Annual rate – Signium Tyler http://signiumtyler.com/ Sun, 12 Jun 2022 01:58:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://signiumtyler.com/wp-content/uploads/2021/10/icon-6-120x120.png Annual rate – Signium Tyler http://signiumtyler.com/ 32 32 US consumer prices rise at fastest annual rate since December 1981 https://signiumtyler.com/us-consumer-prices-rise-at-fastest-annual-rate-since-december-1981/ Fri, 10 Jun 2022 13:33:16 +0000 https://signiumtyler.com/us-consumer-prices-rise-at-fastest-annual-rate-since-december-1981/ (RTTNews) – Consumer prices in the United States rose more than expected in May, according to a highly anticipated report released Friday by the Department of Labor. The Labor Department said its consumer price index jumped 1.0% in May after rising 0.3% in April. Economists expected consumer prices to rise 0.7%. With a larger-than-expected monthly […]]]>

(RTTNews) – Consumer prices in the United States rose more than expected in May, according to a highly anticipated report released Friday by the Department of Labor.

The Labor Department said its consumer price index jumped 1.0% in May after rising 0.3% in April. Economists expected consumer prices to rise 0.7%.

With a larger-than-expected monthly increase, the annual rate of consumer price growth accelerated to 8.6% in May from 8.3% in April, posting the largest increase since December 1981. Annual growth should remain unchanged.

The monthly jump in consumer prices was partly explained by a substantial rebound in energy prices, which jumped 3.9% in May after falling 2.7% in April.

Food prices also continued to show notable growth, jumping 1.2% in May after rising 0.9% the previous month.

Excluding food and energy prices, core consumer prices rose 0.6% in May, matching the growth seen in April. Core prices are expected to increase by 0.5%.

The increase in base prices partly reflects higher prices for housing, air fares, used cars and trucks, and new vehicles.

Meanwhile, the annual rate of growth in core consumer prices slowed to 6.0% in May from 6.2% in April. Economists expected the pace of growth to slow to 5.9%.

“The larger increases in core prices a year ago mean that core inflation has fallen further to 6.0% from 6.2%, but there is very little in the details of this report to suggest that inflationary pressures are easing,” said Michael Pearce, Senior US Economist at Capital Economics.

He added: “With the continued strength of the latest activity data, this reinforces the Fed hawks’ case for continuing the series of 50 basis point rate hikes through September and beyond, or even to increase the magnitude of future rate hikes meetings.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Credit card borrowing grows at fastest annual rate in 17 years https://signiumtyler.com/credit-card-borrowing-grows-at-fastest-annual-rate-in-17-years/ Wed, 01 Jun 2022 03:45:41 +0000 https://signiumtyler.com/credit-card-borrowing-grows-at-fastest-annual-rate-in-17-years/ Household credit card borrowing rose at the fastest annual rate since 2005 in April, according to Bank of England figures, just as a series of price hikes began to hit. The annual growth rate of all consumer credit, which includes credit card borrowing, overdrafts, personal loans and auto financing, fell from 5.2% in March to […]]]>

Household credit card borrowing rose at the fastest annual rate since 2005 in April, according to Bank of England figures, just as a series of price hikes began to hit.

The annual growth rate of all consumer credit, which includes credit card borrowing, overdrafts, personal loans and auto financing, fell from 5.2% in March to 5.7% in april. This is the highest rate since February 2020.

In total, the annual growth rate of credit card borrowing was 11.6%, the highest rate since November 2005, according to the Money and Credit report.

An increase in the energy price cap, council tax increases and a 1.25 percentage point increase in National Insurance (NI) to pay for health and social care were among the costs highest in April.

Last week, UK Chancellor of the Exchequer Rishi Sunak announced a package of support measures to help Britons with the cost of living, including support for those who are particularly vulnerable.

Thomas Pugh, economist at RSM UK, said: “The latest figures from Money and Credit suggest that consumers are borrowing more and more to protect their way of life from soaring inflation.”

Blank US Treasury checks pass through a printer at the US Treasury facility in Philadelphia, Pennsylvania. Washington leaders must reach an agreement to increase the borrowing limit by August 2 or the country may not be able to pay its bills, according to the US Treasury. (William Thomas Cain/Getty Images)

Alice Haine, personal finance analyst at investment platform Bestinvest, said: “The fear is that with inflation at 9% – a 40-year high – and energy and fuel costs soaring, the situation will only get worse as the cost of living crisis deepens.”

She added: ‘The risk is that those who go into debt now will create a host of problems for themselves later when costs rise even more.’

Haine continued, “To put the situation into perspective, however, it is important to note that card borrowing is rising from a true low and this is more of a slight uptrend than of a sudden peak.

