Tag: inflation

Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy.

Heading into a critical midterm election year, the top political concerns of Americans are shifting in ways that suggest Democrats face considerable challenges to maintaining their control of Congress.

It’s easy to poke fun at terrible restaurants, like the one on Gordon Ramsay’s show Kitchen Nightmares that served a mayonnaise-and-cheese sushi pizza , or the Washington D.C. Popeyes that went viral after a video revealed the franchise was overrun with gargantuan rats. (They were not of the Pixar variety that hide in chef hats and improve recipes, unfortunately). Both eateries have since shuttered permanently. Probably for the best.

Emarilis Velazquez is paying higher prices on everything from food to clothing. Her monthly grocery bill has ballooned from $650 to almost $850 in recent months. To save money, she looks for less expensive cuts of meat and has switched to a cheaper detergent.

Federal Reserve Chair Jerome Powell says that the appearance of a new COVID-19 variant could slow the economy and hiring, while also raising uncertainty about inflation.