Inflation forcing Americans to spend $709 a month more than they did 2 years ago: economist

Published

2 years ago

August 18, 2023

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Inflation is forcing Americans to spend $709 more per month on everyday goods and services than they did just two years ago, according to the chief economist at Moody’s Analytics.

“The high inflation of the past 2+ years has done lots of economic damage,” Mark Zandi tweeted on Friday following the release of the Consumer Price Index — a closely-watched measure of inflation that tracks changes in the costs of everyday goods and services.

The CPI rose moderately, to 3.2% in July versus a year earlier.

“Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago,” Zandi added.

Zandi — who also co-founded Moody’s global economic analysis service, Economy.com — said he sees relief ahead, predicting that inflation is “set to moderate further” as the Federal Reserve approaches its 2% inflation goal.

“Vehicle prices will decline more, so too will electricity prices, and the growth in the cost of housing will slow further. The biggest worry is the jump in oil prices, which bears close watching,” he added in the thread posted to X, formerly known as Twitter.

To be sure, the high inflation of the past 2+ years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago.

Though gas prices hit an eight-month high late last month, energy unexpectedly rose a mere 0.1%, the latest CPI report showed.

However, over the past month, US West Texas Intermediate and Brent crude futures climbed nearly 10%, to $82.83 and $86.39, respectively.

Zandi concluded his analysis with: “The deeper I dig into last weeks inflation statistics, the more confident I am that inflation will be back to the Feds inflation target by this time next year. And this without more interest rate hikes, a recession, or even much of an increase in unemployment.”

Fed officials have said that they’re also no longer forecasting a recession, though the sentiment opposes that of ratings agency Fitch, which owngraded the US top-tier sovereign credit from AAA to AA+, citing the possibility that the economy will slip into a mild recession later this year.

Consumers, however, have continued to feel reprieve from the central bank’s aggressive tightening regime, with core CPI which excludes volatile food and energy prices only rising 0.2% from a month ago, matching the 0.2% increase in June.

“The trend lines look good,” Zandi said, noting that “the July CPI report was great,” especially when compared to June 2022, when inflation peaked at 9.1% to hit a four-decade high.

Rising housing costs were by far the largest contributor to Julys uptick in prices, accounting for 90% of the advance, the Bureau of Labor Statistics reported, though Zandi didn’t seem too concerned.

When The Post reached out to Moody’s for comment, the financial services firm pointed to commentary from another economist at the company, Bernard Yaros, who said that “the US consumer price index was fully in line with our and consensus expectations in July.”

“Moodys Analytics believes that the Federal Reserve is done with interest-rate hikes for the current tightening cycle, and the July CPI helps cement our near-term view on monetary policy,” he added.

The CPI report fueled questions about whether the Fed will continue to hike interest rates later this year after the Fed decided on a 25-basis-point rate hike in July, taking them to a 22-year high.

Fed Chairman Jerome Powell announced that the advance was a unanimous decision, raising the benchmark federal-funds rate to a range between 5.25% and 5.5%.

Economists were divided on the pending rate hikes following the release of the CPI report.

Greg Wilensky, head of US fixed income at Janus Henderson Investors, added: If economic conditions continue as expected, we believe we have seen the last hike for this cycle. This makes us more constructive on adding interest-rate risk, particularly at the front of curve.

Meanwhile, Raymond James Chief Economist Eugenio Aleman believes stubbornly-high shelter costs are slated to put pressure on headline inflation going forward.

No doubt the Fed will also look at the Labor Departments hiring report for July as it considers whether its done enough to snuff out inflation.

Last month, US employers added 187,000 jobs, the lowest number since COVID peaked in 2020, though unemployment remained little changed month-over-month, at 3.5%.

The labor market has showed surprising resiliency over the last couple of months, adding 209,000 jobs in June and a robust 339,000 jobs in May.

The US is currently enjoying a 30-month streak of monthly job gains.

