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American consumers continue to be weighed down by soaring levels of inflation as the consumer price index remained at a sky-high clip of 8.6% — the highest since 1981 — thanks to skyrocketing oil prices as well as the rising cost of food, rent and health care.

The 8.6% year-over-year figure is higher than the 8.3% that was predicted by analysts.

Experts at Dow Jones expected the consumer price index to rise 0.7% — an increase from 0.3% in April. Instead, it rose 1%, according to the US Bureau of Labor Statistics.

Analysts had hoped the US had reached “peak inflation” and that the CPI would begin to show signs of cooling.

But as long as the price of oil continues to climb, it is unlikely that the CPI will moderate.

“That’s what changed our view over the last few weeks,” Sarah House, a senior economist at Wells Fargo, told CNBC.

“We’ve seen gasoline hit record levels. And naturally what’s prevented the peak from being behind us is what’s coming out of the energy sector.”

inflation graf
Data released by the federal government on Friday indicates that the consumer price index rose by 8.6%.

The US national average of a gallon of fuel is fast approaching the $5 benchmark — which would be a record.

According to AAA, the national average stood at $4.98 as of Friday. Motorists in nineteen states in the union are now paying at least $5 per gallon of gas.

Biden administration officials said they have limited means to lower the price of gas, which is emerging as a key political issue in the run-up to mid-term elections this fall.

The Republican Party is expected to take back the majority in the House and possibly the Senate.

Treasury Secretary Janet Yellen said on Thursday she did not expect the US economy to tip into a recession, but growth would “absolutely” slow down and gasoline prices were unlikely to fall anytime soon.

“I don’t think we’re (going to) have a recession. Consumer spending is very strong. Investment spending is solid,” she told a New York Times Dealbook event.

“I know people are very upset and rightly so about inflation, but there’s nothing to suggest that a…recession is in the works.”

Commerce Secretary Gina Raimondo admitted Tuesday that the Biden administration is running out of options as it scrambles to bring down gas prices that have surged to record highs across the nation in recent weeks.

The US economy has been weighed down by record levels of inflation not seen in four decades.
The US economy has been weighed down by record levels of inflation not seen in four decades.
U.S. BUREAU OF LABOR STATISTICS

“Unfortunately, that is the brutal reality,” Raimondo told CNN.

The stark admission echoed similar remarks from President Biden, who has faced mounting pressure to respond to the gas crisis.

Raimondo echoed Biden’s frequent assertion that Russian President Vladimir Putin and his brutal invasion of Ukraine are most responsible for the spike in gas prices. Biden has referred to the increase as “Putin’s price hike.”

“This is, in large part, caused by Putin’s aggression,” Raimondo said. “Since Putin moved troops to the border of Ukraine, gas prices have gone up over $1.40 a gallon. The president is asking for Congress and others for potential ideas. But as you say, the reality is that there isn’t very much more to be done.”

The price of fuel is rising in tandem with oil prices, which continued to climb on Friday.

West Texas Intermediate crude, which is the US benchmark, rose nearly $1 and was selling at $122.50 per barrel as of Friday morning.

Soaring gas prices have also fueled a rise in the cost of food and health care.
Soaring gas prices have also fueled a rise in the cost of food and health care.
AFP via Getty Images

Brent Crude, the international benchmark, rose by nearly 1% and was trading at north of $124 per barrel.

The US central bank will hike its key interest rate by 50 basis points in June and July, with rising chances of a similar move in September, according to a Reuters poll of economists who see no pause in rate rises until next year.

Analysts expect the price of oil to either approach or possibly surpass $140 this summer as demand ramps up — coinciding with the travel season.

The debate over whether the US has reached “peak inflation” is critical since analysts say it will give them a better indication as to how the Federal Reserve will adjust monetary policy going forward.

Faced with inflation running at just below a four-decade high and more tightening in the labor market, the Fed is under pressure to quickly take its policy rate to the neutral level that neither stimulates nor restricts — and beyond.

All 85 economists in a June 6-9 Reuters poll predicted a 50 basis point federal funds rate hike to 1.25%-1.50% on Wednesday, after a similar move last month.

Another such hike was penciled in for July by all but a handful of survey contributors.

“The bad news for the Fed is that inflation is now so far above target that it has little choice but to tighten aggressively,” said Ethan Harris, global economist at Bank of America Securities.

Most Americans believe that inflation is going to get worse in the near future, with two-thirds surveyed who said that they expect prices will continue to go up.

The national survey of more than 1,000 adults in late April and early May found that 66% expect the prices of essential goods and services to increase in the next year, the Washington Post reported.

Meanwhile, just 21% said they expected the cost of everyday items like gas and groceries to go down, while 12% said they expected inflation to stay about the same, according to the poll conducted by the newspaper along with George Mason University’s Schar School of Policy and Government.

With Post wire


By: Ny Post

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Kourtney Kardashian uses Kopari Coconut Melt to ‘look good naked’

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Page Six may be compensated and/or receive an affiliate commission if you buy through our links.

Kourtney Kardashian’s no stranger to showing skin.

Whether the reality star’s modeling lingerie, baring it all in a bikini or packing on PDA with husband Travis Barker, she’s clearly confident about her body — and relies on a selection of tried-and-true products to keep her skin in tip-top shape.

