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Consumer Price Index Comes in Hotter Than Expected

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  • CPI report likely pushes the likelihood of a Fed rate cut to the second half of 2024
  • Dow Jones has its worst day since March 2023

the staff of the Ridgewood blog

Washington DC, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, after rising 0.2 percent in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.

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FED Rate Cuts Unlikely

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the staff of the Ridgewood blog

Ridgewood NJ, the Fed Chair Powell said in a press conference that rate cuts would likely begin at some point this year. But he reiterated, “I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting” to cut rates.

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UPDATE: Housing Costs Largest Factor in the Latest CPI Rise

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BREAKING: The Producer Price Index for final demand fell 0.1 percent in December. Prices for final demand goods decreased 0.4 percent, while the index for final demand services remained unchanged. Prices for final demand rose 1.0 percent in 2023.

 

the staff of the Ridgewood blog

Ridgewood NJ, once again, housing costs played a significant role in the most recent inflation report, but there are some optimistic indicators in the latest data, according to experts. The Consumer Price Index (CPI) for December revealed a slight uptick in prices at 0.3% compared to the previous month, an improvement from the 0.2% increase observed in November. On an annual basis, prices experienced a 3.4% rise, up from the 3.1% annual increase reported in the preceding month. Concurrently, the shelter component of the CPI showed a 0.5% increase in December from the previous month, surpassing November’s 0.4% monthly gain. Housing costs emerged as the primary contributor to the monthly index increase for all items excluding food and energy, with the Bureau of Labor Statistics noting that they accounted for “over half of the monthly all items increase.”

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New Jersey Set to Raise Minimum Wage January 1, 2024

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the staff of the Ridgewood blog

Trenton NJ, New Jersey is set to become one of a handful of states with a minimum wage of at least $15/hour on January 1, 2024 when the rate increases to $15.13/hour, surpassing the goal set by Governor Murphy and the Legislature in 2019.

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NFIB’s Small Business Optimism Index remains below the 50-year Average for the 23rd Consecutive Month

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the staff of the Ridgewood blog

Ridgewood NJ, NFIB’s Small Business Optimism Index decreased 0.1 point in November to 90.6, which marks the 23rd consecutive month below the 50-year average of 98. Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, unchanged from October but 10 points lower than this time last year.

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Homelessness in the United States has Reached its Highest Level Since Tracking Began in 2007

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the staff of the Ridgewood blog

Ridgewood NJ, the prevalence of homelessness in the United States has reached its highest level since the inception of the Department of Housing and Urban Development (HUD) tracking in 2007, with a record-breaking 653,104 individuals experiencing homelessness during the latest annual count.

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Inflation Cools

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the staff of the Ridgewood blog

Ridgewood NJ, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in November on a seasonally adjusted basis, after being unchanged in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.

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Inflation Has Eroded Retirement Plans Values by an Average of $16,200

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the staff of the Ridgewood blog

Ridgewood NJ, stocks up but you are still feeling a little poorer ? Americans’ nest eggs are getting clobbered by “Bidenflation”.

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Fed’s preferred gauge shows Inflation Cools to lowest level since 2021

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the staff of the Ridgewood blog

Ridgewood NJ, in October, inflation showed signs of further moderation, as indicated by the Federal Reserve’s preferred price gauge.

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US Producer Price Index Declines 0.5% in October, biggest drop since 2020

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the staff of the Ridgewood bog

Washington DC, the Producer Price Index for final demand fell 0.5 percent in October, seasonally adjusted, after advancing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. The October decline is the largest decrease in final demand prices since a 1.2-percent drop in April 2020. On an unadjusted basis, the index for final demand rose 1.3 percent for the 12 months ended in October.

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Consumer Prices Unchanged in October with Core Inflation Rising at Slowest Pace Since September 2021

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the staff of the Ridgewood blog

Washington DC, (8:34am)the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis, after increasing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.

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Underlying Inflation Accelerated to a Four-month High in September

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the staff of the Ridgewood blog

Ridgewood NJ, the Federal Reserve’s preferred measure of underlying inflation saw an uptick to a four-month high in September, and consumer spending also showed an increase, leaving the possibility of another interest rate hike in the near future. The core personal consumption expenditures price index, which excludes volatile food and energy components, rose by 0.3% in September, as reported by the Bureau of Economic Analysis. Inflation-adjusted consumer spending saw a 0.4% increase last month.

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