Connect with us

Published

on

Spending $100 on groceries won’t fill up the shopping cart as much as it did five years ago.

Inflation-battered shoppers now need to spend $137 for the same basket of staples that they were able to buy for $100 in 2019, according to an analysis by The Wall Street Journal.

Soaring prices have become a central issue in the upcoming election, with Bidenomics being blamed by Republicans for sapping Americans’ paychecks.

In 2019, during Donald Trump’s presidency, the average price of a dozen eggs was $2.36 — or $1.48 cheaper than the $3.84 average cost today under Joe Biden.

Laundry detergent, meanwhile, has seen one of the largest price jumps today compared to five years ago.

In 2019, a bottle of detergent cost on average $7.83. Today, it costs $10.66 — an increase of $2.83.

Other vital items like milk, butter, cereal and toilet paper have also soared.

A gallon of milk cost $2.73 in 2019, but is $0.52 more expensive today, at $3.25.

Butter, which sold for $3.78 on average five years ago, is nearly $1 more expensive today — as are a bag of potato chips, which have spiked to $3.26, compared with $2.26 in 2019.

Cereal, which cost $3.36 on average in 2019, is now $1.14 more expensive — pricing out at $4.50.

Toilet paper, which was cost $7.08 five years ago, now costs $9.75 — an increase of $2.67.

Frozen pizza, which cost $3.77 on average in 2019, would now set you back $5.15 — or $1.38 more.

Strawberry jam and peanut butter saw their prices rise by more than $1 compared to 2019.

Inflation remains stubbornly high, though well off the 40-year rate of 9.1%s hit in 2022.

Februarys Consumer Price Index which tracks changes in the costs of everyday goods and services came in at 3.2%, a tick higher than the 3.1% headline inflation figure economists surveyed by FactSet expected.

Last week, the core Personal Consumption Expenditures Index the Feds preferred inflation gauge which excludes volatile food and energy prices rose 0.3% in February and 2.8% year-over-year highlighting the difficulty in getting prices under control.

The most recent inflation report found that grocery prices increased by 1% in February compared to a year prior.

In February 2023, grocery prices shot up by 10.2% compared to a year prior.

In the pre-pandemic period, the rate of price increases was much smaller. In February 2019, grocery prices rose 1.2% year-over-year.

In the last three years, grocery prices have risen 21%, according to the Bureau of Labor Statistics.

Fed Chair Jerome Powell said on Wednesday that the central bank remains committed to its strategy of cutting interest rates later this year.

Mets owner Steve Cohen, who made his fortune as a hedge fund manager, told CNBC on Wednesday that he foresees a tough road ahead for the Fed in its effort to bring inflation closer to its 2% goal.

Continue Reading

Science

Crystalline Ice Discovered in Space: New Study Reveals Hidden Order in Cosmic Ice

Published

on

By

Crystalline Ice Discovered in Space: New Study Reveals Hidden Order in Cosmic Ice

Water ice coats many outer solar system bodies – from Jupiter’s icy moon Ganymede (above) to interstellar dust. On Earth, ice freezes into a neat crystal lattice, but in the deep cold of space it was assumed to form a completely amorphous (glassy) solid. A new study by University College London and Cambridge scientists challenges this picture. Their computer simulations and X-ray tests on cosmic “low-density” ice suggest it actually contains tiny crystalline grains. In some models roughly 20–25% of the ice was in crystal form, overturning the long-held view that space ice is entirely structureless.

Simulations reveal hidden nanocrystals

According to the paper, computer simulations of space ice showed it contains nanocrystals. In one approach, researchers cooled virtual water to –120 °C at different rates to form model “ice cubes.” Depending on the cooling speed, the simulated ice ranged from fully amorphous to partly ordered. Structures with roughly 16–19% of the molecules in tiny crystal clusters best matched published X-ray data for low-density ice. In another simulation, thousands of nanometer-sized ice grains were packed together and then the remaining water molecules were randomized. This produced ice about 25% crystalline, yet still reproduced the known diffraction pattern.

In laboratory experiments the team also made actual low-density amorphous ice by vapor deposition and gentle compression. When these samples were slowly warmed to crystallize, the resulting ice showed a “memory” of its formation method.

Implications for planets and origins of life

The findings give “a good idea of what the most common form of ice in the Universe looks like at an atomic level,” which is important for models of planet and galaxy formation. They also bear on theories of life’s origins. Partly crystalline ice has less internal space to trap organic molecules, potentially making it a less efficient vehicle for amino acids or other prebiotic compounds. However, Dr. Davies notes that pockets of fully amorphous ice still exist, so cosmic dust grains and cometary ices could continue to harbor organic ingredients in those disordered regions.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who’sThat360 on Instagram and YouTube.


