Key inflation gauge hit 6.1% in January, highest since 1982
A currency trader talks on the phone at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Feb. 24, 2022. Just what a vulnerable world economy didnt need a conflict that accelerates inflation, rattles markets and portends trouble for everyone from European consumers to indebted Chinese developers and families in Africa that are enduring soaring food prices.
President Joe Biden said Thursday that he would do “everything I can” to keep gas prices in check. Biden did not spell out details, though he mentioned the possibility of releasing more oil from the nation’s strategic reserves. He also warned that oil and gas companies “should not exploit this moment” by raising prices at the pump.
Incomes were unchanged last month, largely because the monthly child tax credit payments that were included in Biden's $1.9 trillion financial support package expired. ABut wages and salaries rose 0.5% from December to January, Friday's report showed. And Social Security payments increased because a large cost-of-living adjustment, reflecting last year's jump in inflation, took effect.
Loretta Mester, president of the Federal Reserve Bank of Cleveland, said Thursday that she supported a series of rate hikes beginning in March. But she said the Fed should remain flexible: Faster rate hikes might be needed, she said, if inflation hasn’t begun to fade by mid-year, or more gradual increases if inflation is slowing.“The implications of the unfolding situation in Ukraine for the medium-run economic outlook in the U.S. will also be a consideration,” she said.
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