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No, you’re not imagining it — the price of just about everything in your life is getting more expensive.

President Joe Biden this week spun the latest inflation numbers as good news for Bidenomics — cheering that October’s Consumer Price Index climbed a slightly less-than-expected 3.2% from last year.

But it’s cold comfort to consumers who are still getting socked by stratospheric prices for everything — from their groceries to the rent to the car they drive and the gas in its tank.

Indeed, compared to October 2020, when the US was under a COVID-induced lockdown, prices are up a blistering 18.2%.

According to data from the US Inflation Calculator, which tracks changes in the price of basic food staples based on the monthly CPI, the price of a dozen grade-A eggs rose a whopping 47% over the past three years, to $2.07 from $1.41.

Coffee was also among inflation’s most hopped-up pantry items, with a pound of ground beans surging to $6.18 on average, up from $4.52 in October 2020, the price-gathering service showed.

Other staples that rose roughly 33% from October 2020 to October 2023: White bread, which is up 50 cents to $2, as well as potato chips and chocolate chip cookies, both up over $1. The price of ground chuck, bacon, sirloin steak and chicken were also up more than 22%.

“I wouldn’t count on prices broadly declining,” Moody’s chief economist Mark Zandi told The Post when asked about the future of grocery prices.

High prices continue to squeeze consumers from all sides, including housing, where rent has surged more than 20% during the past three years.

According to apartment search engine Rent.com, the median monthly asking rent in the US last month was $2,011. In October 2020, it was $1,667.

Monthly mortgage payments also surged, according to American Community Survey data. which found that the average monthly mortgage payment in 2020 was $1,621.

The National Association of Realtors later reported that the average monthly mortgage payment on a single-family American home was $2,317 by the end of 2022, which marks a $696, or stunning 42.9%, increase.

The price of a new car has also been on the rise — up to $48,008 as of March of this year from 2020, when a new car averaged $41,152, according to data from personal finance site MoneyGeek.

To put gas in the car, drivers were shelling out an average of $3.35 a gallon as of Wednesday, according to AAA — roughly 36% more than the $2.14 average price-per-gallon back in October 2020.

“Primarily, the inflation we’ve suffered through is largely the fallout from the pandemic and the Russian war in Ukraine. As those shocks continue to fade into the rearview mirror, inflation will continue to come down,” according to Zandi.

Inflation’s rise has outpaced the 15.25% increase hourly wages in the same time period: In October 2020, average hourly earnings for all US employees was $29.50, versus last month, when hourly wages hit $34, according to federal data.

Though a slowdown in the pace of inflation hasn’t translated directly to lower costs in groceries, for example, Zandi predicted that “we’ll see significant moderations in [price] increases over the next six to 12 months.”

Meanwhile, President Joe Biden has been pushing his Bidenomics agenda that has consistently claimed to “reduce the [government’s] deficit” despite recently-released Treasury data showing the red ink has doubled over the past year, from about $1 trillion to $2 trillion (yes, with a T).

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Politics

Indian town adopts Avalanche blockchain for tamper-proof land records

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Indian town adopts Avalanche blockchain for tamper-proof land records

A district administration in India digitized more than 700,000 land records, securing them on Avalanche blockchain to ensure transparency and prevent tampering.

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Entertainment

Glastonbury 2025 line-up revealed

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Glastonbury 2025 line-up revealed

The 1975 and Olivia Rodrigo will be among the stars headlining Glastonbury Festival this year, it has been announced.

Glastonbury organisers have revealed the line-up for this summer’s event, taking place between 25 June and 29 June, after months of speculation.

The 1975 will take to the iconic Pyramid Stage on the Friday to headline, then Canadian singer-songwriter Neil Young will perform on Saturday and Olivia Rodrigo on the Sunday.

Other big names performing include British pop sensation Charli XCX, rapper Loyle Carner electronic group The Prodigy.

The announcement comes after Sir Rod Stewart was booked for the Sunday teatime legend slot and Young was confirmed as a headliner earlier this year.

Young’s announcement in January came amid some confusion, as he had days before told fans he was pulling out of the festival because the BBC’s involvement was a “corporate turn-off”.

The Canadian singer-songwriter later said this decision was down to “an error in the information I received”.

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The 1975 will be headlining for the first time, having made their Glastonbury debut in 2014.

The Cheshire band, known for hits such as Somebody Else and Chocolate, have regularly made headlines due to the antics of frontman Matty Healy.

Glastonbury, which takes place at Worthy Farm in Somerset in the summer, has worked closely with the BBC – its exclusive broadcast partner – since 1997.

Neil Young performing at the New Orleans Jazz & Heritage Festival last May. Pic: Amy Harris/Invision/AP
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Neil Young performing at the New Orleans Jazz & Heritage Festival last May. Pic: Amy Harris/Invision/AP

Appetite for the esteemed festival saw standard tickets sell out in 35 minutes in November.

They cost £373.50 plus a £5 booking fee, up £18.50 from the price from the 2024 festival, and were sold exclusively through the See Tickets website.

The date for the resale – where tickets not fully paid for are put back up for purchase – is set for some time in spring.

The headliners last summer on the iconic Pyramid Stage were Dua Lipa, SZA and Coldplay, who made history as the first act to headline the festival five times.

2026 is likely to be a year off for Glastonbury, with the festival traditionally taking place four out of every five years, and the fifth year reserved for rehabilitation of the land.

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Business

Millions in compensation for customers impacted by Barclays outages

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Millions in compensation for customers impacted by Barclays outages

Barclays is to pay millions in compensation for recent IT outages which prevented customers from banking.

The lender said it expects to pay between £5m and £7.5m in compensation to customers for “inconvenience or distress” caused by a payday outage last month, the influential Treasury Committee of MPs said.

The glitch began at the end of January and lasted several days.

Money blog: Tourists banned from driving in Spanish town

This was caused by “severe degradation” in the performance of their mainframe computer, a large computer used by big organisations for bulk data processing.

It resulted in the failure of 56% of Barclays’s online payments.

Up to £12.5m, however, could be paid when all outages over the last two years from January 2023 and February 2025 are factored in, the committee said.

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It would be by far the biggest amount of compensation paid by a firm in the last two years. Irish bank Bank of Ireland would be the second having issued £350,000 in compensation.

The committee is investigating IT problems at all banks that prevent or limit customer access.

Why does this keep happening?

As part of their inquiries, banks said common reasons for IT failures included problems with third-party suppliers, disruption caused by systems changes and internal software malfunctions.

The responses were received before last Friday’s online banking failures which caused difficulties for millions on payday but the committee said it would request data on the latest disruption.

A recurring problem

The nine top banks written to by the Treasury Committee accumulated 803 hours of unplanned outages, they said, equivalent to 33 days.

These hours were comprised of 158 individual IT failures. Barclays’ payday failure is not captured in the numbers.

As a result, the bank with the longest outages was NatWest with 194 hours of failures.

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