{"id":126755,"date":"2021-05-28T17:49:49","date_gmt":"2021-05-28T17:49:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=126755"},"modified":"2021-05-28T17:49:49","modified_gmt":"2021-05-28T17:49:49","slug":"inflation-is-back-as-the-us-economy-reopens","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/inflation-is-back-as-the-us-economy-reopens\/","title":{"rendered":"Inflation is back as the US economy reopens"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>Inflation seems unstoppable as the economy returns to normal. <\/p>\n<p>People are<strong> <\/strong>spending big again, with battered industries like travel and hospitality coming back to life. That has sent prices surging.<br \/>\nA key measure of inflation, after stripping out volatile more food and energy prices, jumped to a 29-year high in April. The Bureau of Economic Analysis&#8217; price index tracking US consumer spending rose 3.6% in the year ending April, its biggest jump since September 2008 &#8212; the height of the financial crisis. Excluding food and energy prices, the index gained 3.1%, the biggest increase since July 1992.<\/p>\n<ul><\/ul>\n<p>Inflation has been the boogeyman overshadowing<strong> <\/strong>the recovery.<\/p>\n<ul><\/ul>\n<p>Some economists are concerned that extreme price increases could keep consumers from spending, and investors worry that a prolonged inflation spike could force the end of the Federal Reserve&#8217;s easy money policies.<\/p>\n<p>Price increases are showing no signs of letting up. The University of Michigan&#8217;s May consumer sentiment survey found that &#8220;record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles, and household durables,&#8221; according to the survey&#8217;s chief economist, Richard Curtin.<br \/>\nThe consumer sentiment index dipped slightly in May but was in line with expectations.<br \/>\nBut while further price increases are likely, steep price drops during the worst of the pandemic last spring make for a tough comparison. In the coming months, the year-over-year price comparisons will come more into parity, helping inflation look less dramatic.<br \/>\nThat&#8217;s why the Fed has said inflation will be temporary.<br \/>\n&#8220;We expect most Fed officials to stick to the line that inflation pressures are expected to be &#8216;transitory&#8217; or &#8216;transient&#8217;,&#8221; said Ian Shepherdson, chief economist at Pantheon Macroeconomics.<br \/>\nThere&#8217;s likely little wiggle room to the Fed&#8217;s line of reasoning unless core inflation pressures stay or wage inflation starts going up.<br \/>\nWhile prices rose, American incomes took a nosedive in April.<br \/>\nThat wasn&#8217;t too surprising because the effect of the last round of stimulus checks has waned. But even with a whopping 13.1% drop, incomes actually declined less than economists had predicted. In March, incomes rose more than 20%.<\/p>\n<ul><\/ul>\n<p>Along with incomes, the savings rate also fell in April, dropping to 14.9% from nearly 28% in the month before.<br \/>\nFriday&#8217;s BEA report really hammered home that economic data in the recovery will be bumpy, said Lydia Boussour, lead US economist at Oxford Economics.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/05\/28\/economy\/inflation-surge-april\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)Inflation seems unstoppable as<\/p>\n","protected":false},"author":3,"featured_media":126754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation is back as the US economy reopens - 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