Fair 30°
Tag:

Inflation

News
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction The Federal Reserve kept its key interest rate in place, pausing further cuts and ignoring a demand by President Donald Trump to immediately drop rates. After three months of reductions, the Fed decided to keep the key interest rate target at 4.25 to 4.5 percent. The Fed announced the decision on Wednesday, Jan. 29, after its first meeting since President Trump returned to the White House. Chair Jerome Powell said the Fed is monitoring inflation and economic stability under the Trump administration. "We remain committed to supporting maximum employment, bringing inflation sustain…

SHARE

by Chris Spiker
Business
Record-High Egg Prices Likely To See New Increases: What To Know Record-High Egg Prices Likely To See New Increases: What To Know
Record-High Egg Prices Likely To See New Increases: What To Know Across the country, grocery shoppers are facing sticker shock and empty shelves as egg prices continue to skyrocket.  Once an affordable staple, eggs have become increasingly expension -- and sometimes, even difficult to find — and the situation is only expected to worsen. The surge in egg prices is being driven by a combination of inflation and a devastating outbreak of avian influenza, better known as bird flu. The H5N1 virus, which made its way to the United States in 2022, has infected or killed millions of birds and infected many other animals In just the last three months, more…

SHARE

by Joe Lombardi
Business
Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse
Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse Retail store closures surged in 2024, reaching their highest levels since the start of the pandemic, a new study said. A total of 7,325 U.S. stores closed in 2024, driven by inflation and an increasing shift toward online shopping, according to retail data firm Coresight Research. The closings marked the steepest decline in brick-and-mortar retail since nearly 10,000 stores closed in 2020. While 5,970 stores opened—the highest yearly number since 2012—closures outpaced openings by a net loss of 1,355 stores.  "Retailers that were unable to adapt supply chains and implement t…

SHARE

by Chris Spiker
Business
Rise In Food Prices Goes Beyond Eggs: Here’s Rundown Rise In Food Prices Goes Beyond Eggs: Here’s Rundown
Rise In Food Prices Goes Beyond Eggs: Here’s Rundown Eggs are not the only food product seeing a sharp increase in prices. December grocery prices were nearly 28 percent higher than five years ago, reflecting how much harder families are finding it to manage their everyday expenses, The Wall Street Journal reports.  According to Labor Department data, grocery prices surged 1.8 percent year-over-year in December, marking the fastest increase in over a year, The trend started just after the COVID-19 pandemic began in 2019, mainly due to pandemic-related supply chain issues. According to a Trace One analysis of US Bureau of Labo…

SHARE

by Joe Lombardi
Lifestyle
Why Are Americans Dining Out Less? A Closer Look At Changing Habits Why Are Americans Dining Out Less? A Closer Look At Changing Habits
Why Are Americans Dining Out Less? A Closer Look At Changing Habits Rising costs and shifting priorities are reshaping how Americans approach dining out.  Reports reveal a notable decline in restaurant visits, particularly among middle-class families and younger generations. Here are key factor driving the decline: Rising Menu Prices: Inflation has notably driven up the cost of dining out significantly. According to Yahoo Finance’s “6 Reasons the Middle Class Can’t Afford To Dine Out Anymore,” soaring food prices have left many consumers rethinking their restaurant habits. Economic Pressures: Broader inflationary trends are squeezing househo…

SHARE

by Joe Lombardi
Business
Big Lots Reaches Deal To Keep Hundreds Of Stores Open Big Lots Reaches Deal To Keep Hundreds Of Stores Open
Big Lots Reaches Deal To Keep Hundreds Of Stores Open Big Lots has announced a major development following its September bankruptcy filing. The discount retail chain says it's entered a strategic agreement with Gordon Brothers Retail Partners and Variety Wholesalers to preserve the brand, save thousands of jobs, and keep hundreds of stores open. Variety Wholesalers, known for its portfolio of retail brands, plans to acquire between 200 and 400 Big Lots locations, along with up to two distribution centers. There are about 1,400 Big Lots stores nationwide. The transition ensures Big Lots can transfer key assets and maintain continuity of its br…

