Persistently high inflation and rising interest rates forced many households to spend more cautiously.
inflation
Posted inBusiness, Nation / World, Schools & Education
Back-to-school shopping: Families reach for cheaper options
A basket of roughly a dozen supply items showed a price increase of nearly 15% on average for this back-to-school season compared with a year ago as inflation squeezes all areas.
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Posted inBusiness, Nation / World, News, Politics
Biden calls inflation-fighting deal with Sen. Manchin ‘godsend’ for U.S. families
A 15% corporate minimum tax will help fund the new costs, with extra going to deficit reduction.
Posted inBusiness, Nation / World, News
U.S. economy shrank 0.9% last quarter, its 2nd straight drop
The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
Posted inBusiness, Nation / World
Fed unleashes another big interest rate hike in bid to curb inflation
The Federal Reserve’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.
Posted inBusiness, Maine, News
Gas prices decline, but experts unsure if the trend will continue
The average price of regular gasoline in Maine is down 32 cents a gallon from its June peak, with York County reporting the lowest countywide average.
Posted inBusiness, Nation / World, News
U.S. inflation reached a new 40-year high in June of 9.1%
Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike.
Posted inBusiness, Nation / World, News
U.S. inflation surged again in June, raising risks for economy
Lower-income and Black and Hispanic Americans have been hit especially hard.
Posted inBusiness, Nation / World
Fed attacks inflation with its largest interest rate hike since 1994
The move the Federal Reserve announced on Wednesday will increase its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%.
Posted inBusiness, Maine
As gas prices pass $5 a gallon, Maine lawmakers seek probe into price gouging
The average price for a gallon of regular gasoline in Maine was $5.06 on Friday, with Franklin County reporting the highest countywide average at $5.16.