FILE PHOTO: Informational signs are seen at the Destiny USA mall during the reopening, as the coronavirus disease restrictions are eased, in Syracuse, New York, U.S., July 10, 2020. REUTERS/Maranie Staab/File Photo
“The economic downturn is going to last longer with the second wave of the coronavirus pandemic spreading across the nation and this extended period of weak growth and soft demand will keep the inflation genie locked in her bottle for longer as well,” said Chris Rupkey, chief economist at MUFG in New York.
The index for food away from home rose 0.5%. Prices for full service meals surged a record 0.9%, likely reflecting higher operating costs for reopening restaurants. There have been fears that the unprecedented stimulus could stoke inflation. But with a record 33 million people on unemployment benefits, inflation is likely to remain benign. Gross domestic product is expected to have declined in the second quarter at its steepest pace since the Great Depression.
The rebound in underlying inflation suggests deflation is unlikely for now. Deflation, a decline in the general price level, is harmful during a recession as consumers and businesses may delay purchases in anticipation of lower prices.
Is American Dream over?
Is our life important too? iranianLivesMatter StopExecutionsInIran اعدام_نکنید Does your media hear our voices? Don't support the devil, IslamicRepublic.
Wait until electric cars/solar have NO power to charge the batteries
Is it really 'inflation' when the price dives substantially and then partially returns to the previous level? Or just ignorance of the free market on the part of the reporter?
realDonaldTrump will buy more gas ⛽️ to push up prices.
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