prices
Washington (AFP) - President Joe Biden called on US regulators Wednesday to look into the causes of the nationwide spike in gasoline prices, which he said is hurting workers. The president last week made fighting inflation a top priority after data showed consumer prices hit a 30-year high in October, fueling a slump in his public approval. In a letter to the Federal Trade Commission (FTC), Biden took aim at oil companies he says are raising prices at the pump even as their expenses decline and profits soar. He instructed the agency to look into whether "illegal conduct" is behind the energy p...
AFP
Washington (AFP) - President Joe Biden called on US regulators Wednesday to look into the causes of the nationwide spike in gasoline prices, which he says are hurting workers. The president last week made fighting inflation a top priority after data showed consumer prices hit a 30-year high in October, fueling a slump in his public approval. In a letter to the Federal Trade Commission (FTC), Biden took aim at oil companies he says are raising prices at the pump even as their expenses decline and profits soar. He instructed the agency to look into whether "illegal conduct" is behind the energy ...
AFP
New York (AFP) - More air in that bag of chips? Fewer flakes in your cereal box? You're not imagining it: "Shrinkflation," a tactic used by industry to hide price increases, is back in vogue. Facing the post-pandemic inflationary surge, partly fueled by bottlenecks in global supply and trouble finding workers, companies are under more pressure to deal with rising costs. Consumer advocate Edgar Dworsky, who has followed the phenomenon he calls downsizing for quarter of a century, says he has identified dozens of products in recent months that have seen sneaky price increases. He found goods ran...
AFP
Washington (AFP) - Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, the IMF said Wednesday. Broad subsidies are expensive, so policymakers instead should use targeted aid to help low income families most impacted from the recent surge, Paulo Medas, of the IMF's Fiscal Affairs Department said. Generalized energy subsidies "benefit rich households who don't need the support," making them very costly, Medas told reporters. In addition, "they are not friendly to the environment, in fact they lead to very negative incentives." The IMF reco...
AFP
Washington (AFP) - Annual US wholesale inflation spiked to its highest rate in nearly a decade last month, but the news was delayed by a glitch on the Labor Department's website Friday. "Sorry for the delay in the PPI release, folks," the department's Bureau of Labor Statistics (BLS) tweeted, followed by a thread with the details on the data. At the normal release time of 8:30 am (1230 GMT) interested observers were met with a message saying: "The BLS website is busy. Refresh page and try again." The report showed signs the reopening economy is seeing prices rebound, something economists and t...
AFP
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