Latest news with #ConsumerPriceIndex
CNBC
2 hours ago
- Business
- CNBC
Gas prices are expected to fall: ‘It's going to be the cheapest summer since 2021,' one expert says
As Americans gear up for summer travel, prices at the pump may be cooling off. This summer could bring the lowest gas prices in years, and the national average price of gas could fall below $3 a gallon as early as September, says Patrick De Haan, head of petroleum analysis at GasBuddy. "It's going to be the cheapest summer since 2021, when the economy was heavily influenced by Covid," De Haan says. As of Tuesday, the national average for a gallon of gas in the U.S. was $3.21, up roughly 10 cents from two weeks ago, according to the U.S. Energy Information Administration. The spike was largely driven by a jump in oil prices due to the Israel-Iran conflict in the Middle East, but now that both countries have agreed to a ceasefire, De Haan says he expects prices to steeply fall and then resume their "slow decline" over the course of the summer. Typically, gas prices tend to drop throughout the summer due to various factors that increase the supply of gas, De Haan says. That includes jolts to gas prices from the switch to a more expensive summer blend of gasoline leveling off, refineries increasing production and consumer demand softening after early summer travel peaks. "Obviously the Middle East situation is an exception, but now that this is, seemingly for now, in de-escalation, gas prices should resume their slow decline over the course of the summer," De Haan says. Adjusted for inflation, gas prices are near the lowest levels we've seen in the last 20 years, De Haan says. The typical American uses about 3% of their income to fill up their tank every year, De Haan says, whether it's with gasoline or diesel. Due to rising incomes, "Americans are actually spending far less of their income on energy than they have in quite some time," De Haan says. Year over year, the price of gas is down 12%, according to the U.S. Bureau of Labor Statistics' most recent Consumer Price Index report released earlier in June. This is largely due to fears that the U.S. economy is slowing down and an increase in supply of oil from a group of oil-producing nations known OPEC+, CNBC reported in May. Ultimately, De Haan says it's important to remember that most shocks will be temporary. The price of gas is mostly determined by the market for oil, which is constantly reacting to global events — so just as quickly as prices rise, they will often fall once the disruption passes. "Every event that's ever affected us from a pipeline outage … to major hurricanes that impact gas prices, all these events are temporary," De Haan says. "The world is changing every day. It's not always for the worst."
Time of India
8 hours ago
- Business
- Time of India
Telangana schools body calls for fee hike based on CPI; TRSMA urges grade-wise slabs, expert panel in fee regulation bill
The Telangana Recognised School Managements Association (TRSMA), representing 10,000 unaided private schools, has proposed annual fee hikes based on the Consumer Price Index (CPI) to the state government HYDERABAD: The Telangana recognised school managements association (TRSMA), representing nearly 10,000 unaided private schools across the state, submitted a set of proposals to the govt on the draft 'Telangana private schools and junior colleges fee regulation and monitoring commission' Bill. A delegation from TRSMA, led by its office-bearers, participated in a meeting convened by the state department of education and chaired by the chief minister's adviser, K Keshava Rao. In their representation, TRSMA urged the govt to allow annual fee hikes based on the consumer price index (CPI), citing precedents from states such as Rajasthan, Gujarat, Punjab, Uttar Pradesh, and Bihar. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad They also recommended grade-wise fee slabs, pre-primary, primary (classes 1-5), upper primary (classes 6-7), and high school (classes 8-10), to ensure a fair, transparent structure aligned with academic stages. Speaking to TOI, P Raghavendra Reddy, Treasurer of TRSMA, expressed concerns over the proposed composition of the fee regulation committee. "According to the draft bill, the committee will include one representative from the school management, five teachers, and four parents," he said. He added that while parents naturally seek lower fees, the committee should also include individuals with expertise in fee regulation to ensure balanced decision-making.
