The Consumer Price Index (CPI) increased 0.6% in January, bringing the key inflation indicator’s year-over-year increase to 7.5%, the U.S. Bureau of Labor Statistics (BLS) reported.
The CPI remained at its near four-decade high throughout January, growing 7.5% on a year-over-year basis, the BLS reported Wednesday. Economists surveyed by The Wall Street Journal projected the index would rise around 7.2%.
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Thursday morning on The Tennessee Star Report, host Leahy welcomed Fox contributor and finance Wall Street expert Liz Peek to the newsmakers line to weigh in on the economic outlook for America.
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Senator Mark Kelly (D-AZ) on Thursday introduced a bill to suspend the federal gas tax through the end of the year, amid surging prices due to inflation.
The legislation, known as the Gas Prices Relief Act, would terminate the 18 cents per gallon gas tax that individuals pay, temporarily lowering the prices for consumers.
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Wednesday morning on The Tennessee Star Report, host Leahy welcomed State Representative Jerry Sexton from Bean Station in studio to talk about his district changes and State of the State Address.
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Wednesday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Crommentary.
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The cost of living is skyrocketing in certain “migration destination” cities where those fleeing mostly blue states are landing, according to a newly released report.
Redfin released the analysis, which shows that cities like Atlanta, Phoenix and Tampa have seen higher rates of inflation than the country overall. According to the report, those increases are “double the inflation rates in San Francisco and New York, places people are moving away from.”
“Migration into those places is one reason for rapidly rising prices of consumer goods and services,” Redfin said. “Because of high inflation, including rising home prices, the financial advantage of living in what are now relatively affordable places is likely to diminish.”
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Yet another key inflation marker has hit its highest rate in decades, newly released federal economic data show.
The personal consumer index, a key marker of inflation, rose about half a percent in December, adding to a total 5.8% increase in the previous 12 months, according to the Department of Commerce.
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“No, it’s a great asset. More inflation. What a stupid son of a bitch.”
That was President Joe Biden’s hot mic description of Fox News’ Peter Doocy on Jan. 24 after he asked “Will you take questions on inflation then? Do you think inflation is a political liability ahead of the midterms?”
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The International Monetary Fund (IMF) cut its global economic growth forecast for 2022 on Tuesday, citing growing COVID-19 cases, supply chain bottlenecks and soaring inflation.
The IMF now projects global gross domestic (GDP) product to grow 4.4% in 2022, down from 5.9% growth in 2021, according to the IMF’s World Economic Outlook report published Tuesday. The IMF projected global GDP would reach 4.9% in its Fall report.
“The global economy enters 2022 in a weaker position than previously expected,” the report said, blaming “downside surprises,” including soaring COVID-19 cases and turbulent markets.
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With both volatile markets and significant inflation in the mix, the Federal Reserve on Wednesday indicated that it may soon raise interest rates for the first time in more than three years.
“With inflation well above 2 percent and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the body said n a highly anticipated statement following its meeting.
The Federal Open Market Committee added that the central bank’s monthly bond-buying will proceed at just $30 billion in February, signaling that the program could come to an end in March as the interest rate increases.
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Orange juice prices are expected to soar in 2022 after inclement weather and citrus disease constrained the supply of oranges in the U.S. while demand surged during the pandemic, CNN Business reported.
Frozen orange juice futures climbed over 50% during the COVID-19 pandemic and reached a two-year high in January, according to CNN Business.
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Luxury car sales surged in 2021 while mainstream car companies struggled amid global supply chain disruptions and soaring inflation, The Wall Street Journal reported.
Luxury car brands, including Rolls-Royce, Bentley, Porsche and BMW, all reported record sales in 2021, the WSJ reported. Reduced international travel reportedly encouraged high-end car users to boost their vehicle purchases.
Meanwhile, the auto industry was crushed by supply chain bottlenecks and worsening chip shortages causing companies to curb production, the WSJ reported.
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Senator Ron Johnson (R-WI) responded to the recent spike in inflation, calling it a “tax on the middle class.” Johnson said in an interview with Fox News that “Biden and the Democrats have spent trillions to pay people to sit at home and not work.”
