lot of People Heartburn
by Christopher Decker
The Conversation
The U.S. economy is slowing, but not crashing. In the dismal science, this is what counts as good news.
That’s the message I took away from the latest inflation data, released May 15, 2024, which showed U.S. consumer prices rising 3.4% in the 12 months to April 2024. This is down slightly from the 3.5% year-over-year increase reported in March 2024.
In other words, while prices are rising, they’re not going up as sharply as they once were. That’s good news for shoppers; the U.S. economy is far from the 9.1% annual inflation seen in June 2022.
Barkin Says Fed Needs ‘Little Bit More Time’ to Lower Inflation
by Steve Matthews and Amara Omeokwe
BNN Bloomberg
(Bloomberg) — Federal Reserve Bank of Richmond President Thomas Barkin said the US central bank needs to keep borrowing costs elevated for longer to lower inflation to its 2% target, citing higher prices in the services sector.
Barkin in a CNBC interview said US demand will need to slow a bit to get inflation to the Fed’s goal, noting goods inflation has come down significantly as supply chains have healed.
“To get to 2% sustainably in the right kind of way, I just think it’s going to take a little bit more time,” he said Thursday. “I still think there’s just a lot of movement on the services side and it’s going to take a little bit of time. I do believe we are on the right path here.”
Import Prices Unexpectedly Surge Higher, Raising Inflation Alarms
by John Carney
Breitbart.com
In a trend that underscores the intransigence of high inflation in the U.S., the cost of imported goods rose in April for the fourth month in a row, marking the fastest pace of increasing import prices in two years.
The Department of Labor’s import-price index surged 0.9 percent last month, government data showed Thursday. This was three times higher than what was expected.
The broad-based increase was not limited to energy, as import prices excluding fuel also climbed by 0.7 percent.
Import prices for nonfuel industrial supplies and materials jumped 3.0 percent in April, marking the largest monthly increase since March 2022. April’s rise follows a 1.1 percent advance in March, driven primarily by higher prices for agricultural products.
Don’t Give Biden a Pass on Inflation. Don’t Give Trump a Pass On Covid.
Will the real president of the United States during the years 2020 through 2022 please stand up?
by Eric Boehm
Reason.com
President Donald Trump oversaw the implementation of COVID-19 lockdowns. President Joe Biden presided over the worst period of inflation in more than four decades. Those are the facts.
But they are both highly inconvenient facts for the two deeply unpopular old men running for president this year. Both would likely prefer the American public to believe that the office of the presidency was vacant from the start of the pandemic through the summer of 2022 when inflation peaked at an astonishing annualized rate of 9.1 percent.
Biden is now pushing that retconning of reality to new levels. On Tuesday, in an interview with Yahoo Finance, Biden claimed that inflation was “at 9 percent when I came in, and it’s now down around 3 percent.” As The Washington Post notes, this is at least the third time in recent weeks that Biden has blatantly fibbed about the rate of inflation when he took office.
April CPI: Worst Good News Ever
by Mike Maharrey
GoldSeek
The monthly rise in prices based on the Consumer Price Index (CPI) came in slightly lower than projected, sending a wave of euphoria across the financial landscape.
The consensus is cooling inflation puts Federal Reserve interest rate cuts back on the table.
The Dow Jones, S&P 500, and the NASDAQ all hit record highs after the data came out on Wednesday. A CNN headline called the CPI report “encouraging” and an analyst from CIBC Private Wealth US told CNN the data “supports a Fed rate cut in the fall.” Yahoo Finance called it a “soft reading on consumer prices.”
It was great news, except it wasn’t.
April’s Disinflation Delivery
by Alexander W. Salter
The American Institute for Economic Research
Although inflation remains high,disinflation continued in April. The Bureau of Labor Statistics reported the Consumer Price Index (CPI) increased 0.3 percent last month, for a year-over-year change of 3.4 percent. The Core CPI, which excludes volatile food and energy prices, also rose 0.3 percent on the month and 3.6 percent year-over-year.
On a continuously compounded annualized basis, consumer price inflation fell for the second straight month. Headline CPI inflation was 5.3 percent in February and 3.7 percent in April. Core CPI inflation, which held steady from February to March, declined from 4.3 to 3.5 percent. We are still a ways away from the Federal Reserve’s 2-percent goal. But at least we’re heading in the right direction again.
U.S. Wholesale Inflation Just Hit Its Highest Rate in a Year
by Alicia Wallace
CNN
Americans already contending with persistent and stubbornly high inflation just got more unwelcome news on Tuesday: There are more price hikes likely coming down the pike.
Wholesale inflation picked up in April to its highest rate in a year, according to Bureau of Labor Statistics data released Tuesday.
The Producer Price Index, which measures the change in prices that manufacturers pay to suppliers, was 2.2% for the 12 months ended in April, according to Bureau of Labor Statistics data released Tuesday.
That gain is higher than what was seen in March, which was downwardly revised from 2.1% to 1.8%.
Fact Check: White House Tries to Justify Biden’s Lies On Inflation
by John Carney
Breitbart.com
Claim: Biden’s false claim about inflation was really just making the point that the causes of inflation were already in place when President Joe Biden took office.
Verdict: False and misleading.
White House Press Secretary Karine Jean-Pierre on Wednesday said that President Joe Biden’s false claim that inflation was at nine percent when he took office was intended to point out that the causes that led to inflation reaching that high were in place when he took office in January of 2020.