“Furthermore, many households are still clinging to excess savings accumulated during the pandemic, so the situation is not yet at crisis point.”

Karim Haji, head of financial services at KPMG UK, said: “Although in April the new energy price cap came into effect, most households would not have received their revised utility bills. before the end of the month, with a real impact on expenses. more likely to be seen in May.

“Given the harshness of some of the data here – such as the sharp increases in consumer borrowing – banks will have welcomed the measures announced by the Chancellor last week.”

The number of UK mortgage approvals given to homebuyers fell to 66,000 in April from 69,500 in March.

This figure was slightly lower than the pre-pandemic 12-month average to February 2020 of 66,700.

Epoch Times Photo
The picture credit cards are pictured in London, England, December 5, 2007. (Photo Illustration by Scott Barbour/Getty Images)

Remortgage approvals, which are only for home loans with another lender, also fell, to 47,800 in April.

This figure was also lower than the pre-pandemic 12-month average to February 2020 of 49,500.

Mr Haji added: “In the case of consumer and mortgage loans, banks are monitoring the data even more closely than usual for early signs of distress, to protect themselves and households.”

Housing market reports have indicated that property values ​​have hit a series of record highs in recent months, despite pressure on household finances.

A lack of available properties and mortgage rates still low by long-term standards are said to have helped push up prices, although there were also signs the market could ease, with more sellers offering discounts .

Mark Harris, managing director of mortgage broker SPF Private Clients, said: “There are still signs of strong activity in the market, although some of the heat has come out of it, and mortgage brokers remain exceptionally busy so that borrowers are worried about rising rates.

“It doesn’t help that lenders continue to pull short-term products.”

He added: “Borrowers continue to favor longer-term solutions in order to protect themselves as much as possible, especially since five-year products are priced so favorably compared to their two-year counterparts.”

mortgage
The home goes on sale in Rutledge, Ga., Dec. 12, 2019. (AP Photo/John Bazemore)

Hina Bhudia, partner at Knight Frank Finance, said: “Activity among buyers is declining as cost of living compression shrinks the pool of buyers.

“Rates on some products have doubled in the past 12 months and there is a real sense of urgency among many borrowers who feel they need to act quickly or reassess what they can afford.

“Remortgage demand remains very strong as borrowers seek to beat rising interest rates.

“Some lenders allow you to reserve rates up to nine months in advance, so thousands of borrowers are moving forward with decisions that under normal circumstances would have been put off.

“Lenders are struggling to stay on top of the flow of new applications and are retiring and reassessing product lines to maintain service levels.”

Andrew Montlake, managing director of mortgage broker Coreco, said: “Remortgages, contrary to what this data suggests, are exploding as people seek to lock in to the lowest rates available before they rise. any further.

“Perhaps the fact that this data only shows remortgages to other lenders suggests that people are increasingly being forced to remortgage with existing lenders due to affordability concerns.”

Epoch Times Photo
A second mortgage allows you to get a loan and gives the lender the right to repossess your property if you don’t repay the money you borrowed. (Africa Studio/Shutterstock)

Martin Beck, chief economic adviser at the EY Item Club, said activity in the housing market is expected to continue to slow through 2022.

He added: “But with the impact of rising interest rates only being felt gradually due to the high share of outstanding fixed-rate mortgages of two years or more, a soft landing seems likely unless the labor market outlook begins to deteriorate.”

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Credit card borrowing grows at fastest annual rate since 2005 https://signiumtyler.com/credit-card-borrowing-grows-at-fastest-annual-rate-since-2005/ Tue, 31 May 2022 10:09:49 +0000 https://signiumtyler.com/credit-card-borrowing-grows-at-fastest-annual-rate-since-2005/ Household credit card borrowing rose at the fastest annual rate since 2005 in April, according to Bank of England figures – just as a series of price hikes began to hit. The annual growth rate of all consumer credit, which includes credit card borrowing, overdrafts, personal loans and auto financing, fell from 5.2% in March […]]]>

Household credit card borrowing rose at the fastest annual rate since 2005 in April, according to Bank of England figures – just as a series of price hikes began to hit.

The annual growth rate of all consumer credit, which includes credit card borrowing, overdrafts, personal loans and auto financing, fell from 5.2% in March to 5.7% in april. This is the highest rate since February 2020.

In total, the annual growth rate of credit card borrowing was 11.6% – marking the highest rate since November 2005 – according to the Money and Credit report.

An increase in the energy price cap, council tax increases and a 1.25 percentage point increase in National Insurance (NI) to pay for health and social care were among the costs highest in April.

Last week, Chancellor Rishi Sunak announced a package of support measures to help those facing the cost of living, including help for those who are particularly vulnerable.