SHARE

by Joe Lombardi
Business
Shoplifting Costs Retailers Billions: These Are Most Frequently Stolen Items Shoplifting Costs Retailers Billions: These Are Most Frequently Stolen Items
Shoplifting Costs Retailers Billions: These Are Most Frequently Stolen Items Shoplifting in the US is a costly epidemic, with retailers losing over $120 billion last year. The trend focuses on easily concealed, high-demand products at major retailers like Walmart and Target, posing a nationwide challenge for store owners and law enforcement. Electronics, health and beauty products, and food items are among the most commonly stolen goods, Capital One Shopping reports.  Small gadgets such as headphones and phone chargers, alongside over-the-counter medications and cosmetics, are frequent targets.  Alcohol, baby formula, and packaged meats are also popular …

SHARE

by Joe Lombardi
News
Congestion Pricing: Murphy Opposes Hochul's Program Charging Drivers $9 In Parts Of Manhattan Congestion Pricing: Murphy Opposes Hochul's Program Charging Drivers $9 In Parts Of Manhattan
Congestion Pricing: Murphy Opposes Hochul's Program Charging Drivers $9 In Parts Of Manhattan New Jersey Governor Phil Murphy is pushing back against New York’s plan to revive the congestion pricing plan, expressing concerns about the impact on New Jersey commuters who regularly travel into Manhattan.  Governor Kathy Hochul's plan, which reduces daily congestion fees to $9 down from $15, aims to reduce traffic and fund transit improvements, but Murphy argues it unfairly targets New Jersey residents.  The plan would require motorists to face $9 tolls when entering certain parts of Manhattan known as the Congestion Relief Zone. The zone is comprised of Lower Manhattan south …

SHARE

by Cecilia Levine
News
Biden Raises $33M Since Debate, Admits To 'Poor Performance' At Murphy's Mansion Biden Raises $33M Since Debate, Admits To 'Poor Performance' At Murphy's Mansion
Biden Raises $33M Since Debate, Admits To 'Poor Performance' At Murphy's Mansion In a fundraising blitz, President Joe Biden's campaign for re-election has raised $33 million since last Thursday's debate, the bulk of that in New Jersey and New York, a spokesman said on Monday, July 1. That total includes "grassroots" money from small donors, a campaign aide said. Biden, 81, a Democrat, is being challenged by former President Donald Trump, 78, a Republican. Biden attended two fund-raising events in East Hampton, NY, on Saturday afternoon followed by a Saturday evening fund-raiser hosted by New Jersey Gov. Phil Murphy and his wife, Tammy, in Middletown. “I didn’t have a…

SHARE

by Jon Craig
News
PSE&G Proposes Lowering Gas Bills PSE&G Proposes Lowering Gas Bills
PSE&G Proposes Lowering Gas Bills PSE&G customers could be getting some relief in their bills. PSEG filed proposals with the New Jersey Board of Public Utilities to lower gas bills for residential customers by 6.1% effective October. “This is an opportunity to lower our gas supply rate, providing our customers with a little bill relief and helping to maintain affordability,” said Dave Johnson, vice president Customer Care & Chief Customer Officer. “We’re pleased that we will continue to have one of the lowest gas rates in the state.” If approved, the Basic Gas Supply Service (BGSS) rate will be reduced by almost 7 …

SHARE

by Sam Barron
News
No Raise Raises Ire Of NJ Transit Engineers On Brink Of Strike Vote (UPDATED) No Raise Raises Ire Of NJ Transit Engineers On Brink Of Strike Vote (UPDATED)
No Raise Raises Ire Of NJ Transit Engineers On Brink Of Strike Vote (Updated) Having not received a raise since before the pandemic, the 500 engineers employed by NJ Transit may soon be walking a picket line. The Brotherhood of Locomotive Engineers and Trainmen have called for a strike authorization vote. The locomotive engineers have been without a new contract since Oct. 2019 and remain stuck in mediation.  "The absence of a pay raise during a period of high inflation has persisted for four years, which is too long," BLET National President Eddie Hall said. "Our members cannot continue working for subpar wages. They have had enough." Hall said with the except…

SHARE

by Sam Barron
News
NJ Boardwalk Operator Banned 10 Years For Using Overinflated Basketballs, Posting False Prizes NJ Boardwalk Operator Banned 10 Years For Using Overinflated Basketballs, Posting False Prizes
NJ Boardwalk Operator Banned 10 Years For Using Overinflated Basketballs, Posting False Prizes A Jersey Shore game operator was banned from business for 10 years and fined $15,500 for over-inflating basketballs and displaying prizes that couldn’t be won, state authorities said. Some basketballs at games owned by Christine Strothers on the boardwalks in Wildwood and North Wildwood packed up to three times the amount of required pounds per square inch of inflation, state Attorney General Matthew J. Platkin said. This, as most players know, can make a ball ricochet wildly off a backboard or rim, the attorney general noted. Strothers also broke New Jersey’s amusement games lic…

