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Inflation

Business
Popular Fast Casual Dining Chain Files For Bankruptcy Popular Fast Casual Dining Chain Files For Bankruptcy
Popular Fast Casual Dining Chain Files For Bankruptcy A popular fast casual dining chain has filed for bankruptcy after months of reporting financial distress. BurgerFi International, Inc., announced the Chapter 11 filing on Wednesday, Sept. 11. The Florida-based company is also the parent company of Anthony’s Coal Fired Pizza. All 144 locations of the two brands across the the nation will remain open and continue normal operations. BurgerFi makes up 93 of the eateries, and Anthony's the other 51. The Chapter 11 filing includes the 67 corporate-owned locations of both brands. "BurgerFi and Anthony's Coal Fired Pizza & Wings are dyn…

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by Joe Lombardi
Business
Big Lots To Close Pair Of NY Stores Big Lots To Close Pair Of NY Stores
Big Lots To Close Pair Of NY Stores Discount retail chain Big Lots plans to close around 40 stores this year, according to a filing with the Securities & Exchange Commission (SEC). It currently has around 1,425 stores nationwide. Six stores in New York, Connecticut, and Massachusetts are slated to close, with both New York stores on Long Island. No store closures are scheduled for New Jersey. The company cited rising costs and inflation as reasons for the move and said a bankruptcy filing could be coming. Stores in the Northeast slated for closure are as follows: New York 260 Voice Road, Carle Place 231 Centere…

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by Joe Lombardi
Lifestyle
'McFlation': $7 Egg McMuffin At McDonald's In Region Sparks Outrage 'McFlation': $7 Egg McMuffin At McDonald's In Region Sparks Outrage
'McFlation': $7 Egg McMuffin At McDonald's In Region Sparks Outrage A pricey breakfast sandwich purchased at a Connecticut McDonald’s is sparking outrage on social media. The Fairfield County breakfast order, which was shared by Bespoke Investment Group on X, was placed on Saturday, Jan. 27 just off of I-95 in the town of Fairfield, according to the posted picture of the receipt. “What has the world come to??” the user asked, showing that the receipt included two Egg McMuffins, costing a total of $14.58 — or $7.29 each — and a bacon, egg, and cheese McGriddle for another $7.19. “Outrageous pricing,” Bespoke wrote. $7.29 for one McDonald’s Egg McMuf…

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by Sophie Grieser
Business
'It Breaks My Heart': Owner Of CT Restaurant Announces Closure After 11 Years In Business 'It Breaks My Heart': Owner Of CT Restaurant Announces Closure After 11 Years In Business
'It Breaks My Heart': Owner Of CT Restaurant Announces Closure After 11 Years In Business A Connecticut restaurant is set to permanently close next month after more than a decade in business. Hartford County eatery Zingarella Ristorante and Pizzeria, located in the Southington neighborhood of Plantsville, is set to close at the end of the business day on Tuesday, Feb. 14, owner Mark Zommer announced on Thursday, Jan. 12. "We opened this restaurant the day before Thanksgiving, 2011, and it breaks my heart to have to say goodbye to this part of my life," he said. "It has been a memorable journey. The people I've met along the way and the relationships that have blossomed will…

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by Nicole Valinote
News
32 Percent Of CT Households Report Skipping Necessities To Afford Energy Bill, Study Says 32 Percent Of CT Households Report Skipping Necessities To Afford Energy Bill, Study Says
32 Percent Of CT Households Report Skipping Necessities To Afford Energy Bill, Study Says A newly-released study has detailed the percentage of Connecticut households that reported skipping out on purchasing necessities such as food and medicine to afford their energy bills. LendingTree, an online loan marketplace, published a report on Monday, Oct. 31, saying 32 percent of Connecticut households reported forgoing or reducing buying necessities to pay an energy bill in the past 12 months amid inflation. The website reported that it used the United States Census Bureau Household Pulse Survey for the analysis. LendingTree also reported that 28.7 percent of households in Conn…

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by Nicole Valinote
Politics
Hochul Elected To First Full Term As NY Governor, Defeats Trump-Backed Zeldin Hochul Elected To First Full Term As NY Governor, Defeats Trump-Backed Zeldin
Hochul Elected To First Full Term As NY Governor, Defeats Trump-Backed Zeldin This story has been updated. New York’s Democratic incumbent Gov. Kathy Hochul has been elected to her first full term in office, fending off her Republican challenger, Long Island Rep. Lee Zeldin, NBC News projects. Hochul is leading Zeldin, who represents the state’s 1st Congressional District covering much of Suffolk County, by five percentage points, 52.7 to 47.3 percent, as of 6 a.m. Wednesday, Nov. 9, with 93 percent of the vote counted. "I'm deeply honored to be elected Governor of the State of New York," Hochul posted on Twitter shortly after the race was called. BREAKING: I’m…

