Main Topic: U.S. gas prices hit an eight-month high amid rising oil prices.
Key Points:
1. National average price for a gallon of regular unleaded climbed to $3.71, the highest level since November.
2. Gas prices are up by at least $0.15 cents in 16 states in the past week alone.
3. Surge in oil prices, production cuts by OPEC nations, and U.S. refinery outages contribute to the increase in gas prices.
Canadian retail sales rose more than expected in June, indicating a rebound in activity, particularly in the motor vehicle and parts dealers, sporting goods stores, and gas stations sectors, while spending on rate-sensitive products like furniture contracted.
Gas prices in California have increased throughout August and are expected to be high over the Labor Day weekend, with the average price for a gallon of gasoline at $5.26, up 8 cents from last week and 37 cents from a month ago, according to AAA.
Prices in British shops have risen at their slowest rate since October, with a 6.9% increase in the year to August, due to rising costs of meat, potatoes, and cooking oil, as well as a reduction in grain exports from Ukraine and export restrictions on rice from India, according to the British Retail Consortium.
The average retail price of regular gasoline in the United States has increased by 6% over the past five weeks, reaching $3.81 per gallon heading into the Labor Day weekend, due to factors such as oil production cuts, low gasoline inventories, and refinery maintenance.
Gas prices are historically high for Labor Day, with the national average for regular gas at $3.83 a gallon and some states averaging $4 a gallon or more due to factors such as OPEC holding back supply, extreme heat affecting refineries, and easing recession fears boosting oil prices.
Consumer prices in the US rose 0.2% from the previous month, and 3.3% annually, indicating persistent high inflation and posing a challenge to the Federal Reserve's efforts to curb it; core prices, which exclude food and energy, also increased 0.2% from the previous month and 4.2% from the previous year.
Retail sales in the UK increased by 4.1% in August, with non-food items experiencing the strongest growth due to higher spending on health and beauty, although clothing and footwear sales were weaker; however, the increase in sales was partly driven by rising prices, indicating that consumers are buying fewer items but spending more.
Wholesale used vehicle prices increased for the first time since March, suggesting a possible end to the downward trend for the year.
Inflation is expected to rise in August as oil and gasoline prices increase, putting pressure on the economy and potentially leading to higher interest rates and a stronger dollar.
U.S. consumer prices are expected to have increased the most in 14 months in August due to rising gasoline costs, while underlying inflation is forecasted to remain moderate, potentially prompting the Federal Reserve to keep interest rates steady.
Gas and housing prices continue to rise, leading to a 0.6% increase in the federal consumer price index for August and a 3.7% increase for the year, causing concerns about overall inflation and its impact on household budgets.
Despite claims by the Biden administration and corporate media that inflation is decreasing, the latest consumer price index from the Bureau of Labor Statistics shows that Americans paid 3.7 percent more for basic consumer items in August compared to the previous year.
Inflation in the US accelerated for the second consecutive month in August due to rising costs of rent and gasoline, with the consumer price index rising 0.6% from the previous month and 3.7% from the same time last year.
Retail sales in the US remained resilient in August, with a 0.6% month-on-month increase, surpassing expectations of 0.2%, indicating a positive trend for the economy.
Wholesale inflation in the US rose more than expected in August, with the producer price index increasing by 0.7%, the largest monthly gain since June 2022, counteracting recent data that suggested price increases had been slowing down.
August retail sales in the US exceeded expectations, with a 0.6% increase driven by higher gas prices, although underlying goods and services spending lost momentum and July's gain was revised lower, according to the Commerce Department.
Wholesale inflation in the US exceeded expectations in August, driven by higher gasoline prices, indicating that inflationary pressures are still present in the economy.
US retail sales have exceeded economists' expectations for the second consecutive month, with higher gas prices being a contributing factor.
Producer prices rose more than expected in August, signaling further inflationary pressures due to a surge in energy costs.
Gasoline prices in the US have reached a record high for this time of year, posing a challenge to President Joe Biden's fight against inflation.
