High inflation has spread to the nation's vast service sector: You'll pay more for rent, dental care, auto repairs, hotels and more. This makes inflation harder to tame. Get tips to cope with rising prices.
Supply chain snarls and parts shortages inflated the cost of factory goods when the economy rocketed out of the pandemic recession two years ago. Then it was a surge in consumer spending fueled by federal stimulus checks. Then Russia's invasion of Ukraine disrupted gas and food supplies and sent those prices skyward.
Govt-and-politics As the causes of US inflation grow, so do the dangers The first bright spot: A cooling economyEvidence that the Fed's fight to cool the economy may be taking hold can be seen with big-ticket items. Sales at auto dealers fell 0.4% last month, and shoppers continued to pull back on appliances, electronics and furniture, all categories that did well during the early part of the pandemic.
The IRS’ goal is to prevent"bracket creep." In other words, these annual tweaks allow the IRS to ensure that inflation doesn’t eat away at the original basis for a tax credit or threshold.Smart Change: Personal Finance Higher Inflation Could Mean Smaller Tax Bills for Some No. 3: Big boost in benefitsIn another break, those receiving Social Security benefits or Supplemental Security Income will receive an 8.
The rollercoaster market illustrates how investors are desperately grasping for clues about what the Fed will do next. But according to a CNN analyst, unbridled inflation is hitting households hard, highlighting a disconnect between Wall Street and Main Street.
HAS SOCIAL SECURITY ALWAYS GIVEN SUCH INCREASES? No. The first American to get a monthly retirement check from Social Security, Ida May Fuller from Ludlow, Vermont, got the same $22.54 monthly benefit for 10 years. IS THAT THE INFLATION MEASURE EVERYONE FOLLOWS? No. People generally pay more attention to a much broader measure of inflation, the CPI-U index, which covers all urban consumers. That covers 93% of the total U.S. population.
All indexes give just a rough approximation of what inflation really is. But the more pressing challenge may be that if the government switched to a different index, one that showed higher inflation for older Americans, Social Security would have to pay out higher benefits. WILL RICH PEOPLE GET THE SAME BOOST IN SOCIAL SECURITY? Yes. Everyone gets the same percentage increase, whether they have millions of dollars in retirement savings or are just scraping by.
But it also means the Social Security system is paying out more, which can add more strain on its trust fund.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer inflation slowed to a still-high 8.2% over the past 12 monthsU.S. consumer inflation slowed to a still-high 8.2% over the past 12 months, keeping the pressure on households.
Read more »
Social Security recipients to get biggest benefit boost in 40 years amid record high inflationMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
Read more »
Astros-Mariners Game 2 live updates: Carlos Correa has high praise for Jeremy PeñaUpdates and analysis from Game 2 of the Astros-Mariners American League Division series...
Read more »
This Nigerian city has a high birth rate of twins — and no one is sure whyTwins appear to be unusually abundant in Nigeria's southwestern city of Igbo-Ora. For the past 12 years, the community has organized an annual festival to celebrate twins.
Read more »
Clea DuVall on Bringing Tegan & Sara’s ‘High School’ to TVDuring this week’s ‘TV’s Top 5’ podcast, hosts Lesley Goldberg and Daniel Fienberg also discuss Ryan Murphy’s future at Netflix and the state of comedy on broadcast.
Read more »
Retail sales stagnant in September as high inflation eats into spendingThe Commerce Department released new retail data on Friday morning, revealing how consumers have responded to rapid and stubbornly high inflation in September.
Read more »