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Tennessee Senators Marsha Blackburn (R-TN) and Bill Hagerty (R-TN) both released statements this week after the U.S. Bureau of Labor Statistics reported that inflation in the U.S. had soared to its highest level since 1982 in December of 2021.
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The Producer Price Index (PPI), which measures inflation at the wholesale level, surged to 9.7% on a year-over-year basis as of December 2021, marking the highest rate in history, the U.S. Bureau of Labor Statistics (BLS) announced Thursday.
The BLS reported that the PPI grew 0.2% in December as prices continued to soar amid growing supply chain disruptions and COVID-19 concerns. As of November, the measure grew 9.6% on a year-over basis and 0.8% in that month alone.
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The Consumer Price Index (CPI) increased 0.5% in December, bringing the key inflation indicator’s year-over-year increase to 7%, the U.S. Bureau of Labor Statistics (BLS) reported.
The CPI soared to 7% on a year-over-year basis in December, the highest level in almost four decades, the BLS reported Wednesday. Economists surveyed by The Wall Street Journal projected the index would soar past 7.1% in December.
“There’s still a lot of scarcity in the economy. Consumers and businesses are in great financial shape, and they’re willing to pay up for more goods, more services and more labor,” Sarah House, director, and senior economist at Wells Fargo, told the WSJ.
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Despite the mainstream media hysteria over the Chinese coronavirus, a new poll shows that a broader swath of Americans continue to care more about inflation and other more direct economic issues.
As reported by the Washington Free Beacon, the poll was conducted by the Associated Press and the NORC Center for Public Affairs Research throughout the month of December, with its findings released on Monday. In the poll, 37 percent of Americans believe that the coronavirus should be the government’s top priority in 2022. Last year, that number was 53 percent.
Conversely, 68 percent believe the economy should be the top focus instead. Of those 68 percent, 14 percent specifically named inflation as a major issue; last year, only one percent of respondents worried about inflation, which has since risen to a 40-year high under Joe Biden’s watch.
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Federal Reserve Chairman Jerome Powell acknowledged Tuesday that high inflation is indeed a serious threat to the U.S. central bank’s goal of helping to get U.S. employees back to work.
He also said the Fed will raise rates higher than initially planned if needed to slow rising prices, according to the Associated Press.
“If we have to raise interest rates more over time, we will,” Powell told the Senate Banking Committee, which is considering his nomination for a second four-year term, the wire service also reports. “High inflation is a severe threat to the achievement of maximum employment.”
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Senator Bill Hagerty (R-TN) on Monday called for bipartisanship to address challenges facing Americans over the course of the new year.
In an opinion piece published by The Hill, Hagerty outlined issues, like historic inflation or the border crisis, and urged Democrats to work with Republicans to find solutions.
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It doesn’t take an economist to figure out that historically low interest rates, two rounds of stimulus payments, extended unemployment insurance, and unrestrained government spending will result in higher consumer demand, outstripping the supply of goods, especially since employment levels—and productivity—have not yet returned to pre-pandemic levels.
And yet, it has taken several months for the Federal Reserve and the Biden Administration to even admit what Americans have known for months: Inflation is real and far from transitory. Democrats started by gaslighting Americans, claiming that inflation is a “high class problem.” Then they tried to attribute the inflation to supply chain bottlenecks—never mind that Administration policy has contributed to those very same shocks. Now that the administration admits the obvious, though it’s kicked the political football back to the Federal Reserve. Meanwhile, Joe Biden falsely claims Build Back Better is positioned as the solution to inflation. In reality, pouring more money into this economy right now is the equivalent of pouring gasoline on the fire.
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Tuesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed local business owner, Greg Davidson of Music City Outdoors to discuss the effects of supply chain and inflation on small business.
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As the long year of 2021 finally came to a close, there were a number of truths Americans on the Left found themselves privately acknowledging but unable to say in public for fear of doing damage to their political cause, their own reputations, or their sense of security. But as 2022 advances, it will become even more difficult to hide these truths.