Express Tribune
14 hours ago
- Business
- Express Tribune
Short-term inflation eases on lower food prices
Listen to article The Sensitive Price Indicator (SPI) for the week ended June 26, 2025 recorded a year-on-year (YoY) decrease of 1.52% and a week-on-week (WoW) decline of 0.18%, driven largely by falling prices of key food items including eggs, chicken, bananas, onions and potatoes, according to data released by the Pakistan Bureau of Statistics (PBS). The SPI declined 0.18% compared to the previous week, primarily driven by a sharp drop in prices of essential food items such as eggs (-12.27%), chicken (-10.75%), bananas (-2.75%), onions (-1.46%) and potatoes (-1.27%). However, upward pressure was observed in electricity charges for Q1 (+6.88%), garlic (+5.15%), liquefied petroleum gas (LPG, +1.24%) and sugar (+0.88%), among others. Out of 51 monitored items, prices of 12 items (23.5%) increased, 14 items (27.5%) decreased and 25 items (49%) remained unchanged. On a year-on-year basis, the SPI showed a 1.52% decrease, with major drops in onions (-62.28%), tomatoes (-40.70%) and electricity charges (-37.62%). Meanwhile, notable annual increases were seen in ladies' sandals (+55.62%), sugar (+27.35%) and powdered milk (+25.97%). The SPI tracks prices of 51 essential commodities from 50 markets across 17 cities, providing a weekly snapshot of inflationary trends in Pakistan. The combined SPI stood at 309.80 points compared to 310.35 points a week earlier and 314.57 in the corresponding week of last year, according to data compiled by Arif Habib Limited. All income groups experienced a decline in the weekly inflation. The lowest income group (Q1) saw a marginal drop of 0.06%, while the highest income group (Q5) recorded a decrease of 0.25%. On a yearly basis, Q2 experienced the largest decline of 3.31%, followed by Q1 at 2.36% and Q3 at 1.80%. The least affected was Q5, with a year-on-year decline of just 0.33%. The historical yearly trend indicates that inflation remained in negative territory for most of March and April, hit a brief positive spike in mid-May and turned negative again through June, reflecting the return to disinflationary pressure. Following a 3.5% year-on-year reading in May 2025, the monthly Consumer Price Index (CPI) is expected to stand at 3.1% in June 2025, noted Waqas Ghani Kukaswadia, Research Head at JS Global. "The base effect is now fading, signalling the return to normalised price trends." This would take the FY25 average to 4.6%, down from the FY24 average of 23.9%. Food inflation for June 2025 is expected to rise 2.8% on a year-on-year basis, which was 0.97% last year, owing to the dissipation of base effect. Nevertheless, price decreases in certain food items are likely to lead to a month-on-month decline in food inflation. Housing, gas and electricity category is projected to post a 4% year-on-year decline in June 2025, primarily due to reduction in electricity tariffs. Core inflation is expected to clock in around 8.5% year-on-year in June. Core inflation, which excludes food and energy items, has remained around 9-10% for the past many months. Urban core inflation was registered at 7.3% in May, while rural core inflation was reported at 8.8%.
Economic Times
19 hours ago
- Business
- Economic Times
Social Security $600 Bonus Payment in July: Is it real or fake? Here's what SSA says
Reuters United States Social Security Administration logo and U.S. flag are seen in this illustration. (REUTERS/Dado Ruvic/Illustration/File Photo) Many online claims have surfaced about a $600 bonus being added to Social Security payments in July 2025. These claims are circulating widely on platforms like TikTok and Facebook. However, the Social Security Administration (SSA) has made no such announcement. The misunderstanding appears to be based on confusion about the annual Cost of Living Adjustment (COLA).Social media posts have stated that SSA has approved a $600 payment for all Social Security beneficiaries. These claims say the payments will start in June 2025 and are meant to offset rising living costs. The rumor has spread fast and reached many users on Facebook and TikTok. Many users believe the payment will automatically appear in their bank accounts along with regular monthly deposits. The content claims these bonus checks are new and separate from the usual adjustments. Also Read: Supreme Court Key Rulings: All details about birthright citizenship, Obamacare task force, LGBTQ school books The SSA has issued no official statement approving a new $600 bonus payment. The administration has not introduced any special increase for July. There is no such program in the current schedule. The $600 figure seems to come from confusion over the COLA adjustment. COLA is calculated each year and spread across monthly payments. It is not sent as a single one-time stands for Cost of Living Adjustment. It helps Social Security beneficiaries keep up with inflation. The SSA calculates this using inflation data from the Consumer Price Index for Urban Wage Earners and Clerical review takes place from July to September each year. The rate is announced in October and takes effect