Prices hit four-decade high in 2021 as inflation lashes US economy

12/1/2022 8:28:00 PM

Prices hit four-decade high in 2021 as inflation lashes US economy

Prices hit four-decade high in 2021 as inflation lashes US economy

WASHINGTON: US consumer prices jumped last year at the fastest pace in four decades, the government confirmed on Wednesday (Jan 13), underscoring the potent inflation wave that has sapped public support for President Joe Biden even as the economy recovers from the pandemic. The seven percent increase in th

Since taking office last January, Biden has presided over an economy that has expanded rapidly and seen millions of people who lost their jobs to the COVID-19 pandemic return to work.Still, while the data contained signs of a nearing summit, relief may not necessarily come quickly.

"This trend isn't 'transitory,' and it's all happening under Democrats' one-party control," tweeted Kevin McCarthy, the top Republican in the House of Representatives. His party is seen as the favourites to win control of the lower house of Congress in the November elections.

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NFT sales hit US$25 billion in 2021, but growth shows signs of slowingLONDON : From cartoon apes to video clips, sales of NFTs reached some US$25 billion in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar shows, although there were signs of growth slowing towards the end of the year.Prices of some non-fungible tokens, crypto a

U.S. CDC may recommend better masks against Omicron - Washington PostThe agency will likely advise people opt for the highly protective N95 or KN95 masks worn by healthcare personnel, if they can do so consistently, the newspaper reported, citing an official close to the deliberations. The CDC guidance is expected to say that if people can 'tolerate wearing a KN95 or N95 mask all day, you should,' the report said. Last week, CDC Director Rochelle Walenksy told NBC News' 'Today' program the Omicron-driven surge in U.S. COVID-19 cases has likely not topped out yet.

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China's factory prices rise more slowly than expected in DecBEIJING : China's factory-gate inflation rose more slowly than expected in December as the government took steps to contain lofty raw material prices, official data showed on Wednesday.The producer price index (PPI) climbed 10.3per cent from a year earlier, the National Bureau of Statistics (NBS) said in

China's factory prices rise more slowly than expected in DecemberBEIJING: China\u0027s factory-gate inflation rose more slowly than expected in December as the government took steps to contain lofty raw material prices, official data showed on Wednesday (Jan 12). The producer price index (PPI) climbed 10.3 per cent from a year earlier, the National Bureau of Statistics (NBS)

As costs soar, some Japanese companies do the unthinkable: Raise pricesTOKYO: Premium telescopes, violin bows and speciality paper are bucking a deflationary trend that has defined Japan for decades - all have had their prices hiked by companies confident they can charge more without losing business. Years of stagnant prices and wages have made Japan nervous about charging mo

LinkedIn WASHINGTON: US consumer prices jumped last year at the fastest pace in four decades, the government confirmed on Wednesday (Jan 13), underscoring the potent inflation wave that has sapped public support for President Joe Biden even as the economy recovers from the pandemic.LinkedIn LONDON : From cartoon apes to video clips, sales of NFTs reached some US$25 billion in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar shows, although there were signs of growth slowing towards the end of the year.People wear masks as they pass through a pedestrian subway as cases of the infectious coronavirus Delta variant continue to rise in New York City, New York (Reuters) -The U.removing a longstanding barrier to US agricultural trade, US Trade Representative Katherine Tai and Agriculture Secretary Tom Vilsack said on Monday (Jan 10).

The seven percent increase in the Labor Department's consumer price index (CPI) over the 12 months to December was the highest since June 1982, as prices rose for an array of goods especially housing, cars and food. Since taking office last January, Biden has presided over an economy that has expanded rapidly and seen millions of people who lost their jobs to the COVID-19 pandemic return to work. The art world has been quick to cash in, with auction houses selling NFTs representing simple cartoons for millions of dollars with no physical objects changing hands. But a collision between rebounding demand, labour shortages and global supply chain snarls - especially computer chips for cars - caused prices last year to climb upwards at an ever-faster rate. The agency will likely advise people opt for the highly protective N95 or KN95 masks worn by healthcare personnel, if they can do so consistently, the newspaper reported, citing an official close to the deliberations. The White House echoed the views of some economists in a tweet predicting"the rate of price increases will moderate in the months ahead as we make progress with the pandemic and other challenges".3 million at a Christie's sale in March. Still, while the data contained signs of a nearing summit, relief may not necessarily come quickly.7 billion (S$10.

