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.
ANKARA, Turkey (AP) — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices.
WASHINGTON (AP) — OPEC and allied oil-producing countries meet Thursday under the spikey shadow of a new COVID-19 threat, with uncertainty over the omicron variant's impact on the global economic recovery hanging over their decision on how much oil to pump to a world paying more for gasoline.
Having endured bumpy seasons of global trade fights and slumping commodity prices, Kentucky agriculture appears poised to reap record-setting cash receipts this year — fueled by strong crop yields and surging grain exports, agricultural economists said Thursday.
ALAMEDA, Calif. (AP) — Even Christmas trees aren’t immune to the pandemic-induced shortages and inflation plaguing the economy.
Extreme weather and supply chain disruptions have reduced supplies of both real and artificial trees this season.
ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan appointed a new treasury and finance minister Thursday after the previous one stepped down as the country's currency has tumbled to record lows.
SILVER SPRING, Md. (AP) — The average interest rate for long-term mortgages in the U.S. remained flat this week, following the Federal Reserve suggesting that it would start tightening credit by raising its benchmark rate.
Getting more bang for your buck used to be the mantra of dollar store shoppers everywhere, but times are changing - and prices are rising.
As consumers continue to contend with escalating prices for food, clothing and other items thanks to inflation, discount retail chains like dollar stores are rethinking their pricing strategies.
WASHINGTON (AP) — Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday.
In a survey of business conditions around the country, the Fed's 12 regional banks found that the economy continued to grow at a modest-to-moderate pace, and the outlook for future growth remains positive.
WASHINGTON (AP) — In a fresh sign of his growing concerns about inflation, Chair Jerome Powell said Wednesday that the Federal Reserve can't be sure that price increases will slow in the second half of next year as many economists expect.
WASHINGTON (AP) — U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and concern about the coronavirus.
The Conference Board reported Tuesday that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October.
WARSAW, Poland (AP) — Poland said Tuesday that consumer prices have risen 7.7% over the past year, evidence that inflation is accelerating even faster than had been expected in the largest central European economy in the European Union.
WASHINGTON (AP) — U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year's coronavirus recession.
The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier.
LONDON (AP) — Consumer prices across the 19 countries that use the euro currency are rising at a record rate as a result of a huge spike in energy costs this year, official figures showed Tuesday.
BEIJING (AP) — European stocks and oil prices rebounded Monday while Asian markets fell further after the coronavirus's omicron variant was found in more countries and governments imposed travel controls.
BUDAPEST, Hungary (AP) — From appliance stores in the United States to food markets in Hungary and gas stations in Poland, rising consumer prices fueled by high energy costs and supply chain disruptions are putting a pinch on households and businesses worldwide.
NEW YORK (AP) — On this year's Black Friday, things almost seem normal.
Malls and stores report decent-sized crowds, if not the floods of people that used to fight over the latest toys and electronics — online shopping is much too common for that now, and discounts are both more subdued and spread out over the weeks leading up to Christmas, on both websites and in stores.
Stocks sink on new COVID variant; Dow loses 905 points
NEW YORK (AP) — Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe.
Holiday season moves into high gear but challenges remain
NEW YORK (AP) — Shoppers buoyed by solid hiring, healthy pay gains and substantial savings are returning to stores and splurging on all types of items.
WARSAW, Poland (AP) — Poland’s Prime Minister Mateusz Morawiecki said Thursday that starting in December the government will cut tax on fuels and on energy and will offer bonuses to hardest hit households next year to counter inflation that has reached its highest level since 2001.
BEIJING (AP) — Asian stock markets fell Thursday after Federal Reserve officials indicated they were ready to raise interest rates sooner than expected if needed to cool inflation.
Market benchmarks in Shanghai, Hong Kong, Seoul and Sydney declined.
WASHINGTON (AP) — Americans are doing the main thing that drives the U.S. economy — spending — but accelerating inflation is casting a pall.
A raft of economic data issued Wednesday showed the economy on solid footing, with Americans’ incomes rising and jobless claims falling to a level not seen since the Beatles were still together.
Consumer spending rebounds despite rising October inflation
WASHINGTON (AP) — U.S. consumer spending rebound in October, rising by a solid 1.3%, but inflation was up as well, rising over the past year at the fastest pace in more than three decades.
WASHINGTON (AP) — Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.
WASHINGTON (AP) — U.S. sales of new homes edged up 0.4% last month, coming in below expectations as housing prices continued to climb.
The Commerce Department reported Wednesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 745,000 last month from 742,000 in September.
This has been a tough year to buy a new or used car in America. With COVID-19 factory shutdowns, semiconductor chip shortages, rising prices and supply chain issues, it’s been nothing but bad news for car shoppers.
WASHINGTON (AP) — Democrats and climate activists generally supported President Joe Biden's decision to release a record 50 million barrels of oil from America's strategic reserve, even as the move appeared to contradict his long-term vision of combating climate change.
