Tag:
Energy prices
Arlington, VA
Business
Trump: 'I Love The Inflation' As Rate Surges To 3-Year High
President Donald Trump brushed away concerns about affordability as inflation surged above 4% for the first time in three years, fueled by skyrocketing energy prices amid the US-Israeli war with Iran. Trump made the comments to reporters in the Oval Office on Wednesday, June 10. His remarks came hours after new Bureau of Labor Statistics data showed the annual inflation rate reached 4.2% in May, marking the highest reading since April 2023. As a reporter asked him about the latest numbers, Trump seemed unbothered by rising inflation. "No, I love it," he said. …
Greenwich, CT
Business
Supply Shock Spreads To US: What It Means For You
The supply shock caused by the ongoing standoff in the Strait of Hormuz is spreading to the United States, driving up energy prices, increasing shipping costs, and creating shortages in key goods and materials. The crisis, which began after the US-Israel attack on Iran started at the end of February, has brought shipping through the critical waterway to a near standstill. The Strait of Hormuz, a vital chokepoint for global energy and petrochemical shipments, typically handles 20 percent of the world’s oil supply. Its effective closure has triggered what analysts are calling one of the…
Arlington, VA
Business
Jobless Claims Hit Four-Year High, Inflation Jumps As Labor Market Weakens
Inflation rose faster in August while jobless claims spiked to their highest level since 2021, signaling a weakening job market as President Donald Trump's tariffs shake the economy. Consumer prices rose 0.4% in August and reached a yearly rate of 2.9%, according to Bureau of Labor Statistics data released on Thursday, Sept. 11. That's the biggest monthly jump since January, when yearly inflation was 3.0%. Core inflation, which excludes volatile food and energy prices, climbed 0.3% in August and 3.1% over 12 months. Shelter, which makes up about one-third of the Consumer Pric…
Arlington, VA
Business
Inflation Holds Steady, Grocery Prices Drop As Trump's Trade Policies Cloud Outlook
Inflation was relatively flat as President Donald Trump's sweeping tariffs went into effect in April, with lower grocery prices helping keep overall costs in check. Monthly inflation increased just 0.2% from March, the Bureau of Labor Statistics said on Tuesday, May 13. Consumer prices rose 2.3% from April 2024, the smallest yearly inflation since February 2021. The annual inflation number was slightly below the 2.4% Dow Jones forecast, CNBC reported. Wall Street didn't react much to the consumer price index (CPI) data, with stocks and Treasury yields staying relatively unchanged when …
Arlington, VA
Business
Inflation Cooled In March Before Trump's Tariffs Fueled Market Collapse, New Data Says
Inflation slightly eased in March, just before President Donald Trump's sweeping tariff announcement sent Wall Street spiraling, wiping out trillions in market value before a temporary tariff pause. The consumer price index (CPI) fell 0.1% in March, the first decline since October, the Bureau of Labor Statistics said on Thursday, April 10. Prices climbed 2.4% from March 2024, the slowest annual increase since early 2021. Wall Street was bracing for a hotter inflation report. The Dow Jones consensus estimated headline inflation to be 2.6% and core inflation to be 3%, CNBC reported. Gas…
Arlington, VA
Business
Inflation Cools Slightly In February As Tariffs, Slowing Labor Market Fuel Economic Concerns
Consumer prices rose slightly less than expected in February, but President Donald Trump's escalating trade wars and a declining labor market are keeping economic uncertainty high. Inflation increased 0.2 percent in February and 2.8 percent over the past year, according to new Bureau of Labor Statistics data released on Wednesday, Mar. 12. The yearly inflation number remained well above the Federal Reserve's two-percent target. The monthly increase was smaller than January's jump of 0.5 percent. February's figures were also a little lower than Dow Jones expectations, CNBC reported. Co…
Greenwich, CT
Business
Russia's Ukraine Invasion Could Lead To Price Hikes For These Food Products In Addition To Oil
The Russian invasion of Ukraine is expected to cause a flux in the markets, sending the prices of energy and certain agricultural products through the roof as supply chains are further disrupted. Experts are expecting oil and gas prices to spike due to the European crisis, though some of Russia and Ukraine’s largest exports are expected to impact costs for other products overseas and stateside. Officials said that outside of energy, the price of products such as wheat, barley, corn, copper, and nickel are likely going to be on the rise as supply chains already impacted by the COVID-19 pande…
Mahopac, NY
News
Central Hudson Alerts Customers Of Higher Energy Costs
Central Hudson customers are going to see higher-than-expected energy bills, the utility company is cautioning. Central Hudson issued an alert on Thursday, Feb. 10 advising customers that there will be an increase in supply prices for both electricity and natural gas in the region due to a series of factors. Natural gas bills are expected to be increased by approximately 19 percent, electricity bills are going up around 46 percent, and 29 percent for combination electric and natural gas bills. Related story - Con Ed 'Sudden Rate Spike' Sparks Backlash, Reports Say The company cited a cold…
Hartford, CT
News
Higher Eversource, United Illuminating Service Charges Spark Confusion Among CT Customers
Eversource customers in Connecticut are opening their monthly bills to find an increase in the service charge. Increased charges that were approved by Connecticut’s Public Utilities Regulatory Authority (PURA) in November of 2020, went into effect on Friday, Jan. 1. The hikes were okayed for Eversource as well as United Illuminating residential and business customers. Customers are just now beginning to see the effects of the change The increase for residential Eversource is in its generation service charge which went from *7.37 cents per kilowatt-hour to 8.39. There are more than 1.26 mil…
Monroe, NY
Politics
Trump, Cuomo Tax Talk At White House Turns To Abortion, Fracking
New York Gov. Andrew Cuomo put aside his differences with President Donald Trump on Tuesday to discuss tax reform, abortion and fracking at the White House. The meeting had been scheduled to discuss the $10,000 cap on the federal deduction for state and local taxes (SALT). The governor has previously blamed Trump’s tax legislation for the state’s $2.3 billion revenue drop. "The federal administration's SALT policy is an economic civil war that helps red states at the expense of blue states, and we are now seeing the potentially devastating effect of it in the form of significantly lowe…
