That figure underscores the cumulative impact high inflation has had on consumer finances — even as price growth has cooled considerably in recent months. “High inflation of the past 2+ years has done lots of economic damage,” Mark Zandi, chief economist at Moody’s Analytics, wrote in a post on X, the platform formerly known as Twitter. Most of that increase in spending is driven by housing costs, which have surged, Zandi told CNN in an email on Friday.
The good news is that wages are finally starting to outpace inflation and consumer price growth has eased significantly, so much so that many investors are betting the Federal Reserve is done raising interest rates. Looking at just the last year, Zandi calculates that the typical household spent $202 more this July than they did a year ago to buy the same goods and services.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WeWork says it has 'substantial doubt' about its ability to stay in business | CNN Business“Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release.
Source: CNN - 🏆 4. / 95 Read more »
Under Biden, US oil production is poised to break Trump-era records | CNN BusinessCritics accuse President Joe Biden of waging a war on the oil industry that is hurting consumers at the gas pump. And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration.
Source: CNN - 🏆 4. / 95 Read more »
How we're buying perfume could signal how we're feeling about the economy | CNN BusinessDemand for more budget-friendly roll-on rollerball perfumes is up 207% so far this year over last year, followed by a 183% jump in cheaper perfume samplers, according to Pattern, an ecommerce platform that analyzes online product search data
Source: CNN - 🏆 4. / 95 Read more »
Even 'Barbie' may not be able to rescue AMC Theaters | CNN BusinessBarbie has already pulled in over a billion dollars. That still may not be enough to save AMC Theaters, which has a looming bill it may not be able to pay back.
Source: CNN - 🏆 4. / 95 Read more »
Disney+ hikes prices as sales sink across the company | CNN BusinessThe Walt Disney Company is hiking prices for its Disney+ streaming service for the second time in less than a year, as its third-quarter earnings report showed revenue struggles almost everywhere but international parks
Source: cnni - 🏆 326. / 59 Read more »