Collusion, RIP
No one wishes to speak of the “dossier” anymore. Everyone knows why: it was never a dossier. It was always a mishmash concoction of half-baked fantasies and outright lies, sloppily thrown together by the grifter and has-been ex-British spy and Trump hater, Christopher Steele—all in the pay of Hillary Clinton, the original architect of the collusion hoax.
Minnesota’s minimum wages increase 2.5% Jan. 1.
The increases are an adjustment for inflation.
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While gas prices have soared nationwide this year, average prices at the pump have remained among the lowest in Oklahoma and Texas, in part because they are significant oil and gas hubs for the nation.
The lowest current average regular gas prices per gallon are $2.822 in Oklahoma and $2.825 in Texas. Oklahomans have had the lowest prices nationwide throughout the surge of gas prices this fall, AAA reports. In the spring, Oklahoma’s average gas prices were the sixth-lowest in the nation.
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I have a pretty good track record on predictions. In March of 2020, I wrote, “Don’t write off Joe [Biden] . . . it’s clear he will run a close contest against President Trump.” Approximately two weeks into the pandemic, I wrote “If we wait until [there is] no death before we demand a return of our liberty, we will have lost everything to this pandemic.” Also in March of 2020, I wrote that, “The supply interruption of even a couple of months will cause shortages or price increases in items that have a significant effect on the formula for calculating inflation.” In June of 2019, a month before Trump’s Ukraine phone call, I suggested that the Justice Department would use criminal prosecutions to protect Joe Biden from fallout for his son’s shady dealings in Ukraine. I wrote, “If that candidate has the best chance to defeat Trump, should the DOJ deploy its awesome criminal prosecution powers to prevent that information from reaching the eyes and ears of the American electorate?” I was close on that one, the cover came from Congress.
So as we head into 2022, hubris compels me to offer a few—not exactly predictions, but scenarios—that could easily come to pass based upon historical precedent.
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Inflation, “softness” in the White House, and pandemic uncertainty make up some of the biggest risks to the U.S. economy in 2022, according to a Washington consulting firm.
“Every quarter, I take a macro look at trends driving politics and policy looking both backward and forwards and identify where key political risks may lurk and where political opportunities may present themselves,” Bruce Mehlman, former assistant secretary of Commerce in the George W. Bush administration, told the Daily Caller News Foundation. “The most recent analysis targets 2022 and identifies the emerging risks business and government leaders should anticipate and prepare for.”
A founding partner of the Washington, D.C.-based consulting firm Mehlman Castagnetti Rosen & Thomas, Mehlman advises prominent companies to understand and prepare for emerging trends and risks critical to the ever-evolving policy environment.
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Inflation continues to soar throughout the U.S., with the Personal Consumption Expenditures (PCE) price index increasing to the highest level in almost 42 years while consumer spending cools, the Bureau of Economic Analysis (BEA) reported Thursday.
The PCE, one of the Federal Reserves’ key inflation indicators when it aims for a 2% annual inflation rate, surged 5.7% in November on a year-over-year basis, a 0.6% jump from October, the BEA reported. November’s figure is the highest since 1982.
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The third time was a charm for a small-business relief provision of Senate Bill 85, which was signed Monday by Michigan Gov. Gretchen Whitmer.
A House version of the bill, House Bill 4047, was proposed by Rep. Timothy Beson, R-Bangor Twp., last March, and signed by the governor. However, Whitmer exercised a line-item veto of the afflicted business relief. Another version of a small-business relief subsequently was passed by the legislature with bipartisan support. Whitmer again exercised her veto authority to squelch it.
SB 85 was introduced by Sen. Ken Horn, R-Frankenmuth.
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A new report estimated the annual cost of elevated inflation this year will be around $3,500 per household.
The Wharton School of the University of Pennsylvania, one of the nation’s leading business schools, released the report, which estimated much higher costs for American families because of inflation that has risen this year at the fastest rate in decades.
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Virginia had historic revenue growth in 2021 and finished $2.6 billion above forecasts, thanks to a conservative approach, Secretary of Finance Joe Flores told the General Assembly money committees on Thursday. Flores’ presentation said that conservative approach should continue, with forecasts suggesting that Virginia’s income and job growth will continue in coming years, but will lag behind the nation.