Thomas Pugh, economist at RSM UK, said: “The latest figures from Money and Credit suggest that consumers are borrowing more and more to protect their way of life from soaring inflation.”

Alice Haine, personal finance analyst at investment platform Bestinvest, said: “The fear is that with inflation at 9% – a 40-year high – and energy and fuel costs soaring, the situation will only get worse as the cost of living crisis deepens.”

She added: ‘The risk is that those who go into debt now will create a host of problems for themselves later when costs rise even more.’

Ms Haine continued: “To put the situation in perspective, however, it is important to note that card borrowing is rising from a true low and this is more of a slight uptrend than of a sudden peak.

“Furthermore, many households are still clinging to excess savings accumulated during the pandemic, so the situation is not yet at crisis point.”

Karim Haji, head of financial services at KPMG UK, said: “Although in April the new energy price cap came into effect, most households would not have received their revised utility bills. before the end of the month, with a real impact on expenses. more likely to be seen in May.

“Given the harshness of some of the data here – such as the sharp increases in consumer borrowing – banks will have welcomed the measures announced by the Chancellor last week.”

People borrowed a further £1.4bn in consumer credit in April, following £1.3bn borrowing in March.

It was the third month in a row that borrowing was above average in the 12 months to February 2020, by £1.0 billion, the Bank said.

Households also increased deposits in their accounts in April.

The combined net flow into bank and building society accounts, as well as National Savings & Investments (NS&I) accounts, in April was £6.3bn, compared to an average monthly net flow of £5.5 billion pounds in the 12 months to February 2020.

Gabriella Dickens, senior UK economist at Pantheon Macroeconomics, said: “Real spending is expected to rise slowly in the second half of the year as real incomes begin to pick up – partly thanks to Mr Sunak’s interventions last week.”

The number of mortgage approvals granted to homebuyers meanwhile fell to 66,000 in April from 69,500 in March.

This figure was slightly lower than the pre-pandemic 12-month average to February 2020 of 66,700.

Remortgage approvals, which are only for home loans with another lender, also fell, to 47,800 in April.

This figure was also lower than the pre-pandemic 12-month average to February 2020 of 49,500.

Mr Haji added: “In the case of consumer and mortgage loans, banks are monitoring the data even more closely than usual for early signs of distress, to protect themselves and households.”

Housing market reports have indicated that property values ​​have hit a series of record highs in recent months, despite pressure on household finances.

A lack of available properties and mortgage rates still low by long-term standards have reportedly helped push prices higher – although there have also been signs the market could ease, with more sellers offering discount.

Mark Harris, managing director of mortgage broker SPF Private Clients, said: “There are still signs of strong activity in the market, although some of the heat has come out of it, and mortgage brokers remain exceptionally busy so that borrowers are worried about rising rates.

“It doesn’t help that lenders keep pulling short-term products.”

He added: “Borrowers continue to favor longer-term solutions in order to protect themselves as much as possible, especially since five-year products are priced so favorably compared to their two-year counterparts.”

Hina Bhudia, partner at Knight Frank Finance, said: “Activity among buyers is declining as the cost of living squeeze shrinks the pool of buyers.

“Rates on some products have doubled in the past 12 months and there is a real sense of urgency among many borrowers who feel they need to act quickly or reassess what they can afford.

“Remortgage demand remains very strong as borrowers seek to beat rising interest rates.

“Some lenders allow you to reserve rates up to nine months in advance, so thousands of borrowers are moving forward with decisions that under normal circumstances would have been put off.

“Lenders are struggling to stay on top of the flow of new applications and are retiring and reassessing product lines to maintain service levels.”

Andrew Montlake, managing director of mortgage broker Coreco, said: “Remortgages, contrary to what this data suggests, are exploding as people seek to lock in to the lowest rates available before they rise. any further.

“Perhaps the fact that this data only shows remortgages to other lenders suggests that people are increasingly being forced to remortgage with existing lenders due to affordability concerns.”

Martin Beck, chief economic adviser at the EY Item Club, said activity in the housing market is expected to continue to slow through 2022.

He added: “But with the impact of rising interest rates only gradually being felt due to the high share of outstanding fixed-rate mortgages of two years or more, a soft landing seems likely unless the labor market outlook begins to deteriorate.”

