Inflation has caused more than a third of adults to tap their savings

More than a third of US adults are dipping into their savings accounts to help them afford higher prices, new research shows. In the face of high inflation, 36% of people say they have withdrawn an average of $617 from their savings during the first six months of this year, according to New York Life’s … Read more

Social Security cost-of-living adjustment may be 9.6% in 2023

New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released on Wednesday. That … Read more

Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

Prices that consumers pay for a variety of goods and services rose 8.5% in July from a year ago, a slowing pace from the previous month due largely to a drop in gasoline prices. On a monthly basis, prices were flat as energy prices broadly declined 4.6% and gasoline fell 7.7%. That offset a 1.1% … Read more

Here are all the most important inflation indicators heading into Wednesday’s big CPI report

Inflation running at its highest levels since the early 1980s likely cooled a little in July but is still running at a sweltering pace. Markets on Wednesday will get a look at a key data point that will show just where price pressures stood heading into August — the July consumer price index report, which … Read more

65% of Americans making $100,000 or more very concerned over inflation

A customer shops for meat at a Target store on June 08, 2022 in San Rafael, California. Justin Sullivan | Getty Images News | Getty Images Inflation is a real worry for many Americans – even those who earn six-figures – and it’s impacting decisions about how they spend their money. Fully 96% of those … Read more

Investor delivers new tech ‘bubble’ warning

The recent tech rally may be doomed. Money manager Dan Suzuki or Richard Bernstein Advisors warns the market is far from bottoming out – and it’s a concept investors fail to grasp, particularly when it comes to growth, technology and innovation names. “The two certainties in this world of uncertainty today are that profits growth … Read more

Inflation is dampening July 4 fun. How to save on a holiday barbecue

Fotografia Inc. | E + | Getty Images Nothing says Independence Day like a good, old-fashioned barbecue. In keeping with tradition, most Americans – roughly 60% – plan to grill this weekend, and 53% will get together with friends and family, according to a recent report by market research firm Numerator. “Consumers want to celebrate … Read more

Inflation augurs record 2023 Social Security cost-of-living adjustment

Image Source | Getty Images New government inflation data came in hotter than expected last week. If record-high prices do not subside, that will lead to a higher Social Security cost-of-living adjustment in 2023. Yet even with a more generous boost to benefits next year, there’s a growing campaign to change the way those annual … Read more

Joe Biden jabs Exxon Mobil over gas prices after May CPI inflation report

President Joe Biden slammed Exxon Mobil on Friday for what he described as the oil giant’s greedy reluctance to produce more petroleum, just hours after US economists said inflation in May rose at levels not seen since the early 1980s. Asked by a reporter if his administration has plans to “go after” oil company profits, … Read more