"The peak is close, but the speed of the coming downshift is uncertain," said Ian Shepherdson of Pantheon Macroeconomics. NFT sales volume totalled US$24.13 million new COVID-19 infections on Monday, according to a Reuters tally, the highest daily total of any country in the world as the spread of the highly contagious Omicron variant showed no signs of slowing. For the Republican opposition, the inflation data underscored their belief that the Democratic president has mishandled the recovery. "This trend isn't 'transitory,' and it's all happening under Democrats' one-party control," tweeted Kevin McCarthy, the top Republican in the House of Representatives.9 million the year before, DappRadar, said on Monday. His party is seen as the favourites to win control of the lower house of Congress in the November elections. COVID-19 cases has likely not topped out yet. The White House has attempted to sort out supply chains to relieve shortages and address alleged price fixing in industries like meatpacking to lower prices, but the most potent actor against inflation is the independent Federal Reserve. (Graphic: NFT sales climb to US$11. Indian Prime Minister Narendra Modi met President Joe Biden in Washington in September and both leaders agreed to expand trade ties to strengthen relations between the world's largest and richest democracies.

Central bankers already have indicated they are ready to raise interest rates from zero in the coming months, and many observers see the first increase as soon as March. Kathy Bostjancic of Oxford Economics said the Fed now sees getting inflation back towards its two-per cent goal as its"top priority," and could raise rates as many as four times this year.thomsonreuters. FROM CARS TO FOOD Prices for shelter, including rental properties, has been one of the main contributors to inflation, rising 4.1 per cent in the year, while food rose 6.6per cent20billion.3 per cent, the Labor Department said,.

However, in both cases the December monthly increase was less than in the prior month. Transactions which take place 'off-chain', such as major NFT art sales at auction houses, are often not captured by the data. After slumping during the economic crisis in 2020, energy prices rebounded strongly last year with a 29.3 per cent gain, the report said.3 billion. But in December, energy costs contracted, falling 0.4 per cent from November, indicating Americans may soon see relief at gas stations and on their heating bills.com, which tracks the ethereum blockchain only, put 2021 sales at US$15.

There was no such respite for used car prices, another of the main drivers of inflation in the year, which jumped 3.5 per cent in December and 37. This means the money spent on NFTs in 2021 is roughly equivalent to the amount pledged at COP26 to help countries phase out coal, or the funding made available by the World Bank to buy and deploy COVID-19 vaccines.3 per cent over the course of 2021, according to the data. Food and energy prices can be volatile, but with those items stripped out, consumer prices rose more than expected with a 0. This does not appear to be correlated with fluctuations in the price of cryptocurrencies, which are often used to buy NFTs, as bitcoin and ether rose in the September to November period.6 per cent gain compared to November.

For the year, they were up 5.thomsonreuters.5 per cent, the highest since February 1991. APPROACHING PEAK? There were indications in the data that the price surge may be ebbing.png) Around 28. Overall CPI growth slowed to 0.5 per cent in December, less than the 0. While some see NFTs as the future of ownership in the online world, buying NFTs as a vote of confidence in the development of"Web3" or the metaverse, others are baffled as to why so much money is being spent on items which do not physically exist.

8 per cent increase in the prior month. Some of the major drivers of inflation will ease over the course of this year, Shepherdson predicted, including the shortage of real estate that has pushed home prices and rents upwards, and a scarcity of semiconductors that has crippled automobile assembly lines. (Graphic: Weekly NFT buyers - NonFungible. While annualised consumer prices may eventually peak at a level higher than in December"the run of big increases is over, and it will start to fall in March," he said. Source: AFP/ec .thomsonreuters.