Connect with us

Published

on

Soaring grocery bills and restaurant tabs are eating up more of Americans’ paychecks than they have in three decades, according to the federal government.

In 2022, US consumers spent 11.3% of their disposable income on food as raging inflation jacked up prices on everything from bacon, eggs and milk at local supermarkets to burgers and burritos at fast-food joints, according to data from the Agriculture Department.

That’s the most since 1991, when President George H. W. Bush was ramping up the first Gulf War, Nirvana’s “Nevermind” was topping the charts — and food purchases accounted for 11.4% of shoppers’ disposable income, the USDA said.

The problem is showing no signs of letting up as restaurants, retailers and manufacturers alike continue to grapple with soaring labor costs and the price of key commodities including beef and cocoa continues to ratchet higher.

According to the USDA, food-at-home prices increased another 5% last year compared to 2022 — or double the historical average rate at which retail food price inflation rose per year between 2003 and 2022.

Recently, those increases have slowed — up 1.2% in January compared with a year ago.

Still, that’s leaving shoppers with punishing tabs for everything from meat to produce to spaghetti sauce.

Meanwhile, “away from home” food prices at restaurants surged a staggering 5.1% over the same time period, according to the Consumer Price Index.

In 2022 and 2023 it was boom times for restaurants, which gives them latitude to raise prices,” Moody’s chief economist Mark Zandi told The Post.

Fast-food prices shot up even more — 5.8%, according to the government data — a trend that’s set to continue after 22 states raised their minimum wage last month.

Earlier this month, Chipotle said it will be forced to further raise prices as California after a $20-an-hour minimum wage law takes effect there in April.

The menu hikes are already taking a toll, with McDonald’s admitting this month that customers making less than $45,000 per year are eating at home more frequently as grocery prices come down.

I think what youre going to see as you head into 2024 is probably more attention to what I would describe as affordability, McDonalds chief executive Chris Kempczinski said on an earnings call with analysts earlier this month.

But Zandi is skeptical whether restaurants will lower their prices.

Businesses really dont want to cut prices, Zandi said. They will do it if demand is falling and they have no options, but the more palatable strategy is to hold the line until affordability is reestablished.

Meanwhile, corporate profit margins economy-wide have been rising, Zandi said.

Food prices were thrust into the spotlight on Super Bowl Sunday when President Joe Biden posted a video to social media in which he called out snack companies for “shrinkflation.”

“Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice,” Biden said in a video posted on X, formerly known as Twitter, ahead of Super Bowl LVIII.

“Give me a break. The American public is tired of being played for suckers,” he said.

Biden, who offered no solutions or policies to address the practice, did not name any specific companies but several brands were shown in the video, including Gatorade, Doritos, Breyers and Tostitos.

We appreciate that the President has to deflect attention away from inflation that has lingered during his administration, said David Chavern, president and CEO of the Consumer Brands Association, in a statement.

Chavern added that the group would like to work with Biden on real solutions that benefit consumers.

Last year, the prices for fats and oils rose by 9% while the cost of sugar and sweets jumped 8.7%. The rate of price increases for cereals and bakery products stood at 8.4% last year.

The only food item that saw its price decline last year was pork, which was 1.2% cheaper compared to 2022, according to USDA data.

Meat prices grew but at a slower pace than their 20-year historical averages. Beef and veal prices rose 3.6% while eggs were 1.4% more expensive last year compared to 2022, the USDA said.

The cost of fresh fruits rose 0.7% while fish and seafood prices ticked up 0.3%.

With Post Wires

Continue Reading

Politics

Royal College of Psychiatrists pulls support for assisted dying bill

Published

on

By

Royal College of Psychiatrists pulls support for assisted dying bill

The Royal College of Psychiatrists (RCP) has pulled its support for the assisted dying bill.

The announcement is a blow to supporters of the bill ahead of its return to the House of Commons on Friday.

It comes as plans to legalise assisted dying in Scotland passed the first stage this week.

Dr Lade Smith, president of the RCP, said: “The RCP has reached the conclusion that we are not confident in the Terminally Ill Adults Bill in its current form, and we therefore cannot support the Bill as it stands.”

The move is significant because, under the bill’s current stipulations, a panel including a psychiatrist would oversee assisted dying cases.

