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Inflation

The Inflation Class War

October 16, 2021 Grace Blakeley, Tribune Magazine. , ,
When we hear the word ‘inflation’, it usually brings to mind the prospect of rising prices for basic necessities, things like food, fuel and transport. This kind of inflation comes in two types – cost-push and demand-pull. Cost-push inflation refers to the ‘pushing’ effect of rising input prices somewhere in the supply chain. When oil prices rise substantially, for example, prices across the economy rise as oil is used to produce and transport almost everything. Effectively, rising costs equate to a contraction in the potential amount the economy can produce. Demand-pull inflation, on the other hand, refers to the ‘pulling’ effect of rising demand on prices. Usually, there exists a gap between what could be produced if all the resources in an economy were being put to use as efficiently as possible, and the amount of output we’re currently producing: the output gap.

Global Food Prices Post Biggest Jump In Decade

June 6, 2021 The Straits Times. , , ,
London - Global food prices have surged by the biggest margin in a decade, as one closely watched index jumped 40 per cent last month, heightening fears that the inflation initially stoked by pandemic disruption was accelerating. The year-on-year rise in the United Nations Food and Agriculture Organisation's (FAO) monthly index was the largest jump since 2011, as commodity prices surged. The higher inflation will hit poorer countries reliant on imports for staple goods. For richer countries, the cost of raw ingredients accounts for only part of the overall price paid for products at supermarkets and restaurants. But the rise in raw material prices has been so steep that big firms like Nestle and Coca-Cola have said they would pass on any increases.

Soaring Prices Push US Households To The Edge

May 15, 2021 Andre Damon, WSWS. , , ,
Surging prices for necessities like used cars, phones, and housing have caused the biggest jump in “core” consumer prices in nearly four decades, according to new figures released Wednesday by the US Department of Labor (DOL). Rising prices for food, heating oil, gas, and other necessities are eating into workers’ incomes both in the United States and internationally. Workers are finding it increasingly impossible to make ends meet, even if they are employed full-time. The minimum wage in the United States remains at $7.25 per hour, and US President Joe Biden has reneged on his campaign promise to raise it. Workers’ real average hourly earnings have plunged, falling 3.4 percent over the past year, according to the latest jobs report from the DOL, as companies used the pandemic as a pretext to slash wages over the past year.
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