Inflation's still hanging around
Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.
No matter how hard we try to extinguish inflation, it just refuses to be stomped out.
In October, annual consumer prices rose by 2.6%, topping September's 2.4% gain and the Federal Reserve's 2% goal. Prices rose by an even bigger 3.3% if you exclude volatile food and energy prices.
"The ‘last mile’ of progress in getting inflation back to 2% is proving to be a long and arduous one," said Brian Coulton, Fitch Ratings chief economist, in response to the inflation report.
Amazon's answer to inflation
Almost on cue with the latest inflation report, Amazon said it launched a new shopping service, Amazon Haul, which touts low-cost items of $20 or less – a move to counter the growth of Chinese discount shopping sites Temu and Shein.
Shoppers can browse Amazon Haul on mobile devices in the Amazon app, the online retailing giant said in an announcement Wednesday. The products, which include fashion, home, lifestyle, and electronics, are unbranded and come from sellers across the world that Amazon has vetted.
A majority of the products are priced at $10 or less, and some are priced at $1.
This is in addition to Amazon's Black Friday 2024 sales event, which starts Nov. 21.
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Pay up, seniors
Seniors will have to pay more again for Medicare Part B next year, according to the Centers for Medicare and Medicaid Services (CMS).
The standard monthly premium for Medicare Part B enrollees will rise by $10.30 to $185.00 in 2025 from $174.70 this year, CMS said late Friday. The premium was $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will increase to $257 from $240 in 2024. The increases are mainly due to projected costs and usage increases, CMS said.
The jump in the 2025 Medicare Part B premium outpaces both inflation and the Social Security cost-of-living adjustment (COLA).
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Neurophysiologist at Clinical NeuroDiagnostics
1moAlthough we all would love to get ahead of inflation, it is a never ending battle. Before we can enjoy the “fruit of the vine”, more taxes are added on more things every month. So let’s send another billion $ to another country for their independence! How us here at home?? How many homeless? How many dying of starvation and/or from the elements or illnesses untreated? Home first!!
Attended University of Oxford
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Local Government Reformer | Alternative Asset Investor | Founder at Main St. Public Financial
1moInflation cannot be stopped when our central bank, Federal Reserve, continues with money printing. The interest payment on the federal debt, at over 100% of GDP, alone is creating the need for more money printing.
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1moThanks for the updates on, The USA 🇺🇸 Today.
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