The RCP outlined a number of issues it had with the current bill, including: the bill not making provision for unmet needs, whether assisted suicide is classed as a treatment or not, what the psychiatrists’ specific role on the panel would be, and the increased demand the bill puts on psychiatrists.

If the college support remains withdrawn, and the bill passes, it isn’t clear what effects it may have.

More on Assisted Dying

Kim Leadbeater, the MP behind the bill, has confirmed it will include a clause that means anyone who does not want to be involved in the process will not have to do so.

Supporters of the bill argue it would ease the suffering of dying people, while opponents argue it would fail to safeguard some of the most vulnerable people in society.

Kim Leadbeater MP defends changes to Assisted Dying Bill
Image:
MP Kim Leadbeater talking to Sky News

Questions over the bill

The more prominent role of a psychiatrist in the bill came about after a previous amendment.

Initially, the bill said that after two independent doctors approved an assisted dying case, it would then need to be further approved by a High Court judge.

Read more from Sky News:
‘Sixteen killed’ in Israeli strike on Gaza hospital
Menendez brothers’ murder sentences reduced
PM rejects Enoch Powell comparison

But MPs on the parliamentary committee scrutinising the bill voted to remove that clause in March.

Instead, Ms Leadbeater proposed a voluntary assisted dying commissioner that included an expert panel with a psychiatrist.

She said this was a “strength, not a weakness,” but opponents of the bill disagreed, saying removing the High Court judge “fundamentally weakens protections for the vulnerable”.

However, amid changes and amendments to the original bill, there has been growing concern about safeguarding and timeframes, Sky News political correspondent Ali Fortescue reported.

Friday’s debate was already delayed from 25 April, to give MPs more time to consider amendments.

If the bill passes on Friday, it will move to the House of Lords, where it will undergo similar legislative stages, and if it passes that too, it won’t come into effect until at least 2029, after its implementation was delayed.

Continue Reading

Technology

Samsung Electronics to acquire heating and cooling solutions provider FläktGroup for 1.5 billion euros

Published

on

By

Samsung Electronics to acquire heating and cooling solutions provider FläktGroup for 1.5 billion euros

A Samsung Group flag flutters in front of the company’s Seocho building in Seoul. 

Sopa Images | Lightrocket | Getty Images

Samsung Electronics on Wednesday announced that it would acquire all shares of German-based FläktGroup, a leading heating and cooling solutions provider, for 1.5 billion euros ($1.68 billion) from European investment firm Triton. 

Samsung said the acquisition would help it expand in the heating, ventilation and air conditioning business as the market experiences rapid growth. 

“Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine,” said TM Roh, Acting Head of the Device eXperience (DX) Division at Samsung Electronics.  

The acquisition of FläktGroup stands to bolster Samsung’s position in the HVAC market against rivals such as LG Electronics. 

FläktGroup supplies heating, HVAC solutions to a wide range of buildings and facilities, notably data centers which require a high degree of stable cooling. Samsung said it anticipates sustained growth in data center demand due to the proliferation of generative AI, robotics, autonomous driving and other technologies.

FläktGroup has more 60 major customers, including leading pharmaceutical companies, biotech and food and beverage firms, and gigafactories, according to Samsung’s statement.

Samsung said in March that its HVAC solutions had achieved double-digit annual revenue growth over the past five years, and that the company aimed to boost revenue by more than 30% in 2025.

Continue Reading

Entertainment

Cassie tells court ‘freak offs’ became like a job as she alleges years of abuse by Sean ‘Diddy’ Combs

Published

on

By

Cassie tells court 'freak offs' became like a job as she alleges years of abuse by Sean 'Diddy' Combs

Sean “Diddy” Combs’s former girlfriend Cassie has told his sex-trafficking trial that “freak offs” with male escorts became like a job, as the music mogul allegedly abused and sexually exploited her for years.

The musician and model, whose full name is Casandra Ventura, did not look at Combs as she took to the witness stand in court in Manhattan, New York.

Over about six hours, the 38-year-old, who is eight months pregnant with her third child with husband Alex Fine, at times became emotional as she alleged she was degraded by her former partner during their 10-year on-off relationship.

