After unusual icy weather left millions of Texans without power, some are facing another crisis: Sky-high electricity bills.
The surge in pricing is hitting people who have chosen to pay wholesale prices for their power, which is typically cheaper than paying fixed rates during good weather, but can spike when there’s high demand for electricity.
MEXICO CITY (AP) — Mexico’s anti-monopoly regulator on Wednesday openly criticized President Andrés Manuel López Obrador’s plan to set a maximum price for cooking and heating gas.
Mexico imports much of its LP gas, and international prices have risen, leading to higher costs for Mexicans.
WASHINGTON (AP) — Prices for U.S. homes rose faster in May than they have in 17 years as surging demand for housing outstripped the supply.
The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, soared 17% in May from a year earlier on top of a 15% jump in April.
PORTLAND, Maine (AP) — The pace and price of home sales in Maine increased again last month as the state's housing market stayed hot.
The Maine Association of Realtors said Thursday the statewide median sales price increased by $5,000 to $310,000 in June.
Sales of previously occupied U.S. homes rose in June, snapping a four-month losing streak, while strong demand for higher-end properties and ultra-low mortgage rates helped push prices to new highs.
DEARBORN, Mich. (AP) — For months, anyone who wandered onto a dealer lot to look for a used car could be forgiven for doing a double take — and then wandering right off the lot.
Prices had rocketed more than 40% from their levels just before the viral pandemic struck, to an average of nearly $25,000.
MADRID (AP) — Spanish consumers are fretting over record-high power prices just as high summer temperatures are keeping air conditioning and cooling systems operating at full capacity.
The government says that the latest hikes in electricity bills are driven by spiraling prices of so-called carbon certificates, which give companies the right to release carbon dioxide, gas imports that Spain needs to complete its energy mix, and the surging power demand of the summer months.
NEW YORK (AP) — With the U.S. economy humming, corporate profits flowing and stock prices peaking, investors on Wall Street are beginning to pose an anxious question: Is it all downhill from here?
Financial markets are always trying to set prices now for where the economy and corporate profits are likely to be in the future.
BANGKOK (AP) — Shares were mostly lower in Asia on Friday after Wall Street benchmarks extended losses amid uncertainty over rising coronavirus cases and the risks to pandemic recoveries.
Stocks fell in Tokyo, Seoul and Shanghai but rose in Hong Kong.
WASHINGTON (AP) — For anyone watching with concern as prices surge for everything from food and gas to airplane tickets and clothes, the message from Federal Reserve Chair Jerome Powell over two days of congressional hearings this week was straightforward: Just give it more time and those price gains should slow, or even reverse.
PORTSMOUTH, N.H. (AP) — The hot housing market continues to drive home prices skyward in New Hampshire with the median price of a home topping half-a-million dollars for the first time in one county.
WASHINGTON (AP) — The Federal Reserve's latest nationwide business survey found that the economy strengthened further in late May and early June, despite supply-chain bottlenecks that led to price hikes.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that inflation, which has been surging as the recovery strengthens, “will likely remain elevated in coming months" before “moderating."
US consumer prices surge in June by the most since 2008
WASHINGTON (AP) — Prices for U.S. consumers jumped in June by the most in 13 years, signaling that a swift rebound in spending has run up against widespread supply shortages that have escalated the costs of many goods and services.
WASHINGTON (AP) — Prices for U.S. consumers jumped in June by the most in 13 years, evidence that a swift rebound in spending has run up against widespread supply shortages that have escalated the costs of many goods and services.
ConAgra is cutting its fiscal 2022 outlook due to rising costs, which the food company will try to offset by boosting prices.
ConAgra, whose brands include Duncan Hines, Slim Jim and Birds Eye, now foresees fiscal 2022 adjusted earnings of about $2.50 per share.
WAILUKU, Hawaii (AP) — The highest median price for a single-family home in Hawaii last month was in Maui County at more than $1.1 million.
While Kauai has been seeing the highest median statewide price in recent months, Maui County went higher in June because of a large volume of luxury home sales and low inventory, The Maui News reported Monday.
DAMASCUS, Syria (AP) — Syrian President Bashar Assad issued a decree Sunday giving hundreds of thousands of civil servants and military members a 50% salary increase amid a harsh economic and financial crisis and price increases for vital products.
HONOLULU (AP) — The median sale price for single-family homes on Oahu hit another record high in June, the fifth time that's happened in the last six months.
The Honolulu Board of Realtors released a report Tuesday that said the median price for single-family homes increased 27% in June to $979,000, The Honolulu Star-Advertiser reported.
Few economists predict we’ll return to the double-digit price increases of the late 1970s and early 1980s . But knowing some of the ways consumers coped back then — and how things are different now — can help you formulate a plan to deal with rising prices.
SPOKANE, Wash. (AP) — The way Darin Watkins sees it, the real estate boom in the once-sleepy Spokane, Washington, metropolitan area is a numbers problem. Far too many people are moving in, far too few homes are being built and prices have skyrocketed.
U.S. consumers continued to spend wildly on new automobiles in the second quarter, pushing sales up 50.2% over last year despite tight dealer inventories and record high prices.
Automakers sold about 4.43 million vehicles from April through June, a figure 0.4% lower than in 2019, the last normal year before the coronavirus pandemic hit.
NEW YORK (AP) — Everyone would like to get paid more, but the worry on Wall Street is there could be too much of a good thing.
Wages are going up for workers across many industries as the economy roars out of the recession.
SILVER SPRING, Md. (AP) — More Americans signed contracts to buy homes in May, a surprising rebound after months of cooling in the housing market, where lack of inventory has pushed prices to record levels.
Rental assistance fell victim to politics, bureaucracy
NEW YORK (AP) — A rental crisis spurred by the pandemic prompted many states to make bold promises to help renters, but most failed to deliver on them after Congress passed the sweeping CARES Act in March 2020.