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Slovenia’s GDP grew at an annual rate of 9.8% in the first quarter https://signiumtyler.com/slovenias-gdp-grew-at-an-annual-rate-of-9-8-in-the-first-quarter/ Mon, 16 May 2022 20:59:28 +0000 https://signiumtyler.com/slovenias-gdp-grew-at-an-annual-rate-of-9-8-in-the-first-quarter/ STA, 16 May 2022 – The Slovenian economy grew at an annual nominal rate of 9.8% in the first quarter of this year, driven by household spending and capital expenditure. The seasonally adjusted rate was 9.6%. At quarterly level, GDP grew by 0.8%, a significant slowdown from the 5.3% recorded in the previous quarter, the […]]]>

STA, 16 May 2022 – The Slovenian economy grew at an annual nominal rate of 9.8% in the first quarter of this year, driven by household spending and capital expenditure. The seasonally adjusted rate was 9.6%. At quarterly level, GDP grew by 0.8%, a significant slowdown from the 5.3% recorded in the previous quarter, the Statistics Office said on Monday.

Domestic consumption grew 16.6% year-on-year, with household spending rising 20% ​​as the main driver of growth. Gross fixed capital formation increased by 12.7%. Changes in inventories also had a positive impact on GDP growth.

Foreign trade, for years the main engine of growth, has had a negative impact on GDP since the start of the pandemic due to the surge in imports and the trend remained unchanged in the first quarter.

With imports up by 15.7% and exports up by only 7.7% year-on-year, the contribution of the external trade balance to GDP growth has again become negative, removing 5.6 percentage points from the GDP growth.

Total value added increased by 9.3% compared to the first quarter of 2021. Trade, transport and accommodation and food services activities increased by 21.8% and contributed the most to the value structure total added. Construction increased by 16.7%.

Services continued to grow strongly in the first quarter, while manufacturing growth slowed for the third consecutive quarter but remained positive at 3.9%. Net taxes contributed significantly to GDP growth, as they increased by 13.2% compared to the same period last year.

Payroll increased by 3.3% to 1,073,000 people. Most of the new jobs were created in accommodation and food services, manufacturing and construction.

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Inflation fell to 8.3% year on year in April, still more than expected https://signiumtyler.com/inflation-fell-to-8-3-year-on-year-in-april-still-more-than-expected/ Wed, 11 May 2022 12:31:00 +0000 https://signiumtyler.com/inflation-fell-to-8-3-year-on-year-in-april-still-more-than-expected/ IInflation eased slightly to 8.3% for the 12 months ending in April, according to the consumer price index, the first decline in eight months, but still at a higher rate than economists expected. Highly anticipated figures released by the Bureau of Labor Statistics on Tuesday revealed that inflation is still high despite interest rate hikes […]]]>

IInflation eased slightly to 8.3% for the 12 months ending in April, according to the consumer price index, the first decline in eight months, but still at a higher rate than economists expected.

Highly anticipated figures released by the Bureau of Labor Statistics on Tuesday revealed that inflation is still high despite interest rate hikes by the Federal Reserve and is near the worst since February 1982 during the Great Inflation that helped bring President Ronald Reagan to office.

MANUFACTURERS UNDER DOLLAR VALUE PRESSURE AS FOOD GRAPPLES WITH INFLATION

Soaring inflation has eaten away at President Joe Biden’s approval ratings as he and Democrats approach midterm elections. Consumer prices have risen rapidly since last August, especially for basics like food and gasoline. Typical weekly grocery bills, for example, have increased by more than $30.

Energy prices moderated in April but have climbed 30.3% over the past year, while food prices have jumped 9.4%, data showed on Wednesday.

Although headline inflation has eased, the details of Wednesday’s report hinted at underlying upward pressure on prices. The core CPI, which measures changes in the prices of goods and services excluding food and energy, rose 0.6% on the month, more than the 0.4% that economists had predicted.

“With the annual rate dropping from 8.5% to 8.3, it might be tempting to say we’ve seen the peak, but we’ve also been rigged before as was the case last August,” said Greg McBride , financial director. analyst at Bankrate. “The heart prizes that were cause for hope a month ago are cause for disappointment this month.”

The indices for housing, air fares, new vehicles, medical care and recreation all rose in April, while the indices for clothing, communications and used cars and trucks all trended lower in the month. latest.

Among the good news for the economy, used car prices, which were previously a major driver of inflation, fell for the third month in a row.

The Federal Reserve announced in March that it would raise its interest rate target by a quarter of a percentage point, the first rate hike since 2018, in a bid to rein in rising prices, although some economists and many Republicans say the central bank should have acted sooner to reverse its pandemic emergency measures.

This month, the Federal Open Market Committee announced that it would raise its interest rate target by half a percentage point. The central bank typically raises rates by only a quarter of a percentage point, which is therefore equivalent to two rate hikes at once and shows that the Fed is concerned about rising prices.

The central bank has also signaled that it may end up making further half-point hikes at its upcoming meetings in June and July, meaning that all signs point to interest rates continuing to rise. over the next year.