NEW YORK (AP) — When President Joe Biden ordered the release of 50 million barrels of oil from America’s strategic reserve to help reduce energy costs, he was taking aim at a growing burden for millions of Americans embarking on Thanksgiving travel.
TOKYO (AP) — Asian shares fell Wednesday as worries about inflation set off expectations the U.S. Federal Reserve might raise interest rates.
Japan's Nikkei 225 dropped 1.1% to 29,436.73 in early trading, following a national holiday Tuesday.
WASHINGTON (AP) — President Joe Biden on Tuesday ordered a record 50 million barrels of oil released from America's strategic reserve, aiming to bring down gasoline and other costs, in coordination with other major energy consuming nations including India, the United Kingdom and China.
NEW YORK (AP) — Faced with the rising cost of goods and freight, discount retail chain Dollar Tree said Tuesday it will be raising its prices to $1.25 for the majority of its products.
Dollar Tree said the reason for raising its prices to $1.25 was not due to “short-term or transitory market conditions” and said the price increases were permanent.
Biden aims to do what presidents often can’t: Beat inflation
WASHINGTON (AP) — LBJ tried jawboning. Richard Nixon issued a presidential edict. The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.’’ Over the years, American presidents have tried, and mostly floundered, in their efforts to quell the economic and political menace of consumer inflation.
WASHINGTON (AP) — LBJ tried jawboning. Richard Nixon issued a presidential edict. The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.’’
Over the years, American presidents have tried, and mostly floundered, in their efforts to quell the economic and political menace of consumer inflation.
Turkeys may not be able to fly very far. But their prices can soar — along with the costs of other holiday staples like cranberry sauce and pie filling.
The Thanksgiving table hasn’t been spared the price inflation that is rampant elsewhere in the economy because of strong consumer demand and labor shortages.
WASHINGTON (AP) — By picking Jerome Powell to stay on as chair of the powerful Federal Reserve, President Joe Biden is trying to navigate hazardous crosscurrents between economic and political forces.
Sales of previously occupied U.S. homes ticked higher in October, marking their strongest annual pace since January even as competition for relatively few properties on the market pushed prices higher.
HUNTINGTON, N.Y. (AP) — Add Christmas trees to the list of items facing shortages and higher prices this year.
Several factors are driving the trend, Newsday reported, including over-the-top sales last year during the first Christmas during the COVID-19 pandemic and supply chain issues this year.
WASHINGTON (AP) — Workers and families with private health insurance would reap savings on prescription drugs from a little-noticed provision in President Joe Biden's sweeping social agenda bill.
Wall Street closed out a week of choppy trading with stocks mostly lower Friday, though gains for several tech companies pushed the Nasdaq composite to another record high and its first close over 16,000 points.
FRANKFURT, Germany (AP) — The head of the European Central Bank warned that high oil and gas prices are hitting consumers in the 19 countries that use the euro harder than in other major economies and underlined that the bank won't add to the squeeze by raising interest rates anytime soon.
ST. PAUL, Minn. (AP) — Minnesota farmers who grow about 45 million turkeys annually will benefit from higher prices this year, according to agriculture experts.
The Minnesota Department of Agriculture says the price of turkeys has steadily increased as demand has risen following a year in which there were fewer family gatherings and restaurant traffic was down due to the coronavirus pandemic.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy.
SILVER SPRING, Md. (AP) — The average long-term U.S. mortgage rate rose this week, with the main 30-year rate inching back up over 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark home loan jumped to a still-low 3.1% from 2.98% last week.
Albertsons, Mondelez and Kroger are among a wide range of companies whose profits could be squeezed from rising food prices if inflation keeps running hot.
So far grocery stores, restaurants and food producers have passed along much of inflation's impact to consumers, who have eaten most of the increase.
ANKARA, Turkey (AP) — Turkey’s Central Bank cut interest rates again Thursday, a day after President Recep Tayyip Erdogan spoke out against high borrowing rates and raising increasing concerns about the impact of soaring consumer prices on families and businesses.
HARRISBURG, Pa. (AP) — Inflation is driving up consumer prices and will drive a big salary increase for Pennsylvania state lawmakers, judges and top executive branch officials in 2022. For many of these positions, it's the biggest increase in three decades.
LONDON (AP) — Consumer prices in the United Kingdom surged at the fastest rate in nearly a decade in October amid soaring energy costs, official figures showed Wednesday, a development that has cemented market expectations that the Bank of England will raise interest rates next month.
ISTANBUL (AP) — Market-stand owner Kadriye Dogru makes do with stale, sesame-covered bagels, known as simit, for lunch these days. The widowed mother of two says she goes without lunch so she can put food on the table for her family later in the day.
The United States has asked China to release oil reserves to help stabilise soaring international crude oil prices as part of ongoing discussions on economic cooperation between the two countries.
The US dollar has been on the rise, and circumstances currently favour it even against the yuan. Yet, renminbi bulls need not draw in their horns but should, instead, look elsewhere. There are plenty of other currencies against which the renminbi could strengthen while the prospects for yuan depreciation versus the US dollar are limited.