Gas prices in the United States have been increasing due to OPEC's reduction in drilling, and California has the highest gas prices in the country due to high state taxes and limited competition in the gasoline market.
The average price of gasoline in the United States has risen to $3.881 per gallon, compared to $3.678 per gallon a year ago, due to refinery outages in the western United States.
Oil prices reach a 3-month high as OPEC maintains tight supply. Gas prices in the US rise, posing a threat to efforts against inflation.
US retail sales, excluding automotive, are expected to rise by 3.7% over the holiday shopping season, indicating a return to pre-pandemic levels of holiday spending, driven by a more normal inflation environment and consumers' willingness to spend on experiences, electronics, and dining out.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
Home prices continued to rise in August due to low inventory and high mortgage rates, causing a drop in home sales, according to a report from the National Association of Realtors.
Oil prices rose over 1% after Russia implemented an export ban on diesel and gas, which aims to replenish domestic supply and reduce prices, potentially impacting global oil supply and driving up energy prices, excluding demand shrinkage, while also predicting easing gas prices in the US except for some western states.
Gas prices in the US have slightly decreased due to the switch to less expensive winter blend gasoline, but the decline is being slowed by higher oil costs, with the potential for prices to spike as oil prices surge. The Federal Reserve is pausing interest rate hikes as inflation, driven by a surge in oil prices, increases, but future rate hikes could impact consumer debt, including car insurance. Some states saw significant shifts in gas prices, with Nevada experiencing the largest increase and California having the highest gas prices in the nation. Shopping for cheaper auto insurance can help lower car ownership costs.
Gas prices in the United States have risen, exceeding the highs of last year, with California having the highest prices due to high state taxes and issues at refineries, as well as a less competitive gasoline market caused by certain refineries controlling a large portion of the market.
Consumer spending in August saw a slight increase of 0.4%, which is less than the previous month's 0.9% rise, according to Commerce Department data.
Higher gas prices drove an increase in an inflation gauge tracked by the Federal Reserve in August, but measures of underlying inflation slowed, suggesting overall price pressures are moderating and raising the likelihood that the Fed will leave interest rates unchanged in its next meeting; however, the combination of higher gas prices and sluggish income growth may weaken consumer spending and mark a slowdown from last summer's healthy pace of spending.
Home prices in the U.S. rose by 3.7% in August, with New England states experiencing the largest growth, while Western states saw declines in home prices; California had the highest median sales price, and CoreLogic predicts a 3.4% annual home-price growth by August 2024.
Gasoline prices have increased over time, but when adjusted for inflation and considered in relation to fuel efficiency and real wages, they are only marginally more expensive than in previous years, highlighting the often misleading nature of political rhetoric surrounding gas prices.
U.S. wholesale prices rose last month at the fastest pace since April, indicating persisting inflationary pressures despite higher interest rates, raising concerns about the possibility of a "soft landing" for the economy.
US wholesale prices of goods and services rose higher than expected in September, driven by higher energy prices, according to data from the Bureau of Labor Statistics.
US wholesale prices rose at the fastest pace since April, indicating persistent inflationary pressures despite higher interest rates, with producer prices increasing 2.2% from a year earlier and 0.5% from August to September.
U.S. producer prices rose more than expected in September due to higher costs for energy products and food, however, underlying inflation pressures at the factory gate continued to decrease.
Oil prices rose around 1% on Thursday, supported by expectations that U.S. interest rates had peaked, but gains were limited by a lower demand growth forecast for next year from the International Energy Agency and higher U.S. inventories.
The Consumer Price Index rose 3.7% for the 12 months ended in September, with high gas prices and shelter costs contributing to inflation, although food prices matched overall inflation for the first time since early 2022, and underlying inflation trends are moving in the desired direction of the Federal Reserve.
Consumer prices in the US rose by 0.4% in September, slightly surpassing expectations, with the consumer price index (CPI) rising by 3.7% compared to the previous year, higher than the estimated 3.6%.