The war in Ukraine further adds to the inflationary flames. The conflict has sent energy prices skyrocketing as Russia is one of the world’s largest producers of oil and natural gas.

CLICK HERE TO LEARN MORE ABOUT THE WASHINGTON EXAMINER

The average price of gas in the United States hit a record high on Tuesday of $4.37 a gallon, according to AAA.

There are also fears that the Fed’s aggressive action to raise interest rates could push the economy into a recession, a prospect that also doesn’t bode well for Biden and the Democrats who ran the market. hard work and ultra-low unemployment.

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Inflation fell to 8.3% at an annual rate in April, still more than expected | United States and world https://signiumtyler.com/inflation-fell-to-8-3-at-an-annual-rate-in-april-still-more-than-expected-united-states-and-world/ Wed, 11 May 2022 12:31:00 +0000 https://signiumtyler.com/inflation-fell-to-8-3-at-an-annual-rate-in-april-still-more-than-expected-united-states-and-world/ IInflation eased slightly to 8.3% for the 12 months ending in April, according to the consumer price index, the first decline in eight months, but still at a higher rate than economists expected. Long-awaited figures released by the Bureau of Labor Statistics on Tuesday revealed that inflation is still high despite interest rate hikes by […]]]>

IInflation eased slightly to 8.3% for the 12 months ending in April, according to the consumer price index, the first decline in eight months, but still at a higher rate than economists expected.

Long-awaited figures released by the Bureau of Labor Statistics on Tuesday revealed that inflation is still high despite interest rate hikes by the Federal Reserve and is the worst it has seen since February 1982 when the Great Inflation that helped bring President Ronald Reagan to power. .

MANUFACTURERS UNDER DOLLAR VALUE PRESSURE AS FED CLUBS IN INFLATION

Soaring inflation has eaten away at President Joe Biden’s approval ratings as he and Democrats approach midterm elections. Consumer prices have risen rapidly since last August, especially for basics like food and gasoline. Typical weekly grocery bills, for example, have increased by more than $30.

The Federal Reserve announced in March that it would raise its interest rate target by a quarter of a percentage point, the first rate hike since 2018, in a bid to rein in rising prices, although some economists and many Republicans say the central bank should have acted sooner to reverse its pandemic emergency measures.

This month, the Federal Open Market Committee announced that it would raise its interest rate target by half a percentage point. The central bank typically raises rates by just a quarter of a percentage point, so the move equals two rate hikes and once and shows that the Fed is concerned about rising prices.

The central bank has also signaled that it may end up making further half-point hikes at its upcoming meetings in June and July, meaning that all signs point to interest rates continuing to rise. over the next year.

The war in Ukraine further adds to the inflationary flames. The conflict sent energy prices skyrocketing as Russia is one of the world’s largest producers of oil and natural gas.

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The average price of gasoline in the United States hit a record high of $4.37 a gallon on Tuesday, according to AAA.

There are also fears that the Fed’s aggressive action to raise interest rates could push the economy into a recession, a prospect that doesn’t bode well for Biden and Democrats who have run on the strong job market. and the country’s ultra-low unemployment.

Original location: Inflation fell to 8.3% year on year in April, still more than expected

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Major disappointment: the economy shrank 1.4% year on year in the first quarter https://signiumtyler.com/major-disappointment-the-economy-shrank-1-4-year-on-year-in-the-first-quarter/ Thu, 28 Apr 2022 12:30:00 +0000 https://signiumtyler.com/major-disappointment-the-economy-shrank-1-4-year-on-year-in-the-first-quarter/ GDP contracted at an annualized rate of 1.4% in the first quarter, the Bureau of Economic Analysis reported Thursday morning, meaning the slowdown in trade added to the woes of high inflation. The fall in GDP, which is adjusted for inflation, is a major reversal from the previous quarter, when growth soared to a rate […]]]>

GDP contracted at an annualized rate of 1.4% in the first quarter, the Bureau of Economic Analysis reported Thursday morning, meaning the slowdown in trade added to the woes of high inflation.

The fall in GDP, which is adjusted for inflation, is a major reversal from the previous quarter, when growth soared to a rate of 6.9% as businesses began to recover faster of the pandemic. It is the first such contraction since the second quarter of 2020, when the economy suffered the massive shock of coronavirus shutdowns.

Friday’s report means President Joe Biden must now deal with poor GDP numbers, on top of soaring inflation that has strained households and lowered his approval rating. Inflation reached 8.5% in March, according to the consumer price index.

Still, the details of Thursday’s report showed that the underlying momentum is stronger than the headline figure suggests.