NASA Deploys High-Tech Aircraft to Support Texas Flood Relief and Recovery Efforts



MIT Develops Low-Resource AI System to Control Soft Robots with Just One Image

Related Stories

Continue Reading

Business

Chancellor Rachel Reeves considering ‘changes’ to ISAs – and says there’s too much focus on ‘risk’ in investing

Published

on

By

Chancellor Rachel Reeves considering 'changes' to ISAs - and says there's too much focus on 'risk' in investing

The chancellor has confirmed she is considering “changes” to ISAs – and said there has been too much focus on “risk” in members of the public investing.

In her second annual Mansion House speech to the financial sector, Rachel Reeves said she recognised “differing views” over the popular tax-free savings accounts, in which savers can currently put up to £20,000 a year.

She was reportedly considering reducing the threshold to as low as £4,000 a year, in a bid to encourage people to put money into stocks and shares instead and boost the economy.

However the chancellor has shelved any immediate planned changes after fierce backlash from building societies and consumer groups.

In her speech to key industry figures on Tuesday evening, Ms Reeves said: “I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy.”

She added: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.”

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

Ms Reeves’s speech, the first major one since the welfare bill climbdown two weeks ago, appeared to encourage regulators to focus less on risks and more on the benefits of investing in things like the stock market and government bonds (loans issued by states to raise funds with an interest rate paid in return).

She welcomed action by the financial regulator to review risk warning rules and the campaign to promote retail investment, which the Financial Conduct Authority (FCA) is launching next year.

“Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves”, Ms Reeves told the event in London.

Read more:
Should you get Lifetime ISA? Two key issues to consider
Building societies protest against proposed ISA reforms
Is there £15bn of wiggle room in Reeves’s fiscal rules?

Last year, Ms Reeves said post-financial crash regulation had “gone too far” and set a course for cutting red tape.

On Tuesday, she said she would announce a package of City changes, including a new competitive framework for a part of the insurance industry and a regulatory regime for asset management.

Please use Chrome browser for a more accessible video player

Reeves is ‘totally’ up for the job

In response to Ms Reeves’s address, shadow chancellor Sir Mel Stride said: “Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”

👉Listen to Politics at Sam and Anne’s on your podcast app👈  

The governor of the Bank of England, Andrew Bailey, also spoke at the Mansion House event and said Donald Trump’s taxes on US imports would slow the economy and trade imbalances should be addressed.

“Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity”, he said.

Continue Reading

Politics

Chancellor Rachel Reeves considering ‘changes’ to ISAs – and says there’s too much focus on ‘risk’ in investing

Published

on

By

Chancellor Rachel Reeves considering 'changes' to ISAs - and says there's too much focus on 'risk' in investing

The chancellor has confirmed she is considering “changes” to ISAs – and said there has been too much focus on “risk” in members of the public investing.

In her second annual Mansion House speech to the financial sector, Rachel Reeves said she recognised “differing views” over the popular tax-free savings accounts, in which savers can currently put up to £20,000 a year.

She was reportedly considering reducing the threshold to as low as £4,000 a year, in a bid to encourage people to put money into stocks and shares instead and boost the economy.

However the chancellor has shelved any immediate planned changes after fierce backlash from building societies and consumer groups.

In her speech to key industry figures on Tuesday evening, Ms Reeves said: “I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy.”

She added: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.”

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

Ms Reeves’s speech, the first major one since the welfare bill climbdown two weeks ago, appeared to encourage regulators to focus less on risks and more on the benefits of investing in things like the stock market and government bonds (loans issued by states to raise funds with an interest rate paid in return).

She welcomed action by the financial regulator to review risk warning rules and the campaign to promote retail investment, which the Financial Conduct Authority (FCA) is launching next year.

“Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves”, Ms Reeves told the event in London.

Read more:
Should you get Lifetime ISA? Two key issues to consider
Building societies protest against proposed ISA reforms
Is there £15bn of wiggle room in Reeves’s fiscal rules?

Last year, Ms Reeves said post-financial crash regulation had “gone too far” and set a course for cutting red tape.

On Tuesday, she said she would announce a package of City changes, including a new competitive framework for a part of the insurance industry and a regulatory regime for asset management.

Please use Chrome browser for a more accessible video player

Reeves is ‘totally’ up for the job

In response to Ms Reeves’s address, shadow chancellor Sir Mel Stride said: “Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”

👉Listen to Politics at Sam and Anne’s on your podcast app👈  

The governor of the Bank of England, Andrew Bailey, also spoke at the Mansion House event and said Donald Trump’s taxes on US imports would slow the economy and trade imbalances should be addressed.

“Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity”, he said.

Continue Reading

Trending