Yellen warns inflation in the U.S. is 'unacceptably high'
BALI, Indonesia — U.S. Treasury Secretary Janet Yellen has warned that inflation in the U.S. is "unacceptably high" and said bringing down rising prices will be Washington's "top priority." Data released on Wednesday showed U.S. consumer inflation rose to 9.1%, the highest level since 1981. "We're first and foremost supportive of the Fed's efforts; what they deem to be necessary to get inflation under control," she said at a press conference in Bali ahead of the Group of 20 finance ministers' meeting. "Beyond that, we are taking our own steps which we believe will be supportive in the short term to get inflation down — particularly what we're doing on energy prices and the Strategic Petroleum Reserve." "And also the work that we're doing to institute the price cap on Russian oil and to avoid potential future spikes in oil prices."cnbc.com
WE WANT TO KNOW: What are you doing to manage the rising cost of living?
Gas prices are higher than they’ve been in years. According to AAA, the national average is $4.67 and in Florida it’s slightly less at $4.64. The rising cost of gas coincides with the rising cost of housing, groceries, airfare, automobiles -- the list goes on and on.
Filling up with gas is costing drivers in Florida more than in Georgia
We’re not even into the busy summer travel months and already the price of gasoline has risen by 20-cents the past two weeks. Drivers in Florida on average are paying $4.20 while the average price of gas in Georgia is more than 35-cents cheaper.
Here’s how inflation could affect your next real estate move
If you’re buying and expect to keep the home for the long haul, you should expect the same value increases that existing owners are experiencing. If you are looking at a shorter investment time horizon — perhaps through flipping the property, for example — then we should caution “buyer beware.”washingtonpost.com
Kroger CEO says he expects normal levels of food inflation this year
Kroger CEO Rodney McMullen told CNBC on Thursday he does not anticipate problematic food inflation in 2021, while cautioning that month-to-month prices may be volatile. "For the whole year, we expect inflation to be at 1% to 2%, which is a pretty normal number," McMullen said on "Closing Bell." McMullen's comments come as the topic of inflation across the broader U.S. economy is in sharp focus. Wall Street has for weeks been paying close attention to the rising yield on the benchmark 10-year Treasury, which was around 1.547% on Thursday. With respect to grocery store prices, McMullen said there could be variability, especially when comparing them with 2020 levels during the early parts of the pandemic.cnbc.com
Is higher inflation around the corner?
Is higher inflation around the corner? As the economy rebounds, the price of goods and services is starting to creep up. Could that spur the Federal Reserve to raise interest rates sooner than expected? CBS MoneyWatch contributor Anthony Mirhaydari explains.cbsnews.com