ANXIOUS FED SET FOR HISTORIC MEASURE TO TRY TO LIMIT INFLATION

“This contraction is seen as less worrying as it reflects a growing trade deficit and sharp inventory swings, as well as lower government spending,” said Mark Hamrick, senior economics analyst for Bankrate. “Key drivers, including consumer and business spending, held up.”

Consumer spending grew at a healthy 2.7% annual rate.

Rather, the decline in GDP was driven by factors unrelated to future growth. Specifically, much of the decline in the first quarter was due to a drop in exports and a sharp increase in imports, which subtracted the overall GDP figure. A drop in the number of companies buying inventory also reduced the overall GDP growth rate by about 0.8 percentage points.

A measure of economic growth in Friday’s report that excludes these factors, final sales to private domestic buyers, rose at a strong annual rate of 3.7%.

Other economic data suggests that the economy, for now, has some momentum despite some serious headwinds forming. Monthly job gains were strong. Jobless claims, seen as a high-frequency indicator of layoffs, have hit the lowest rates in decades.

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Overall, the outlook is for an economy that still has too much spending generating too much inflation. Friday’s report is unlikely to deter the Federal Reserve from taking historic steps to tighten monetary policy.

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Power Companies Ask Public Service Commission for $297 Million Annual Rate Adjustment https://signiumtyler.com/power-companies-ask-public-service-commission-for-297-million-annual-rate-adjustment/ Wed, 20 Apr 2022 07:00:00 +0000 https://signiumtyler.com/power-companies-ask-public-service-commission-for-297-million-annual-rate-adjustment/ Appalachian Power and Wheeling Power are requesting an adjusted rate increase of $297 million per year. Currently, the monthly bill for a residential customer using 1,000 kilowatt hours is $155.66, according to Appalachian Power. If approved as filed, the adjustment would add $18.41 to this amount effective September 1, 2022. Appalachian Power has 1 million […]]]>

Appalachian Power and Wheeling Power are requesting an adjusted rate increase of $297 million per year.

Currently, the monthly bill for a residential customer using 1,000 kilowatt hours is $155.66, according to Appalachian Power. If approved as filed, the adjustment would add $18.41 to this amount effective September 1, 2022.

Appalachian Power has 1 million customers in Virginia, West Virginia and Tennessee (as AEP Appalachian Power). It is part of American Electric Power.

The companies made their request through a Tuesday night filing with the West Virginia Public Service Commission. This is the kind of deposit companies typically make at this time of year to adjust the amount of fuel and electricity rates purchased. The proposed adjustment follows increases approved of about $100 million late last year and early in the spring.

Companies say they have fallen behind millions of dollars in cost recovery while facing the likelihood of additional costs. The amount and the reasons related to the news emerge from the proposed rate adjustment.

Due to volatility in energy markets, companies are also suggesting more frequent reviews of their expanded net energy cost statements.

Chris Beam

“With the rapid and rapid increase in energy and fuel costs over the past few months, the ENEC revenue we collect from customers has been and is expected to be significantly lower than the cost of energy supplied to customers,” said Chris Beam, Appalachian. President and Chief Operating Officer of Power. “The longer it goes on, the bigger the deficit, and that’s what necessitates this demand.”

He added: “Making that deposit is difficult, especially when inflationary pressures are weighing on families on so many fronts. However, if the unrecovered ENEC amount continues to increase, it will become even more difficult to manage in the future.

One of the reasons for the 141-page dossier is to recoup the ongoing costs of fighting the covid-19 pandemic. Another is the rising cost of energy, particularly coal, driven by global demand.

Testimony in the filing by Clinton Stutler, the company’s head of natural gas and fuel oil, describes falling natural gas prices as demand fell during the pandemic, a rebound and then greater volatility driven by weather events and the Russian invasion of Ukraine.

Jeffrey Dial, Director of Coal Supply, Transportation and Reagents, testified in writing that coal prices rose rapidly in the second half of 2021 as demand grew domestically and globally.

“The increase in demand for coal was mainly due to the increase in natural gas prices, making coal the least expensive option for generating electricity,” Dial said. “Coal supply is expected to be constrained throughout 2022.”

The West Virginia Energy Users Group, which represents some of the state’s largest manufacturers, said it was still reviewing the details of the case but found it troubling.

Derrick Williamson

“WVEUG is analyzing the AEP case, but on its face, APCo and Wheeling’s request for a nearly $300 million rate increase is patently unreasonable. Such an increase would be devastating to West Virginia manufacturing and industry, and to all captive AEP monopoly taxpayers in West Virginia,” said Derrick Williamson, Executive Director of the Energy Users Group.

The energy users group suggested the increase could lead to total tariff increases of almost 40% for some large users, putting companies out of reach of other suppliers.