from January of the next 2025, the COLA increase is 2.5%. If a person receives $2,000 in monthly benefits, this means a $50 increase per month. Over 12 months, the total increase becomes $600. Also Read: Squid Game Season 3 Ending: Who is Front Man and who wins the game? Here's new twist in last episode The increase linked to COLA already started in January 2025. Beneficiaries have received the raised amount in their monthly checks since then. The timing mentioned in the online posts does not match actual payment is no extra money being sent in July. What people are calling a 'bonus' is simply the total yearly increase due to the COLA have used this confusion to trick beneficiaries. Some people have been asked to share personal details like Social Security numbers and bank account information. There are also reports of fraud targeting Medicare SSA warns all recipients not to trust unverified sources and to avoid sharing personal data online or over the phone unless certain of the contact's ensures that government payments like Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits keep up with 2025 increase is expected to give an average boost of $47 per month. In total, this is around $564 for the year. Some people with higher benefits may see a yearly increase over $600. But most recipients will get less. Retirees will also face increased Medicare premiums. The COLA adjustment may only balance rising costs, not raise disposable income. Is there a $600 Social Security bonus in July 2025? No, the SSA has not approved any $600 bonus. The confusion comes from the annual COLA increase already applied since January. How is the COLA increase applied to Social Security benefits? The COLA increase is spread monthly. A 2.5% hike in 2025 gives around $47 more per month for average retirees.
Time of India
19 hours ago
- Business
- Time of India
Social Security $600 Bonus Payment in July: Is it real or fake? Here's what SSA says
Online Rumors SSA Confirms No Bonus Exists Live Events What is COLA? Payments Already Began in January Fraud Risks What COLA Really Means? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Many online claims have surfaced about a $600 bonus being added to Social Security payments in July 2025. These claims are circulating widely on platforms like TikTok and Facebook. However, the Social Security Administration (SSA) has made no such announcement. The misunderstanding appears to be based on confusion about the annual Cost of Living Adjustment (COLA).Social media posts have stated that SSA has approved a $600 payment for all Social Security beneficiaries. These claims say the payments will start in June 2025 and are meant to offset rising living costs. The rumor has spread fast and reached many users on Facebook and users believe the payment will automatically appear in their bank accounts along with regular monthly deposits. The content claims these bonus checks are new and separate from the usual SSA has issued no official statement approving a new $600 bonus payment. The administration has not introduced any special increase for July. There is no such program in the current $600 figure seems to come from confusion over the COLA adjustment. COLA is calculated each year and spread across monthly payments. It is not sent as a single one-time stands for Cost of Living Adjustment. It helps Social Security beneficiaries keep up with inflation. The SSA calculates this using inflation data from the Consumer Price Index for Urban Wage Earners and Clerical review takes place from July to September each year. The rate is announced in October and takes effect from January of the next 2025, the COLA increase is 2.5%. If a person receives $2,000 in monthly benefits, this means a $50 increase per month. Over 12 months, the total increase becomes $ increase linked to COLA already started in January 2025. Beneficiaries have received the raised amount in their monthly checks since then. The timing mentioned in the online posts does not match actual payment is no extra money being sent in July. What people are calling a 'bonus' is simply the total yearly increase due to the COLA have used this confusion to trick beneficiaries. Some people have been asked to share personal details like Social Security numbers and bank account information. There are also reports of fraud targeting Medicare SSA warns all recipients not to trust unverified sources and to avoid sharing personal data online or over the phone unless certain of the contact's ensures that government payments like Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits keep up with 2025 increase is expected to give an average boost of $47 per month. In total, this is around $564 for the year. Some people with higher benefits may see a yearly increase over $600. But most recipients will get will also face increased Medicare premiums . The COLA adjustment may only balance rising costs, not raise disposable the SSA has not approved any $600 bonus. The confusion comes from the annual COLA increase already applied since COLA increase is spread monthly. A 2.5% hike in 2025 gives around $47 more per month for average retirees.