SHARE

by Jerry DeMarco
News
Tolls On Garden State Parkway, NJ Turnpike Rising For 3rd Consecutive Year Tolls On Garden State Parkway, NJ Turnpike Rising For 3rd Consecutive Year
Tolls On Garden State Parkway, NJ Turnpike Rising For 3rd Consecutive Year Tolls will increase on the New Jersey Turnpike and Garden State Parkway for a third consecutive year. The 3 percent toll hikes were originally approved in 2020. The latest hike was adopted on Tuesday, Oct. 25 as part of the 2023 budget, according to New Jersey Turnpike Authority spokesman Thomas Feeney. The $2.5 billion 2023 Turnpike Authority budget increased by 7.4% over 2022. The increase was attributed to “pressures on discretionary travel and costs due to an inflation rate of 8.3%, a level not seen in 40 years," the authority said in a memo. "The 2023 Annual Budget continues the…

SHARE

by Jon Craig
Lifestyle
‘We Can’t Carry On:' Popular Flemington Restaurant Announces Permanent Closure After A Decade ‘We Can’t Carry On:' Popular Flemington Restaurant Announces Permanent Closure After A Decade
‘We Can’t Carry On:' Popular Flemington Restaurant Announces Permanent Closure After A Decade A popular Flemington breakfast, lunch, and dinner restaurant has announced its plans to shutter the store after more than a decade citing inflation, labor shortages, and more. Platform One & CTO Catering on Rt. 12 made an announcement on its Facebook page stating that its last day open would be Friday, Oct. 14. “We simply can’t carry on weathering the storm,” reads the post. “From food prices being three times higher than pre-Covid levels, labor shortages, utilities, gasoline, and mismanaged government funding, it’s finally a mountain that we can’t overcome.” Owned by award-winning C…

SHARE

by Valerie Musson
Business
Popular Sussex County Party Store Closing Brick-And-Mortar Space Citing Theft, Inflation Popular Sussex County Party Store Closing Brick-And-Mortar Space Citing Theft, Inflation
Popular Sussex County Party Store Closing Brick-And-Mortar Space Citing Theft, Inflation A popular party supply store in Sussex County is closing the doors of its brick-and-mortar space citing theft, inflation, and customer rudeness. The Sugar Sisters on Route 23 in Franklin will close its doors in September, the owners announced on Facebook on Sunday, July 24. “Lisa and I regretfully announce that we are closing the doors to our brick-and-mortar store,” reads the post. Meanwhile, everything is on sale “with the exception of a few select items” at the store, which has not raised its prices due to inflation, the post says. The owners cite family, theft, inflation, and increas…

SHARE

by Valerie Musson
News
Wall Street Investor With NJ Tie Predicts Economic Downfall Wall Street Investor With NJ Tie Predicts Economic Downfall
Wall Street Investor With NJ Tie Predicts Economic Downfall A Virginia-raised investor with a tie to New Jersey is going viral for his recent prediction on the status of the economy. “The economy is going to collapse,” Novogratz said in a Wednesday, June 15 interview with MarketWatch. “We are going to go into a really fast recession, and you can see that in lots of ways.” The Princeton University graduate's remarks came shortly before the Federal Reserve raised rates by 0.75 percent in an attempt to reduce inflation without going into a recession. Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, cited layoffs in …

SHARE

by Nicole Acosta
News
Pauly D Talked Inflation On Fox News And The Internet Is Having A Field Day Pauly D Talked Inflation On Fox News And The Internet Is Having A Field Day
Pauly D Talked Inflation On Fox News And The Internet Is Having A Field Day Memes are here. MTV's "Jersey Shore" star DJ Pauly D knows a thing or two about inflation: That it's getting out of hand. At least, that's what he told Fox News' Jesse Watters on a segment that aired last week, where he also shared his thoughts on when kids should be kicked off their parents' payroll, tough love and — of course — tanning. The 5-minute interview with Pauly, whose real name is Paul Delvecchio, aired in late April, but gained traction among the youth this week.  And the internet can't get enough. Ah yes, the inflation guru: DJ Pauly D. https://t.co/a3Ah6oJ4NG — Jeff Drig…

SHARE

by Cecilia Levine