“WVEUG will certainly intervene in the matter to protect the interests of manufacturing and industry and will closely assess the reasonableness and prudence of AEP’s flawed decision-making, planning and forecasting that led to to this economically disastrous rate increase proposal,” Williamson said.

Kent Carper

Kanawha County leaders also publicly opposed the proposed rate increase.

“This follows a rate increase application filed in March 2022. Our citizens cannot afford any further rate increases by utility companies,” said Kanawha County Commission Chairman Kent Carper. .

“I initially call for a moratorium on these back-to-back rate hikes. I also call on the West Virginia Legislature to exercise oversight over public services and end this ridiculous and ongoing attack on the people of West Virginia.

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The FNM-HPI measured US home price growth at an annual rate of 20.0% in the first quarter of 2022 https://signiumtyler.com/the-fnm-hpi-measured-us-home-price-growth-at-an-annual-rate-of-20-0-in-the-first-quarter-of-2022/ Fri, 15 Apr 2022 07:00:00 +0000 https://signiumtyler.com/the-fnm-hpi-measured-us-home-price-growth-at-an-annual-rate-of-20-0-in-the-first-quarter-of-2022/ Fannie Mae (OTCQB: FNMA) today announced the release of the Fannie Mae Home Price Index (FNM-HPI), a national repeat transaction home price index measuring the average quarterly price change of all single-family properties in the United States. , excluding condominiums. FNM-HPI accelerated in the first quarter of 2022 to its fastest annual pace in the […]]]>

Fannie Mae (OTCQB: FNMA) today announced the release of the Fannie Mae Home Price Index (FNM-HPI), a national repeat transaction home price index measuring the average quarterly price change of all single-family properties in the United States. , excluding condominiums. FNM-HPI accelerated in the first quarter of 2022 to its fastest annual pace in the index’s 47-year history, measuring 20.0% year-over-year, unseasonally adjusted , up from the 19.1% annual rate recorded in the fourth quarter of 2021. On a quarterly basis, house prices increased by a seasonally adjusted 4.8% in the first quarter of 2022.

“We are excited to begin sharing the Fannie Mae Home Price Index with external audiences. We have a long history of using this index within the company, including as part of our quarterly financial reporting, and believe it will be a very accurate and timely indicator for measuring house price growth, for economists and housing industry players alike,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “After slowing towards the end of 2021, FNM-HPI accelerated in the first quarter due to continued strong demand for home purchases and a lack of inventory. We believe recent home buying demand has been boosted by many buyers postponing home purchases in anticipation of rising mortgage rates. Now that rates have risen sharply since the start of the year – and some of that home buying demand has now been satisfied – we expect price growth to start to slow over the course of the year. year.

The FNM-HPI is produced by aggregating data at the county level to create seasonally adjusted and unadjusted national indexes that are representative of the entire country and designed to serve as indicators of general single-family home price trends. Beginning today, the FNM-HPI will be publicly available nationwide as a quarterly series beginning in the first quarter of 1975 and extending through the most recent quarter, the first quarter of 2022. Fannie Mae plans to release the FNM-HPI around the middle of the month. during the first month of each new quarter.

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On The Money — Inflation hits highest annual rate since 1981 https://signiumtyler.com/on-the-money-inflation-hits-highest-annual-rate-since-1981/ Tue, 12 Apr 2022 07:00:00 +0000 https://signiumtyler.com/on-the-money-inflation-hits-highest-annual-rate-since-1981/ The inflation figures are out and they show an 8.5% annual jump in consumer prices, the fastest rate of increase in four decades. Today, we’ll also look at which commodities have seen the biggest price increases, the blame game around rising costs, and how the Federal Reserve can fight inflation. But first, see which company […]]]>

The inflation figures are out and they show an 8.5% annual jump in consumer prices, the fastest rate of increase in four decades.

Today, we’ll also look at which commodities have seen the biggest price increases, the blame game around rising costs, and how the Federal Reserve can fight inflation.

But first, see which company is tapping into its “strategic donut reserve” to fight inflation.

welcome to money, your nightly guide to everything related to your bills, bank account, and bottom line. For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Did someone forward this newsletter to you? Subscribe here.

Soaring consumer prices fueled by the Russian-Ukrainian war

Consumer prices rose 1.2% in March and 8.5% over the past 12 months as the war in Ukraine pushed inflation even higher, according to data released Tuesday by the Department of work.

The Labor Department’s consumer price index (CPI), which tracks inflation, soared in March as Russia’s invasion of Ukraine sparked sharp price increases in the Mondial economy. The annual rise in inflation in March was the fastest since December 1981.