Technology

Judge finalizes remedies in Google antitrust case

Published

4 hours ago

December 5, 2025

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Judge finalizes remedies in Google antitrust case

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021.

Andrew Kelly | Reuters

A U.S. judge on Friday finalized his decision for the consequences Google will face for its search monopoly ruling, adding new details to the decided remedies.

Last year, Google was found to hold an illegal monopoly in its core market of internet search, and in September, U.S. District Judge Amit Mehta ruled against the most severe consequences that were proposed by the Department of Justice.

That included the proposal of a forced sale of Google’s Chrome browser, which provides data that helps the company’s advertising business deliver targeted ads. Alphabet shares popped 8% in extended trading as investors celebrated what they viewed as minimal consequences from a historic defeat last year in the landmark antitrust case.

Investors largely shrugged off the ruling as non-impactful to Google. However some told CNBC it’s still a bite that could “sting.”

Mehta on Friday issued additional details for his ruling in new filings.

“The age-old saying ‘the devil is in the details’ may not have been devised with the drafting of an antitrust remedies judgment in mind, but it sure does fit,” Mehta wrote in one of the Friday filings.

Google did not immediately respond to a request for comment. The company has previously said it will appeal the remedies.

In August 2024, Mehta ruled that Google violated Section 2 of the Sherman Act and held a monopoly in search and related advertising. The antitrust trial started in September 2023.

In his September decision, Mehta said the company would be able to make payments to preload products, but it could not have exclusive contracts that condition payments or licensing. Google was also ordered to loosen its hold on search data. Mehta in September also ruled that Google would have to make available certain search index data and user interaction data, though “not ads data.”

The DOJ had asked Google to stop the practice of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones.

The judge’s September ruling didn’t end the practice entirely — Mehta ruled out that Google couldn’t enter into exclusive deals, which was a win for the company. Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users.

Mehta’s new details

In the Friday filings, Mehta wrote that Google cannot enter into any deal like the one it’s had with Apple “unless the agreement terminates no more than one year after the date it is entered.”

This includes deals involving generative artificial intelligence products, including any “application, software, service, feature, tool, functionality, or product” that involve or use genAI or large-language models, Mehta wrote.

GenAI “plays a significant role in these remedies,” Mehta wrote.

The judge also reiterated the web index data it will require Google to share with certain competitors.

Google has to share some of the raw search interaction data it uses to train its ranking and AI systems, but it does not have to share the actual algorithms — just the data that feeds them.” In September, Mehta said those data sets represent a “small fraction” of Google’s overall traffic, but argued the company’s models are trained on data that contributed to Google’s edge over competitors.

The company must make this data available to qualified competitors at least twice, one of the Friday filing states. Google must share that data in a “syndication license” model whose term will be five years from the date the license is signed, the filing states.

Mehta on Friday also included requirements on the makeup of a technical committee that will determine the firms Google must share its data with.

Committee “members shall be experts in some combination of software engineering, information retrieval, artificial intelligence, economics, behavioral science, and data privacy and data security,” the filing states.

The judge went on to say that no committee member can have a conflict of interest, such as having worked for Google or any of its competitors in the six months prior to or one year after serving in the role.

Google is also required to appoint an internal compliance officer that will be responsible “for administering Google’s antitrust compliance program and helping to ensure compliance with this Final Judgment,” per one of the filings. The company must also appoint a senior business executive “whom Google shall make available to update the Court on Google’s compliance at regular status conferences or as otherwise ordered.”

This is breaking news. Check back for updates.

WATCH: Judge Issues final remedies in Google antitrust case

Environment

Kia is still offering over $10,000 off its entire EV lineup

Published

5 hours ago

December 5, 2025

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Kia is still offering over ,000 off its entire EV lineup

Kia is extending one of its biggest promotions yet, knocking over $10,000 off every EV in its lineup.

Kia knocks $10,000 off EV models

Who said electric vehicles would get more expensive after the $7,500 federal tax credit ended? Kia must not have gotten the memo.

