• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Inflation Remains Stubbornly High As Elevated Prices Continue To Dog Americans
Business

Inflation Remains Stubbornly High As Elevated Prices Continue To Dog Americans

June 12, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
President Biden Hosts Juneteenth Concert At The White House
Share
Facebook Twitter LinkedIn Pinterest Email

Inflation remained high in May as rising prices and elevated interest rates continue to weigh on Americans’ finances, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday.

The consumer price index (CPI), a broad measure of the price of everyday goods, increased 3.3% on an annual basis in May and 0% month-over-month, compared to 3.4% in April, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 3.4 year-over-year in May, compared to 3.6% in April. (RELATED: Financial Titan Warns Of Impending ‘Distress’ That Could Devastate Small Banks)

Inflation peaked at 9% under President Joe Biden in June 2022 after rising from 1.4% year-over-year in January 2021 and has since failed to drop below 3%. Economists expected CPI to increase by 0.1% for the month in May and remain at 3.4% for the year, according to MarketWatch.

May’s changes to the CPI were released just hours ahead of the conclusion of the Federal Open Market Committee’s (FOMC) June meeting, where it will be decided whether to adjust its benchmark federal funds rate. The Federal Reserve has currently set the rate in a range of 5.25% and 5.50%, a 23-year high, in an attempt to tame elevated inflation, raising the cost of credit across the economy.

Economic growth has also slowed in the last several months as inflation continues to weigh on consumer spending, with the nation’s gross domestic product increasing just 1.3% in the first quarter of 2024.

NFIB: small business optimism remained extremely depressed, near decade low in May w/ uncertainty hitting levels not seen since ’20 when many small businesses were still under gov’t-imposed closures; inflation remains major concerns for small business w/ profits being squeezed: pic.twitter.com/HxGp6vs9HG

— E.J. Antoni, Ph.D. (@RealEJAntoni) June 11, 2024

Persistently high inflation coupled with slow growth has stoked fears that the economy is in a period of stagflation, which wreaked havoc on Americans’ finances in the 1970’s and 1980’s. Fed Chair Jerome Powell pushed back against stagflation claims in the press conference following the FOMC’s May rate decision, pointing to slowly decelerating inflation and low unemployment.

See also  Wall Street ends up amid record low volatility ahead of eventful week

The unemployment rate ticked up slightly to 4.0% in May, marking the first time since January 2022 when the rate was above 3.9%. The U.S. added 272,000 jobs in May, but the number of people employed declined by 408,000 due to a drop of over 600,000 full-time workers.

A poll conducted in May found that inflation was the biggest concern for 49% of small business owners, and 67% said that current economic conditions could force them to close their doors.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Americans Continue Dog elevated high inflation Prices Remains Stubbornly
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Disney, DeSantis legal fights ratchet up as company demands documents from Florida governor

September 30, 2023

Cormac McCarthy, Legendary American Author of ‘No Country for Old Men’ and ‘All the Pretty Horses,’ Dead at 89

June 16, 2023

US and Taiwan: Semiconductor Supply Chain Partnership

August 7, 2023

Serie A club slap €150 million transfer price on Manchester United and Chelsea target

June 24, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Vice President Kamala Harris to Lead First-Ever White House Office of Gun Violence Prevention

September 22, 2023

Met Gala Proves Celebrities Are Becoming Pointless And Stupid … Except For Jack Harlow

May 2, 2023

Disney Star Mark Ruffalo Shares Fake AI-Generated Trump ‘Epstein Island’ Images — Gets Slammed

January 5, 2024
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.