“It’s also important to remember, to look back, because a year ago, you guys had just finished a session where you had taken down revenues to the tune of $2.7 billion, basically five percent of our biennial General Fund revenues,” Flores said.
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A new poll released on Wednesday shows that a majority of Michigan voters believe that the state is on the wrong track, an increase from September.
The survey initiated by the Detroit Regional Chamber demonstrated that 52.8 percent of voters do not support the direction of the state, compared to 31.7 percent who believe it is on the right track.
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The Producer Price Index (PPI), which measures inflation at the wholesale level, soared 9.6% year-over-year as of November, growing at the fastest rate ever measured, the U.S. Bureau of Labor Statistics (BLS) announced Tuesday.
BLS reported that the PPI, which measures inflation before it hits consumers, grew 0.8% in November. As of October, the measure grew just 8.6% on a year-over-year basis and just 0.6% in that month alone, meaning wholesale prices grew more and to a worse yearly figure in November than they did in October.
Economists projected a year-over-year increase of the core PPI, which excludes food and energy prices, to be 7.2% year-over-year and a 0.4% increase from October, according to CNBC. Demand for goods was the biggest driver for the surge in producer prices, increasing 1.2% in November, slightly down from October’s 1.3% figure. Final demand services inflation increased 0.7% in November, much faster than October’s 0.2%.
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We’ve told you before about Stephen Moore’s Committee to Unleash Prosperity and his must-read Hotline but the Friday, December 10 edition was a Pulitzer Prize winner, or would be if conservatives ever got Pulitzer Prizes. You can read the entire newsletter through this link and we highly recommend you do so, because in one edition it pretty well destroys the entire Biden Democrat agenda.
The lead article shows the effects of Biden’s inflation disaster in one chart. And Steve Moore explains “inflation isn’t going away. No, it isn’t transitory. And, sorry, no, CNN, it isn’t good for you!”
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The Consumer Price Index (CPI) increased 0.9% in November, bringing the key inflation indicator’s year-over-year increase to 6.8%, the highest figure in four decades.
The CPI’s increase is the largest increase in four decades, up from October’s 6.2% according to the U.S. Bureau of Labor Statistics (BLS) report released Friday morning. Experts surveyed by CNBC projected inflation would increase 0.7% in November, translating to a 6.7% gain on a year-over-year basis.
“These are frighteningly high inflation numbers, the likes of which we haven’t seen for decades,” Allen Sinai, chief global economist and strategist at Decision Economics, Inc., told The Wall Street Journal.
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The No. 1 issue for 2022 and 2024 is very simple. Big Government Socialism isn’t working.
Go to your local gas station and ask folks filling up their gas tanks if they think things are working.
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Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Crommentary and Biden’s foreign policy fails.
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A survey released Monday found that business experts expect prices and inflation to rise at elevated levels for years to come.
The National Association for Business Economics released the results of a survey of 48 economic experts who downgraded their growth predictions and projected elevated inflation through the second half of 2023, if not later.
“NABE Outlook survey panelists have ramped up their expectations for inflation significantly since September,” said NABE Vice President Julia Coronado, founder and president, MacroPolicy Perspectives LLC. “The core consumer price index, which excludes food and energy costs, is now expected to rise 6.0% from the fourth quarter of 2020 to the fourth quarter of 2021, compared to the September forecast of a 5.1% increase over the same period.”
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Almost half of Americans said soaring prices created some form of financial hardship for their households, while 10% reported that they are experiencing “severe hardship,” according to a Gallup poll released Thursday.
As Americans enter a busy holiday season, 45% of consumers reported hardship at the hands of the recent surge in inflation, according to a Gallup poll. Roughly 35% of respondents reported “moderate” financial hardship in their homes and just 54% reported “no hardship” at all.
Lower-income households suffered the most, according to the pole, with over 70% of respondents earning less than $40,000 a year saying price hikes have negatively impacted their families.
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Coffee prices soared to a 10-year high on Monday, with experts projecting the high costs to last well into 2023, CNBC reported.
