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    New York (CNN Business)You might not be excited about paying higher prices for meat and vegetables, but your grocery store is thrilled.The rising prices for staples like milk and pork affect grocery stores too, as they have to pay more to their suppliers. But while they are raising prices under the guise of increasing supplier costs, they're adding a little...
    Super-charged inflationary pressures continued to gain steam in June, the Philadelphia Fed’s manufacturing survey showed Thursday. Eighty-two percent of manufacturing companies in the Philly Fed’s survey reported paying higher prices for the inputs of their products, while just one percent said costs of input had fallen. As a result, the diffusion index moved up four points to 80.7, the highest...
    Zoom In IconArrows pointing outwards Rising consumer costs have helped push the latest estimate for next year's Social Security cost-of-living adjustment to 5.3%. Whether that will actually be the bump retirees see to their monthly checks in 2022 depends a lot on the economy, including whether the Federal Reserve decides to raise interest rates. The 5.3% estimate was calculated by...
    Oil prices rose on Tuesday, setting up a challenging situation for the head of the Federal Reserve before Wednesday's meeting, CNBC's Jim Cramer said. "The surging price of crude … makes life difficult for Fed Chief Jay Powell," Cramer said on "Mad Money." "Even as many other commodities have actually now fallen, and some falling precipitously in recent weeks, oil...
    CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, Diana Olick breaks down how lumber costs are weighing on homebuilders' confidence levels. Plus, CNBC.com's Natalie Zhang explains why teens are benefiting from widespread job openings and higher wages. Also on today's show.Homebuilder sentiment drops to 10-month low, as construction costs drive prices higherBuilder sentiment in...
    Factories in New York are paying up for inputs needed to make their products and successfully passing along the higher costs to customers, a survey by the Federal Reserve Bank of New York showed Tuesday. The prices paid and prices received indexes in the New York Fed’s “Empire State” manufacturing survey both hit record highs in May. In June, both...
    JPMorgan's longtime CEO Jamie Dimon says America's largest bank is currently 'stockpiling' cash because there's a 'very good chance' inflation is here to stay after being driven to its highest level in 13 years.  Dimon said on Monday that JPMorgan is not buying Treasuries or other investments because of the risk that surging inflation will see the Federal Reserve increase...
    The prices of gasoline and crude oil both moved higher on Monday, squeezing U.S. consumers in the grip of the strongest inflation in over a decade. A barrel of Brent Crude rose to $72.88, the highest price since October of 2018. West Texas crude was trading around $70.90, also the highest since October of 2018. Crude prices have been persistently...
    Paul Tudor Jones speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020.Adam Galica | CNBC Billionaire hedge fund manager Paul Tudor Jones appeared Monday on CNBC's "Squawk Box." Jones, a prominent Wall Street figure who called the stock market crash in 1987, is the founder and chief investment officer of Tudor Investment Corporation. In October, Jones...
    New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher...
    Concerns are mounting that Joe Biden's $6 trillion spending spree will cause inflation, which is already at a 13-year high, to surge even further amid record federal spending and deficit - as Republicans warn his 'green worker paradise' plan will only supercharge prices. The consumer price index rose 5 percent in the 12 months through May, which is the highest...
    PITTSBURGH (CBS Pittsburgh) — You may have noticed a significant jump in prices at the grocery store. More and more grocery shoppers are experiencing sticker shock every day. The price of food — especially meat, fruit and vegetables — is going up. “Food’s going out of sight. It is. It really is. Prices are ridiculous,” said Donna Gallager. READ MORE: Sinkhole...
    MINNEAPOLIS (WCCO) — If it feels like you’re paying more for everything, you’re right. Consumer prices pushed higher again in May. Looking back over the last year, prices have gone up 5%. That’s the largest 12-month inflation spike since 2008. Experts say the economy is reopening faster than employers can hire. According to financial news website MarketWatch, all three...
    Alex Tovstanovsky, owner of used-car dealer Prestige Motor Works, checks on inventory with his general manager Ryan Caton in Naperville, Illinois, May 28, 2020.Nick Carey | Reuters Consumer prices jumped more than expected in May, but the surge in inflation looks to be temporary and should not push the Federal Reserve to tighten policy for now. The consumer price index...
    VIDEO5:2505:25Stocks hit records despite inflation uptick. Trading the disconnectTrading Nation Investors appear to be brushing off the latest inflationary uptick. Consumer prices in May rose at the fastest year-over-year rate since 2008, the Labor Department said Thursday, but U.S. stocks aren't feeling the heat.Zoom In IconArrows pointing outwardsThe S&P 500 instead hit a fresh record high in Thursday's session, ending...
