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Washington - US Consumer Prices Rose 2.9 Pct, Leaving Americans Worse Off

Published on: August 10, 2018 08:40 AM
By: AP
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FILE- In this May 30, 2018, file photo, a shopper walks through the updated cosmetic department at a Target store in San Antonio. On Friday, Aug. 10, the Labor Department reports on U.S. consumer prices for July. (AP Photo/Eric Gay, File)FILE- In this May 30, 2018, file photo, a shopper walks through the updated cosmetic department at a Target store in San Antonio. On Friday, Aug. 10, the Labor Department reports on U.S. consumer prices for July. (AP Photo/Eric Gay, File)

Washington - Consumer prices climbed 2.9 percent in July from a year earlier, a rate of inflation that suggests Americans are earning less than a year ago despite an otherwise solid economy.

The Labor Department said Friday that the consumer price index ticked up 0.2 percent in July. Annual inflation matched the 2.9 percent pace from June, which had been the highest level since February 2012. Core prices, which exclude the volatile food and energy categories, rose 0.2 percent in June and 2.4 percent from a year earlier.

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Most of July’s increase in consumer prices came from higher housing costs. Prices for energy, medical care and apparel slipped in July, while food expenses rose slightly.

Adjusted for inflation, average weekly earnings have fallen 0.1 percent in the past 12 months.

During the past year, higher prices for oil, gasoline and transportation have caused the inflation rate to jump after it had hovered at relatively low levels for the previous six years. The sudden increase in prices has not only wiped out average growth, but it also creates pressure for the Federal Reserve to hike short-term interest rates so that inflation stays close to the U.S. central bank’s 2 percent target.

The Fed has already raised rates twice this year and another two rate hikes are expected before the start of 2019. By making it more expensive to borrow, the Fed would likely tamp down on inflation as well as economic growth, making it more difficult for President Donald Trump to achieve the sustained 3 percent gains in gross domestic product that he has promised voters.

Rising gasoline costs have complicated the inflation picture. Gas costs have surged 25.4 percent in the past year, but they tumbled 0.6 percent in July, which could mean that prices at the pump may be stabilizing.



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Read Comments (16)  —  Post Yours »

1

 Aug 10, 2018 at 08:58 AM Anonymous Says:

Squeeze out your hate for my President as best you can, AP. It won't work.

2

 Aug 10, 2018 at 10:16 AM Educated Archy Says:

The feds have been kvetching for a long time that inlfation is too low. This seems like a good sign.

3

 Aug 10, 2018 at 11:31 AM Anonymous Says:

Reply to #2  
Educated Archy Says:

The feds have been kvetching for a long time that inlfation is too low. This seems like a good sign.

You're an economist too?

4

 Aug 10, 2018 at 11:32 AM Anonymous Says:

Reply to #1  
Anonymous Says:

Squeeze out your hate for my President as best you can, AP. It won't work.

Where's the hate in stam economic data? You Trumpis are paranoid.

5

 Aug 10, 2018 at 01:18 PM Anonymous Says:

Reply to #2  
Educated Archy Says:

The feds have been kvetching for a long time that inlfation is too low. This seems like a good sign.

"A good sign" A Great sign for billionaires who got all the tax cuts. For the middle Class Jewish New Yorkers who got a Tax Increase, increase in Health Insurance (Now we call it Trumpcare) increased Gasoline Prices etc its a bad sign. Very Bad sign. So Sad. This is not how to MAGA.

6

 Aug 10, 2018 at 02:20 PM Educated Archy Says:

Reply to #3  
Anonymous Says:

You're an economist too?

Yes it happens to be that as part of my daily job I need to understand the economy.

So short answer is yes

6

 Aug 10, 2018 at 02:26 PM Educated Archy Says:

Reply to #5  
Anonymous Says:

"A good sign" A Great sign for billionaires who got all the tax cuts. For the middle Class Jewish New Yorkers who got a Tax Increase, increase in Health Insurance (Now we call it Trumpcare) increased Gasoline Prices etc its a bad sign. Very Bad sign. So Sad. This is not how to MAGA.

Fake news and lies.

Most middle class jews got a tax cut not a tax increase. Should I run the numbers by you again? You keep on harping the same nonsense without computing the numbers. Stop a second and use your brain.

I"ll keep the math simple. Basiclly any new yorker affected by the lack of the SALT deduction has the issue because they pay more than 10k in property tax. But if they do pay more than 10k there is no way ion the world that their income is not above 150k or they would not be able to afford such high mortgages and taxes.

Now you have to compare all the tax advantages for a 150k earner under pre trump to post Trump. And if you earn 200k which is far from rich for a frum family your benefits are even greater.

Now crunch the numbers but don't leave out the fact that under pre trump plans you cannot count children for child tax credits if you earn above 110k. Under the new plan you can earn up to 400k. Also there is pretty much a 3% tax rate cut among all distribtuions.

Now do your math instead of spewing stupidty

7

 Aug 10, 2018 at 05:25 PM grinchpincher Says:

Reply to #6  
Educated Archy Says:

Yes it happens to be that as part of my daily job I need to understand the economy.

So short answer is yes

You wouldn't even say what your freaking job is, so I don't believe you even have one.

8

 Aug 10, 2018 at 05:56 PM Anonymous Says:

Reply to #6  
Educated Archy Says:

Fake news and lies.

Most middle class jews got a tax cut not a tax increase. Should I run the numbers by you again? You keep on harping the same nonsense without computing the numbers. Stop a second and use your brain.

