 |
| |
| |
| Hello, it's Medora Lee, the bearer of bad news today. Why is that? The consumer inflation report came out this morning, and the price of pretty much everything is still going up. |
| The headline rate softened to 8.2% over the 12 months to September, but the core rate that excludes volatile food and energy prices and is the key gauge to watch is still climbing. |
| The annual core rate rose 6.6%, a fresh 40-year high. The biggest increases in that core rate were shelter (think rent) and health care costs. |
| What does that mean for you? With inflation still red hot, the Federal Reserve will likely stay aggressive with its interest rate hikes to rein it in. |
| Higher rates make borrowing more expensive, which should cool spending and lower inflation. Those rate increases will filter through to consumers, and they should expect rates on credit cards, auto loans, mortgages and savings rates (albeit at a slower rate) to keep rising. |
Inflationary ripples |
| Soaring inflation also means Social Security recipients will see an 8.7% increase, the largest one since 1981, for their annual cost of living adjustment next year. That's about an extra $140 per month, starting in January. |
| It also means consumers will continue to be squeezed going into the holiday season. Early indicators from Amazon's two-day Prime Day sale on Tuesday and Wednesday showed shoppers couldn't be enticed to holiday shop early even with big sales. |
| Most people on average spent less this week compared with the ecommerce giant's July Prime Day event, research firm Numerator data showed. |
📰 More stories you shouldn't miss 📰 |
| Be careful. Payment scams are on the rise ahead of the holidays. Here's how to protect yourself when using payment apps like Zelle, Venmo and Cash App |
| What's that Musk-y smell? Elon Musk sells millions worth of new perfume, 'Burnt Hair,' within hours of its release |
| It's past Prime, but you can still snag a deal. Shop Amazon tech deals to save on Apple, Samsung, and more post-Prime Day 2022 |
🍔 Today's Menu 🍔 |
| Tailgating this weekend? Here's a recipe for perfectly crispy and delicious wings. No frying or grill required. |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: How decisions by the Federal Reserve, government and companies impact you. |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
No comments:
Post a Comment