    More On: inflation Scorching inflation slams consumers as prices jump most in 12 years Chipotle hikes prices to cover higher wages amid labor shortage Fork it over! With soaring costs and labor woes, restaurants are passing the buck to you How the trucker shortage is fueling the meat crisis Americans hungry to return to their pre-pandemic habits better be...
    WASHINGTON - U.S. consumer prices surged in May, jumping 5% from a year ago, the highest annual inflation rate in nearly 13 years, the Labor Department reported Thursday. The increase, in a variety of ways, is linked to the country’s recovery from the coronavirus pandemic, with merchants increasing prices as consumers — many of them flush with money from...
    Alex Tovstanovsky, owner of used-car dealer Prestige Motor Works, checks on inventory with his general manager Ryan Caton in Naperville, Illinois, May 28, 2020.Nick Carey | Reuters Consumer prices jumped more than expected in May, but the surge in inflation looks to be temporary and should not push the Fed to tighten policy for now. The consumer price index rose...
    House Republicans are blaming Democrats for the rise in Chipotle burrito prices.  The National Republican Congressional Committee (NRCC) issued a statement on Wednesday pointing to Chipotle's recent announcement they would raise prices on their menu products by about 4 percent – and blaming Democrats.  “Democrats’ socialist stimulus bill caused a labor shortage and now burrito lovers everywhere are footing the bill,” NRCC spokesperson Mike Berg...
    New York (CNN Business)Campbell Soup is raising the prices it charges stores for its products in response to rising supply chain costs.The maker of namesake soup brands and snacks like Goldfish crackers, Milano cookies and Snyder's pretzels reported Wednesday that profit fell 5% to $160 million during the three months ending May 2, compared with the same stretch last year."Our...
    More On: prices JBS to reopen most operations after cyberattack shut all its US beef plants Key inflation indicator rises to highest level in decades Inflation rises at fastest pace in more than 12 years Bracing for a record pool chlorine shortage in summer 2021 Chipotle has raised its menu prices by up to 4 percent to cover the...
    VIDEO3:5303:53Expect lumber to remain historically high, despite recent drops, says Sherwood Lumber's LittleThe Exchange Lumber industry veteran Kyle Little told CNBC on Tuesday that it's a sensible decision to hold off on beginning discretionary building projects due to high wood costs. "The jobs that you have coming up, don't expect us to go back to what we saw the previous...
    More On: lobsters A sight to sea: Rare lobster just barely escapes restaurant’s death row Lobster shell patterns make concrete stronger, study finds Extremely rare orange lobsters rescued from local seafood markets Maine lobsterman trawls support for Trump at RNC after EU tariffs lift Summer weather has arrived, and New England tourists are hungry for a lobster roll or...
    TAMPA (CBSMiami) — Florida drivers may be seeing higher prices at the gas pumps this week.  Florida gas prices face upward pressure, after optimism about rising global fuel demand sent crude oil prices to multi-year highs. The price of crude rose five percent last week. The price for US crude (WTI) settled at $69.62 per barrel on Friday, the highest...
    Official cars are seen outside Grand Hotel Wien after a session of meeting of the Joint Comprehensive Plan of Action (JCPOA) on "Iran nuclear deal talks" in Vienna, Austria on May 01, 2021.Askin Kiyagan | Anadolu Agency | Getty Images A nuclear deal between the U.S. and Iran could send energy prices higher — even if it means more supply...
                      by Thomas Catenacci  While rapidly increasing consumer prices have triggered fears that the U.S. economy may enter into a period of stagflation, it is unlikely to hit 1970s levels, an economic report concluded. The current condition of the U.S. economy has created some fear that prices may precipitously and uncontrollably...
    Hollywood went all in for Joe Biden during the presidential election and now the entertainment industry is reaping the rewards in the form of runaway inflation that has caused the price of making movies and TV shows to skyrocket. Production executives said key supplies are about 10 percent higher compared to just a few months ago, according to a recent report...
    While rapidly increasing consumer prices have triggered fears that the U.S. economy may enter into a period of stagflation, it is unlikely to hit 1970s levels, an economic report concluded. The current condition of the U.S. economy has created some fear that prices may precipitously and uncontrollably rise while unemployment stays elevated, according to the report authored by Heritage Foundation...
    A butcher stocks a display case with packages of steaks at a Costco store on May 24, 2021 in Novato, California.Justin Sullivan | Getty Images Don't tell Costco executives that inflation is low. The big-box club chain said it's been seeing accelerating prices across a range of products, including shipping containers, aluminum foil and a 20% spike in meat prices...