BEIRUT (AP) — Lebanon's energy ministry Tuesday increased gasoline and fuel prices by 35%, a move that could lead to a sharp increase in prices of most commodities in the crisis-hit country.
The hike came days after caretaker Prime Minister Hassan Diab granted approval for financing fuel imports at a rate higher than the official exchange rate, effectively reducing critical fuel subsidies.
WASHINGTON (AP) — U.S. home prices soared in April at the fastest pace since 2005 as potential buyers bid up prices on a limited supply of available properties.
The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, jumped nearly 15% in April from the previous year.
After a brief dip, gas prices in the U.S. are on the rise again.
The U.S. average price for a gallon of gasoline rose 2 1/2 cents from last week to $3.09 per gallon on Monday, according to the travel and fuel price tracking app GasBuddy.
A look at some of the key business events and economic indicators upcoming this week:
HOT HOT HOT
The S&P CoreLogic Case-Shiller 20-city home price index for April is released on Tuesday.
WASHINGTON (AP) — Mortgage rates rose above the 3% mark this week for the first time in 10 weeks, as the economic recovery from the pandemic recession continues while inflation remains elevated.
Mortgage buyer Freddie Mac reported that the average for the key 30-year home loan rose to 3.02% from 2.93% last week.
WASHINGTON (AP) — Consumer spending was flat in May with incomes dropping for a second month as the impact of the government's pandemic stimulus payments waned. Inflation, however, posted a sizable gain with prices excluding food and energy jumping by the largest amount in nearly three decades.
LONDON (AP) — The Bank of England kept its main interest rate at the record low of 0.1% on Thursday even though it warned that inflation pressures are rising as the British economy bounces back following the lifting of many coronavirus lockdown restrictions.
BANGKOK (AP) — Shares were mostly higher in Asia on Thursday after a listless day of trading on Wall Street as the recent bout of nerves over Federal Reserve policy fades.
Markets advanced in Tokyo, Seoul and Hong Kong while Sydney and Shanghai declined.
WASHINGTON (AP) — Sales of new homes fell unexpectedly in May and the 5.9% retreat was the second consecutive monthly decline even as the median price hit an all-time high.
The May sales decline pushed sales to a seasonally adjusted annual rate of 769,000, the Commerce Department reported Wednesday.
NEW YORK (AP) — Small businesses that endured shutdowns and lower revenue during the COVID-19 outbreak now must contend with another crisis: spiking prices for goods and services that squeeze profits and force many owners to pass the increases along to customers.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary.
DETROIT (AP) — When it was new, the window sticker price on a typical 2019 Toyota Tacoma SR double cab pickup was just under $29,000. Two years later, dealers are paying almost $1,000 more than that to buy the same vehicle, even though it's used.
WASHINGTON (AP) — Sales of previously-occupied homes fell for the fourth straight month in May as soaring prices and a limited number of available properties discouraged many would-be buyers.
Existing home sales dropped 0.9% last month from April to a seasonally-adjusted annual rate of 5.8 million units, the National Association of Realtors said Tuesday.
WASHINGTON (AP) — The economy is growing at a healthy clip, and that has accelerated inflation, Federal Reserve Chair Jerome Powell says in written testimony to be delivered Tuesday at a congressional oversight hearing.
WASHINGTON (AP) — Two months of sharply rising prices have raised concerns that record-high government financial aid and the Federal Reserve’s ultra-low interest rate policies — when the economy is already surging — have elevated the risk of accelerating inflation.
ISTANBUL (AP) — Turkey’s central bank left its key benchmark interest rate unchanged at 19% on Thursday.
The bank said in a statement that the interest rate would be determined at a level about inflation and a “tight” monetary policy would continue “to maintain a strong disinflationary effect… and the medium-term 5% (inflation) target is reached.” Data from May put inflation in Turkey at 16.59%.
The White House believes it has an ally in the bond markets to make the case that inflation isn't an economic threat.
WASHINGTON (AP) — Treasury Secretary Janet Yellen assured Congress that the recent jump in inflation is being monitored very carefully by the Biden administration, but said again that any increase will prove temporary.
WASHINGTON (AP) — U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive
The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported Wednesday.
BEIJING (AP) — The Chinese government said Wednesday that it will release copper, aluminum and zinc from stockpiles to increase market supplies in a fresh effort to restrain surging prices that officials warn might disrupt a business revival.
LONDON (AP) — British consumer prices rose by more than expected last month as fuel and clothing costs surged following the easing of COVID-19 restrictions.
Inflation accelerated to 2.1% in the 12 months through May from 1.5% in April, the Office for National Statistics said Wednesday.
TOKYO (AP) — Asian shares were mixed in quiet trading Wednesday ahead of a U.S. Federal Reserve meeting that may give clues on what lies ahead with its massive support for markets.
Japan released data that showed its trade surplus jumped 49.6% in May from the previous year, but analysts said that was less than expected and highlights how the world's third largest economy and its exports may be only slowly recovering from the pandemic.
WASHINGTON (AP) — Wholesale prices, driven by rising food costs, increased 0.8% in May and by a unprecedented amount over the past year as the U.S. economy emerges from pandemic lockdowns and pushes inflation higher.
BANGKOK (AP) — Shares were mostly higher in Asia on Friday after the S&P 500 index notched another record high despite a surge in U.S. consumer prices in May.
Shanghai fell, Tokyo was flat, while shares rose in Hong Kong, Seoul and Sydney.
Another jump in prices tightens the squeeze on US consumers
WASHINGTON (AP) — American consumers absorbed another surge in prices in May — a 0.6% increase over the past month and 5% over the past year, the biggest 12-month inflation spike since 2008.