I"ll keep the math simple. Basiclly any new yorker affected by the lack of the SALT deduction has the issue because they pay more than 10k in property tax. But if they do pay more than 10k there is no way ion the world that their income is not above 150k or they would not be able to afford such high mortgages and taxes.

Now you have to compare all the tax advantages for a 150k earner under pre trump to post Trump. And if you earn 200k which is far from rich for a frum family your benefits are even greater.

Now crunch the numbers but don't leave out the fact that under pre trump plans you cannot count children for child tax credits if you earn above 110k. Under the new plan you can earn up to 400k. Also there is pretty much a 3% tax rate cut among all distribtuions.

Now do your math instead of spewing stupidty

So in your own "Fake" Accounting if you have less than 5 Children (Young Couples) or your children are over 18 (Most people over 50) your Taxes will go Up in NY under the new Trump Taxes. In addition to taxes Gasoline is Up, tuition is up, Healthcare is up, Mortgage rate is up all interest rates are up. Just one more question? If NATO is not paying etc. why did Trump increase the defense budget by 27% and sending the money to Germany etc instead of giving it to the Midle Class? The only difference between Bush and Trump: Bush sent 2 Trillion to Iraq, Trump is sending it to the Germans who dont want to pay for their own defense.
Big Talker and than takes away the money from the middle class to send it for the Defense of Germany and the rest of Europa jm"s.

8

 Aug 10, 2018 at 06:12 PM Anonymous Says:

Very simple. Inflation is highest in 11 years. Your wages is worth less than any time under Obama.

9

 Aug 10, 2018 at 06:40 PM Educated Archy Says:

Reply to #7  
grinchpincher Says:

You wouldn't even say what your freaking job is, so I don't believe you even have one.

And if i say the you will believe? As if I believe that tricky yoni is in law enforcement

10

 Aug 10, 2018 at 06:47 PM Educated Archy Says:

Reply to #8  
Anonymous Says:

So in your own "Fake" Accounting if you have less than 5 Children (Young Couples) or your children are over 18 (Most people over 50) your Taxes will go Up in NY under the new Trump Taxes. In addition to taxes Gasoline is Up, tuition is up, Healthcare is up, Mortgage rate is up all interest rates are up. Just one more question? If NATO is not paying etc. why did Trump increase the defense budget by 27% and sending the money to Germany etc instead of giving it to the Midle Class? The only difference between Bush and Trump: Bush sent 2 Trillion to Iraq, Trump is sending it to the Germans who dont want to pay for their own defense.
Big Talker and than takes away the money from the middle class to send it for the Defense of Germany and the rest of Europa jm"s.

Yes if you have children over 18. But most frum jews are way over 50 by the time that happens.
So yes you are correct but not applicable to most jews.
And personally I don't cry for seniors. Most seniors have more money than us struggling familes. My grandparents were both poor but when they were seniors, mortgage was paid up etc.. they were no longer poor. And now I see my parents and inlaws in the same light. So I don't cry for frum 60 yr olds who no longer have kids younger than 18. Let them pay higher taxes.

Re healthcare, that's up thanks to Obamacare. if you have to cover pre existing someone has to pay for that. That's obama's fault sorry.

Trump sending money to germans? never heard that one. I heard him not sending money to germans. Spending more on defense is not bad if it means spending more in our country vs Iraq. Its a job creator.

He is sending less to germany . I don't know if you follow the news buddy.

More generally, some inflation is good. Its bad for new home buyers but people who purchased homes already gain because they have more equity. And salaries rise too. That's why the feds typically like a 3% inflation target.

Its macroeconomics 101

11

 Aug 10, 2018 at 06:48 PM Educated Archy Says:

Reply to #8  
Anonymous Says:

Very simple. Inflation is highest in 11 years. Your wages is worth less than any time under Obama.

wages are rising according to all indicators. Wages are worth the same and inflation remians to healthy ;levels. Some inflation is good

12

 Aug 11, 2018 at 10:04 PM Snowflake IQ=? Says:

Reply to #4  
Anonymous Says:

Where's the hate in stam economic data? You Trumpis are paranoid.

You low-IQ Snowflakes are the idiots the AP and mainstream media spread their fake news to, knowing you’re all stupid and hateful enough to believe it...

12

 Aug 11, 2018 at 10:06 PM Anonymous Says:

Reply to #8  
Anonymous Says:

So in your own "Fake" Accounting if you have less than 5 Children (Young Couples) or your children are over 18 (Most people over 50) your Taxes will go Up in NY under the new Trump Taxes. In addition to taxes Gasoline is Up, tuition is up, Healthcare is up, Mortgage rate is up all interest rates are up. Just one more question? If NATO is not paying etc. why did Trump increase the defense budget by 27% and sending the money to Germany etc instead of giving it to the Midle Class? The only difference between Bush and Trump: Bush sent 2 Trillion to Iraq, Trump is sending it to the Germans who dont want to pay for their own defense.
Big Talker and than takes away the money from the middle class to send it for the Defense of Germany and the rest of Europa jm"s.

How do we recognize a Trump-obsessed nut job? They spell like this dude.

13

 Aug 12, 2018 at 12:51 AM Anonymous Says:

Reply to #12  
Anonymous Says:

How do we recognize a Trump-obsessed nut job? They spell like this dude.

There is plenty of bad spelling on both sides, you selective pedant.

14

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