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by Michael Mashburn
Lifestyle
New Report Reveals Percentage Of Americans Living Paycheck To Paycheck New Report Reveals Percentage Of Americans Living Paycheck To Paycheck
New Report Reveals Percentage Of Americans Living Paycheck To Paycheck Many Americans are living paycheck to paycheck as inflation continues to impact their finances, according to a new report.  PYMNTS and LendingClub published their September 2022 report on inflation and the United States paycheck-to-paycheck landscape. Researchers found that 60 percent of consumers reported that inflation has impacted how they manage their finances. The report also found that 60 percent of US consumers are living paycheck to paycheck as of August, an increase from 57 percent in September of 2021. According to the report, 45 percent of consumers who are earni…

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by Nicole Valinote
Business
Concerns Increase As US Baby Formula Shortage Worsens Concerns Increase As US Baby Formula Shortage Worsens
Concerns Increase As US Baby Formula Shortage Worsens The months-long baby formula shortage that has plagued parents and retailers across the country is getting worse, according to reports. In the first half of 2021, the out-of-stock baby formula hovered below 10 percent in the first half of 2021, according to Datasembly, though that number has jumped above 30 percent between November 2021 and April 2022. According to reports, that rate has increased above 40 percent in certain states, with some completely selling out of formula during the week of Sunday, April 24. Original story - Parents, Retailers Deal With National Baby Formula Shortag…

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by Zak Failla
Business
Discount Supermarket CEO Makes ‘Price Promise’ Pledge As Inflation Rate Soars Discount Supermarket CEO Makes ‘Price Promise’ Pledge As Inflation Rate Soars
Discount Supermarket CEO Makes ‘Price Promise’ Pledge As Inflation Rate Soars With inflation skyrocketing across the country, causing the price of food and other merchandise to surge, one supermarket head vowed to keep a tight rein on costs for customers. Aldi US CEO Jason Hart penned a “price promise” letter to consumers this week making a pledge to keep costs down at the discount supermarket chain. Aldi CEO Jason Hart.Aldi “Saving you money is what we do best,” he wrote. “And in times like these, I’m incredibly proud to underscore this commitment to you: no matter what happens in the world around us, Aldi will always be the low-price leader in every community w…

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by Zak Failla
Business
Increases In Cost Of Eggs, Meat Linked To Bird Flu Increases In Cost Of Eggs, Meat Linked To Bird Flu
Increases In Cost Of Eggs, Meat Linked To Bird Flu With the avian flu detected in nearly half the states across the country, it has posed an unexpected price hike for consumers looking to purchase poultry, eggs, and other produce in advance of the spring holidays. Earlier this year, upwards of 25 states announced a rise in positive cases of a dangerous, easily-transmissible strain of avian flu. According to reports, the outbreak of bird flu has led to an unexpected rise in grocery bills, specifically on the price of meat and eggs, which have doubled in some states over the past several months since the flu was first recorded. The price hi…

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by Zak Failla
Business
Amazon Adds New 'Fuel, Inflation' Surcharge To Seller Fees For Prime Shipments Amazon Adds New 'Fuel, Inflation' Surcharge To Seller Fees For Prime Shipments
Amazon Adds New 'Fuel, Inflation' Surcharge To Seller Fees For Prime Shipments A new "fuel and inflation surcharge" on third-party sellers who ship through Amazon will be added by the e-commerce giant. The five-percent increase will take effect on Thursday, April 28, and will include products purchased before that date. The surcharge could apparently increase or decrease in the future. "In 2022, we expected a return to normalcy as COVID-19 restrictions around the world eased, but fuel and inflation have presented further challenges," Amazon stated in a memo to sellers obtained by NPR. "It is still unclear if these inflationary costs will go up or down, or f…

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by Joe Lombardi
Business
Inflation Plus War Equals Uncertainty For New York Consumers, New Poll Reveals Inflation Plus War Equals Uncertainty For New York Consumers, New Poll Reveals
Inflation Plus War Equals Uncertainty For New York Consumers, New Poll Reveals There is growing uncertainty among New Yorkers as the Ukraine conflict rages on and inflation continues to rise, according to a newly released Siena College poll. Pollsters said that the New York State Index of Consumer Sentiment has dipped to 68 percent, down more than five points from the last poll in the fourth quarter of 2021. The poll found that the sentiment for the first quarter of 2022 found that metro New York had a more optimistic outlook, with more than 73 percent expressing a positive sentiment versus upstate New York, which fell under 61 percent. Officials noted that New York…