Last month, Kia launched a new promotion, offering a $10,000 customer cash discount for all EVs, including the EV6, EV9, and Niro EV. The discount knocks nearly 25% off MSRP on Kia’s cheapest model, the Niro EV. On the entry-level EV6, it’s 23% off MSRP, while $10,000 off the EV9 is about an 18% discount.

The discounts ended on December 1, but Kia has extended them for at least another month. During its Season of New Tradition sales event, Kia is now offering even more savings.

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The 2025 Kia EV6 and Niro EV are now eligible for up to $11,000 in customer cash, including a $10,000 cash back offer and a $1,000 retail bonus cash discount.

If you’re looking for something a little bigger, the 2026 EV9, Kia’s three-row electric SUV, is available with up to $10,500 in bonus cash.

If you choose to finance, Kia is offering 0% APR for up to 72 months, plus $3,500 APR Bonus Cash on the EV6 and Niro EV. The larger EV9 is available with 0% APR for up to 60 months with a $3,000 APR Bonus Cash offer.

Kia-another-EV-US — The 2026 Kia EV9 (Source: Kia)

The 2025 Kia Niro EV and EV6 are available to lease, starting at $209 and $309 per month for 24 months. The 2026 EV9 is listed with monthly leases starting at $419.

The new sales event comes after Hyundai extended its EV promotions, keeping the IONIQ 5 as one of the most affordable EV leases in the US, starting at just $189 per month.

Kia’s Seasons of New Traditions sales event runs until January 2, 2026. Some deals may vary by region. You can see offers near you by using the links at the bottom.

Interested in test-driving one for yourself? We can help see what’s available in your area. Check out our links below to find Kia and Hyundai EVs near you.

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Environment

New Holland C314 mini track loader gets the full electric treatment

Published

5 hours ago

December 5, 2025

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New Holland C314 mini track loader gets the full electric treatment

New Holland Previews C314X Electric Mini Track Loader

New Holland’s already excellent C314 mini track loader is even better for 2026 thanks to the debut of a new, all electric version that offers quiet, low maintenance, and emission-free running for round-the-clock operation.

State and federal governments may still be hashing out emissions laws and ZEV requirements, but it’s the municipal governments that write quiet our laws and noise ordinances, and it’s those laws that construction crews are struggling to work around as they bid for lucrative urban jobs. New Holland understands those construction customers’ needs, and its new C314X Electric mini track loader (announced at last month’s Agritechnica) is designed specifically for them.

“We launched the C314 two years ago, and it has become known for its excellent features,” says Francesca Asteggiano, Europe Construction Brands. “Today, we’re developing an electric version to meet growing demand for quieter, more compact machines — reinforcing our commitment to sustainability and innovation.”

C314X Electric

New Holland’s C314X Electric is designed and built in-house as the zero-emission evolution of the diesel-powered C314, and is powered by a 23.5 kWh li-ion battery that sends power to three electric motors — two drive motors and a single hydraulic motor for the boom.

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The company says the new C314X has a rated operating capacity that matches the diesel unit at 460 kg (~1014 lbs.) and a hinge pin height of 2.2 m (~7.2 ft.).

Though still “just a prototype” at this point, CASE and New Holland products have a history of making it to production. If when it does, company reps say it will be available in two undercarriage configurations, a “narrow track” version 890 mm wide that can fit through garden gates and man doors, and wide track version 1026 mm wide for heavier duty outdoor and agricultural work.

The stand-on machine uses controls that will be familiar to any mini loader operator — especially those with experience behind the controls of the diesel C314 — and all the implements and attachments that work on the diesel version bolt up to the C314X Electric, making it ideal (the company says) for livestock and horticultural farmers, landscape contractors and residential construction operations, thanks to multiple compatible attachments to ensure full versatility to dig, load, drill, and more.

Stay tuned for pricing and availability, likely set to be announced during ConExpo 2026.

SOURCE | IMAGES: New Holland.

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