Coffee contracts for December hit $2.34 per pound at the end of Monday’s trading day, CNBC reported. Coffee futures on the New York Intercontinental Exchange soared to $2.46 on Thursday, recording the highest price since 2011.
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A record number of Americans say they won’t be purchasing gifts for the holidays this year amid ongoing inflation concerns and supply chain disruptions, a survey shows.
Roughly 11% of Americans said they expected to spend no money at all on gifts during the holiday season, according to a holiday retail survey by Deloitte. The number is the highest since Deloitte began its holiday retail survey in the 1980s and more than double the share of shoppers in 2020 who said they wouldn’t be buying presents.
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Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed Fox Business contributor and financial guru Liz Peek to the newsmakers line to discuss Friday’s Dow, inflationary reactions, and the nomination of Saule Omarova.
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Dollar Tree announced Tuesday it is raising its prices, bringing the cost of its products over one dollar for the first time in 35 years.
The dollar store will raise its prices by 25%, bringing the cost of its products to $1.25 as customers become accustomed to higher prices across multiple industries, the company announced in its third-quarter 2021 earnings report. Additionally, Dollar Tree said its decision to raise prices is permanent and “not a reaction to short-term or transitory market conditions.”
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Home sales in the U.S. grew in October as buyers continue to enter a hot market, according to the National Association of Realtors.
Existing home sales increased at the fastest pace since January, growing 0.8% in October from the previous month to a seasonally adjusted rate of 6.34 million, the National Association of Realtors (NAR) reported Monday. October home sales declined 5.8% compared to the figure in October 2020, with the inventory of unsold homes decreasing 12% to 1.25 million on a year-over-year basis.
“Home sales remain resilient, despite low inventory and increasing affordability challenges,” Lawrence Yun, NAR’s chief economist, said in the report. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”
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Almost 80% of Americans say that inflation is impacting them personally, a new poll shows, with 57% blaming President Joe Biden.
The Yahoo News/YouGov poll also found that inflation was the top issue on Americans’ minds, with 17% saying so. Additionally, just a small minority of Americans, 18%, say that Biden is doing enough to address inflation, which is at its highest rate in decades.
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Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Commentary addressing institutional constraints and inflation.
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Florida Agriculture Commissioner Nikki Fried (D) is calling on Florida Gov. Ron DeSantis (R) to suspend Florida’s gas taxes as gas prices increase.
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President Joe Biden’s approval rating has dropped to its lowest level since taking office.
A new Washington Post-ABC News poll found that Biden’s approval rating has plummeted in recent months among steadily rising inflation, a difficult withdrawal from Afghanistan, and other economic issues.
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U.S. Sen. Ted Cruz, R-Texas, says that skyrocketing inflation and long lines at gas stations are a result of President Joe Biden’s policies and are returning the U.S. to the days of high inflation, high cost of living and gas lines under President Jimmy Carter.
Eleven months into Biden’s term, inflation reached a 31-year high and gas prices surpassed a seven-year high.
“I’ve got to tell you the trillions that are being spent, the trillions in debt that’s being racked up, it is historic and not in a good way,” Cruz told Fox News’ “Sunday Morning Futures.”
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Secretary of Energy Jennifer Granholm said President Joe Biden is “all over” rising gasoline prices but failed to name a single administration policy aimed at lowering energy costs.
“The president is all over this,” Granholm said during a CNN interview Monday. “He really is very concerned about, you know, inflation, obviously, and the price of gasoline because that’s the most obvious manifestation of it. As you know, no president controls the price of gas, oil is sold on a global market.”
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Former President Donald Trump on Sunday came to the defense of Steve Bannon, suggesting the Biden Justice Department’s prosecution of his ex-adviser on contempt of Congress charges was evidence that America is a “radicalized mess.”
“This Country has perhaps never done to anyone what they have done to Steve Bannon and they are looking to do it to others, also,” Trump said, making a likely reference to former White House Chief of Staff Mark Meadows who also has been threatened with contempt charges if he doesn’t cooperate with the House investigation into the Jan. 6 Capitol riots.
The 45th president suggested his former advisers were being treated more harshly than American adversaries like China and Russia.
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