Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.
“The punch line of this report is that it's not one thing, it was a whole fleet of reasons why we saw the high fertilizer prices that we did,” said Chad E. Hart, an Iowa State University economics professor who worked on the study.
Businesses in the Corridor, as with everywhere around the country, have added inflation to their list of worries
President Joe Biden has proposed a three-month suspension of the 18-cent federal gas tax and called on states to enact their own.
Some cut back expenses, drive more slowly or just live with it
Erin Davis, a Cedar Rapids single parent, said most single parents who she knows work two jobs.
Sen. Joni Ernst is among the critics of President Joe Biden as Americans see higher prices when they fill up on gas. But recent claims on surging gas costs earn mixed grades.
Americans are adjusting their spending habits in response, according to a poll conducted by the Washington Post and George Mason University's Schar School of Policy and Government.
The shocks of high gasoline costs are ricocheting through the economy as prices continue to rise, and industry analysts see little relief.
The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans' financial strains and likely weaken the economy.
More than nine out of 10 small business owners say inflation, supply chain issues and worker shortages are having a negative effect on their businesses, according to a national survey published Monday by Goldman Sachs.
With gas prices still hovering around record levels – and Iowa’s college and university campuses facing a budgetary quandary in the form of inflation – Kirkwood Community College is rolling out a pilot summer program to close its campus offices on Fridays.
Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.
An official said Biden will speak to Iowans about his administration’s plans to address rising costs on consumers, and highlight investments in infrastructure, particularly in rural communities.
Inflation soared over the past year at its highest rate in four decades, hammering American consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy.
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