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by Zak Failla
Business
Amazon Hikes Price Of Prime Membership Amazon Hikes Price Of Prime Membership
Amazon Hikes Price Of Prime Membership Even the world’s largest companies are not immune to inflation. Despite posting record profits, Amazon announced that it will be hiking up prices for its Prime membership, which will rise from $119 to $139 annually or from $12.99 to $14.99 monthly. It marks the first price increase for Prime members since 2018. Current Prime members will see the increase as of Friday, March 25, while new members will start paying the new price as of Friday, Feb. 18. The move comes after Amazon’s revenue rose to a record $137.4 billion in the fourth quarter of 2021, of which $14.3 billion was profit, repr…

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by Zak Failla
Politics
Lamont Proposes Series Of Tax Cuts For CT Residents Lamont Proposes Series Of Tax Cuts For CT Residents
Lamont Proposes Series Of Tax Cuts For CT Residents Connecticut Gov. Ned Lamont unveiled his first package of legislative proposals for the 2022 regular session, including a series of tax cuts to provide relief for residents. With the state projected to be operating on a near $1.5 billion surplus, the Democratic governor announced his first package of proposals, which includes $336 million in tax cuts if approved. “The governor said that he is proposing the tax cut package as the state is projecting an operating surplus of $1.48 billion, which will enable a significant reduction in the one-time revenues built into the enacted budget and will…

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by Zak Failla
Business
Proctor & Gamble Plans Price Hikes For These Products Proctor & Gamble Plans Price Hikes For These Products
Proctor & Gamble Plans Price Hikes For These Products Proctor & Gamble plans to raise prices on some of its products, according to a new report. CNBC reported last week that the company has announced plans to raise prices on fabric care products, such as Tide detergent, and certain personal health care products. The rise in prices of fabric care products is set to take effect on Monday, Feb. 28, and the rise in prices for personal health care products will take place in April, CNBC reported. The news outlet said P&G has already raised prices across 10 other product categories. CNBC said the decision was made as inflation rates increa…

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by Nicole Valinote
Politics
Look Who's Back: Bob Stefanowski Announces New Run For Governor Look Who's Back: Bob Stefanowski Announces New Run For Governor
Look Who's Back: Bob Stefanowski Announces New Run For Governor If at first, you don’t succeed… Republican businessman Bob Stefanowski, who ran and lost to Connecticut Gov. Ned Lamont in 2018, announced that he is taking a second shot at the office with an initial investment of $10 million straight into his campaign. “Connecticut has some of the most honest, hard-working people in the country.  But we are being short-changed by leaders prioritizing politics over people,” he announced. “Over the past three years, our state has become less affordable and more dangerous for the good people who live, work, and go to school here.” Stefanowski specifically …

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by Zak Failla
Business
Dollar Tree Announces First Permanent Price Increase In Decades Dollar Tree Announces First Permanent Price Increase In Decades
Dollar Tree Announces First Permanent Price Increase In Decades Dollar and a Quarter Tree? For the first time in more than three decades, Dollar Tree announced that it will be increasing the prices for most of its items up to $1.25 as the country contends with surging inflation rates. In recent years, dollar stores have been veering away from that moniker, with many upping prices to as much as $3 or $5 for some items. The new prices are expected to be rolled out to each of the company's 8,000 stores by early 2022 after the company tested higher-priced items for months, to which officials said there was a “positive customer reaction,” after attempting…

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by Zak Failla
Lifestyle
On The Table For Thanksgiving: Higher Prices, Fewer Options Due To Supply-Chain Issues On The Table For Thanksgiving: Higher Prices, Fewer Options Due To Supply-Chain Issues
On The Table For Thanksgiving: Higher Prices, Fewer Options Due To Supply-Chain Issues The COVID-19 related supply chain issues and price increases are continuing to impact consumers across the United States ahead of the holidays.  The Seattle Times reported that many are having to spend more in preparation for Thanksgiving Day on Thursday, Nov. 25, as the prices of many products have increased.  The news outlet said supply chain issues including transportation expenses, bad weather and labor shortages have all factored into the ballooning prices, along with inflation.  According to a report from Texas A&M Today, AgriLife Extension livestock economist Davi…

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by Nicole Valinote