Sean ‘Diddy’ Combs trial: Day 2 – As it happened

Sean 'Diddy' Combs makes a hand gesture to family members at his New York trial. Pic: Reuters
Image:
Combs made a heart gesture to family members in court. Pic: Reuters/Jane Rosenberg

Sean "Diddy" Combs watches as former girlfriend Casandra "Cassie" Ventura reacts during testimony to prosecutor Emily Johnson at Combs' sex trafficking trial in New York City, New York, U.S., May 13, 2025 in this courtroom sketch. REUTERS/Jane
Image:
Ms Ventura became emotional at times. Pic: Reuters/Jane Rosenberg


Combs, 55, has pleaded not guilty and strenuously denied allegations of sexual abuse. His lawyers argue that although he could be violent, he never veered into sex trafficking and racketeering, and that all sexual encounters were consensual.

Ms Ventura, who is the central witness in the prosecutors’ case, began by telling the jury how Combs was violent to her over the course of their relationship, giving her black eyes and bruises.

The hip-hop star became increasingly controlling, she said, and was allegedly abusive over the smallest perceived slights. “You make the wrong face, and the next thing I knew I was getting hit in the face,” she said.

Ms Ventura was 19 when she signed to his label, Bad Boy, she said, and 22 when, during the first year of their relationship, Combs first proposed a “freak off” – a sexual encounter with a third party. Her “stomach churned”, she said, and she was “confused, nervous, but also loved him very much” and wanted to please him. She described him as “charming” but “polarising”.

Please use Chrome browser for a more accessible video player

Combs’s family arrive for Day 2

‘There was no space to do anything else’

Throughout her time on the stand, she gave graphic details of these drug and drink-fuelled encounters with male escorts, saying Combs would watch and masturbate, and often record the encounters and watch the videos back.

They could last for hours or even days, she said – telling the court the longest went on for four days. They ended up becoming weekly events and took priority over her music career, jurors heard. While she had hits with singles Me & U and Long Way 2 Go in 2006, and signed a 10-album deal with Bad Boy, jurors heard she only released one album.

“Freak-offs became a job where there was no space to do anything else but to recover and just try to feel normal again,” Ms Ventura said. Each time, she added, she had to recuperate from lack of sleep, alcohol, drugs “and other substances”, and “having sex with a stranger for days”.

Read more:
The rise and fall of Sean Combs

Diddy – a timeline of allegations
Everything you need to know about the trial

Sean 'Diddy' Combs and Cassie Ventura at the 2017 Costume Institute Benefit Gala ub 2017. Pic: zz/XPX/STAR MAX/IPx 2017/AP
Image:
Combs and Cassie pictured in 2017. Pic: zz/XPX/STAR MAX/IPx 2017/AP

Alleged violence detailed in court

Ms Ventura told the court she began feeling as if she could not say no to Combs’s demands because “there were blackmail materials to make me feel like if I didn’t do it, it would be held over my head in that way or these things would become public”.

She was also worried about potential violence, she told the court. When asked in court how frequently Combs became violent with her, Ms Ventura responded: “Too frequently.”

The rapper “would mash me in the head, knock me over, drag me, kick me”, she said. “Stomp me in the head if I was down”.

Ms Ventura also told the court that Combs kept cash, jewellery, guns and “sometimes tapes from cameras” in safes at several properties in New York, Los Angeles, Miami and Alpine, New Jersey.

“The guns came out here and there. I always felt it was a little bit of a scare tactic,” she told the court.

Pic: CNN via AP
Image:
This footage from 2016 was made public in 2024. Pic: CNN via AP

Towards the end of her first day of evidence, a surveillance video made public last year, which showed Combs allegedly beating Ms Ventura at a Los Angeles hotel in 2016, was played to jurors in court for a second time.

“How many times has he thrown you like that before?” prosecutor Emily Johnson asked her.

“Too many to count,” Ms Ventura replied.

On Monday, prosecutors in their opening statement told the court that while Combs’s public persona was that of a “charismatic” hip-hop mogul, behind the scenes he was violent and abusive.

His defence lawyers argued that the case is really about nothing more than the rapper’s sexual preferences, which they said should remain private, and do not make him a sex trafficker.

The trial is to last about eight weeks.

Ms Ventura is set to continue giving evidence on Wednesday.

Continue Reading

Trending