The background: Inflation had already risen before the war in Ukraine, driving up the prices of food, gasoline, housing, automobiles and a wide range of basic consumer goods. The outbreak of war reduced the global supply of crude oil, wheat, minerals and other key exports from Russia and Ukraine in high demand but now eaten away in the war effort or sanctions .

  • Food prices are up 8.8% in the past 12 months and 1% in March alone, with grocery prices rising 1.5% and restaurant and convenience food prices up just 0.3%.
  • Gasoline prices are up 48% on the year after rising 18.3% in March, and fuel oil prices rose 22.3% last month alone.

The White House and Democrats have been quick to blame inflation for the impact of the war – a dynamic they call “Putin’s price hike”. But the March inflation report showed prices rising across the economy and in areas relatively isolated from the war.

Sylvan breaks it down here.

Read more: Inflation hits groceries – Fish, meat up 13.4%, limes at 99 cents

BLAMES GAME

Manchin on inflation: Biden administration ‘didn’t move fast enough’

Sen. Joe Manchin (DW.Va.) blamed the Biden administration and the Federal Reserve for rising inflation on Tuesday after Labor Department data showed inflation rose 8.5% in course of the last 12 months.

“The Federal Reserve and the administration did not act quickly enough, and today’s data is a snapshot in time of the consequences being felt across the country,” Manchin said in a statement.

“Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half measures and rhetorical failures seeking blame. The American people deserve the truth about the reasons for record inflation and what must be done to control it,” he added.

Manchin called the new data a “scary story about how these taxes on Americans are completely out of control,” eating away at incomes and savings.

  • Manchin has been raising concerns about inflation for months, but his remarks could be used by the GOP in attacks on Democrats.
  • Manchin’s statement is also another red flag for nascent Democratic hopes to revive a sweeping social and climate spending bill.
  • Manchin has long pointed to inflation as one of his main concerns over adopting a bigger, better agenda, and said on Tuesday: ‘We can’t move our way to a balanced and healthy economy. and continue to increase our national debt by $30 trillion.”

Learn more about The Hill’s Jordan Carney here.

Read more: GOP lawmaker on inflation: Democrats’ fiscal policy was ‘a match that sparked the ignition’

INTERVIEW WITH PHILLY FED CHIEF

Fed’s Harker says bank needs to ‘be careful’ in fighting inflation

Patrick Harker, president of the Federal Reserve Bank of Philadelphia, said on Tuesday the central bank was trying to quell record inflation without derailing an otherwise strong economy.

In an interview recorded for The Hill’s “Future of Jobs” summit, Harker said the Fed needed to strike a careful balance between halting rapid price growth and slowing the economy.

“The economy is strong,” Harker said, citing the gain of nearly 1.7 million jobs in 2022 and record economic growth last year.

“We see a lot of good signs,” he continued. “What we don’t want to do is spoil the good stuff by being too aggressive on inflation. We have to act, but we have to be careful at the same time.

  • Harker’s comments come amid growing concern among some economists and investors about the Fed’s ability to stop soaring inflation without triggering a recession.
  • Harker said he was “very concerned” in particular about a sharp rise in gasoline prices, which “disproportionately hits low-to-middle income families.”

Find out more here from Sylvan.

AIR FARES ARE RISING

US flight prices jumped in March: analysis

Prices for domestic flights last month were 20% higher than pre-pandemic levels, data showed on Tuesday.

Adobe Digital Insights analysis reveals that travelers are already experiencing significant price increases. In February, flight prices were up only 5% compared to the same period in 2019, while prices in January were 3% below pre-pandemic levels.

  • The rise is driven by a recent boom in bookings. The analysis found that customers spent $8.8 billion on tickets online last month, a 28% increase from pre-pandemic levels and a 32% increase from February.
  • Major airlines were already not accommodating as many passengers as before the pandemic, and they recently cut their schedules to account for rising fuel prices, a strategy that will drive airfares even higher.

Karl has more here.

Good to know

Nearly a third of American voters say inflation is their top concern ahead of the upcoming midterm elections in November, according to a new poll.

A poll released Monday by women’s suffrage advocacy group All In Together found that 32% of women and 31% of men polled believed rising prices were the top concern that would determine their vote in the November election.

Here’s what else we’ve got our eyes on:

  • Forecasts for world trade growth in 2022 have fallen from 4.7% to 3%, largely due to Russia’s invasion of Ukraine, the World Trade Organization said on Tuesday.
  • Russian President Vladimir Putin said Tuesday that Western sanctions had “achieved some results” in affecting the Russian economy, but projected a challenge to the Kremlin’s war in Ukraine.
  • Former top national security officials allied with Big Tech are urging lawmakers to drop antitrust laws targeting U.S. tech giants in a seven-figure ad campaign.

That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. Well see you tomorrow.

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