In one of her first-ever Poosh stories, fittingly titled “How to Look Good Naked,” the 43-year-old outlines some of her body care essentials, including La Mer The Body Crème ($300), Dr. Barbara Sturm Anti-Aging Body Cream ($95) and Le Labo’s Pin 12 Candle ($82) — the latter because “lighting is everything.”

But not everything on Kardashian’s list will bust your budget. She also swears by Kopari Organic Coconut Melt, which will set you back just $29 for a full-sized jar or $18 for a mini version.

“In order to achieve glowy skin, it’s important to moisturize everything — everywhere — at least once a day,” the Poosh piece reads. “Don’t forget to care for your hands and feet as well; we recommend focusing on these areas at night.”

Billed as “a deep conditioner for your bod,” the product is comprised of 100% organic, unrefined coconut oil, and Kopari suggests applying it “as soon as you step out of the shower and at the end of the day.”

What’s more, the multitasking product also works well as a hair mask, dry shave oil, bath mix-in and belly balm, per the brand.

Snag a tub for yourself below — and get ready to look fabulous in your birthday suit, too.

Kopari Organic Coconut melt
Kopari


By: Ny Post

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Carlos Carrasco’s gem, three homers propel Mets past Marlins

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MIAMI — He’s one tough Cookie these days.

Carlos Carrasco isn’t going to win any contests blowing away hitters, but the right-hander’s offspeed pitches and command — and most importantly, his health — have converged this season to give the Mets an invaluable rotation piece.

On Saturday, he gave his team 7 ²/₃ shutout innings in a 4-0 victory over the Marlins at loanDepot park. Carrasco extended his scoreless streak over his past three starts to 18 ²/₃ innings.

The win was No. 100 in Carrasco’s career, making the 35-year-old the eighth Venezuelan-born pitcher to reach the milestone. Carrasco last surrendered a run on July 9 against the Marlins at Citi Field.

The Mets (63-37) won their fifth straight and reached the 100-game mark with the franchise’s most victories since 1986.

Overall, Carrasco allowed four hits and struck out seven with two walks. Seth Lugo replaced Carrasco in the eighth inning after Charles Leblanc had doubled with two outs. But Leblanc was picked off second base by Tomas Nido, ensuring Carrasco’s scoreless streak continued.

Carlos Carrasco didn't allow a run in the Mets' 4-0 win over the Marlins.
Carlos Carrasco didn’t allow a run in the Mets’ 4-0 win over the Marlins.
AP

Lugo remained in the game to pitch a scoreless ninth inning, allowing Edwin Diaz a day off following a 10-pitch outing Friday in which he struck out the side.

The Mets will try for a three-game sweep of the reeling Marlins on Sunday with Taijuan Walker on the mound.

After scuffling at the plate for seven innings, the Mets gave Carrasco breathing room in the eighth when Francisco Lindor and J.D. Davis each blasted a solo homer to give the Mets a 4-0 lead. Davis’ homer, in a pinch-hitting appearance, came as the Mets are searching on the trade market for a right-handed bat to solidify the DH spot.

The Mets have traded for two lefty bats in the last week-plus to bolster the other half of the DH equation. One of those additions, Tyler Naquin, debuted for the Mets on Saturday in left field and went 0-for-4. Daniel Vogelbach started at DH and drew a walk in four plate appearances.

Carrasco’s gem was the latest strong performance by a Mets starting pitcher. Entering play, the Mets had a 2.45 ERA from the starting rotation in July, which ranked second in the major leagues. Chris Bassitt had a rare flat start for the Mets a night earlier, when he allowed four earned runs over six innings.

Jeff McNeil hit a solo homer in the third against rookie Nick Neidert to give the Mets their first run. The homer was the first since June 14 for McNeil, who entered the day with a .162/.240/.191 slash line in July.

The Mets weren’t finished in the inning: Nido, Brandon Nimmo and Lindor all singled. Lindor’s hit extended the Mets’ lead to 2-0 and gave the shortstop 68 RBIs for the season before he reached 69 with his blast later.

Carrasco was challenged in the first inning, when he allowed a single to Miguel Rojas and walk to Jesus Aguilar before retiring JJ Bleday for the final out. In the fourth, Carrasco surrendered a leadoff single, but he escaped the inning when he got Bleday to ground into a double-play.


By: Ny Post

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Career NYC criminal tries to steal moped from NYPD station

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A brazen career criminal with more than 50 arrests on his rap sheet, including rape, was busted for trying to steal a moped from outside a lower Manhattan police station.

Jon Matos was caught red-handed approaching the $1,200 bike outside the 5th Precinct, sources said.

He was allegedly using a set of burglary tools Friday to try to bust the lock of the bike, which was vouchered property, cops and sources said.

Matos, a homeless father of three, was arraigned in Manhattan Criminal Court on charges of attempted grand larceny and possession of burglary tools.

The proceeding was delayed for hours, sources said, after Matos allegedly became angry with a cellmate who used the facilities — but didn’t courtesy flush.

“I was just f–king with it. It’s not my tools,” he allegedly told an NYPD detective, said Manhattan Assistant District Attorney Megan Mers during the court proceeding.

Judge Valentina Morales Saturday agreed to give Matos supervised release in the moped case.

“Thank you, your honor,” Matos told Morales.

But instead of hitting the streets once again, Matos was held on outstanding charges from the 23rd Precinct in an unrelated case, authorities said.

It was his second appearance before a judge in a week: Matos was in court days earlier, charged with grand larceny, petit larceny, and criminal possession of stolen property and was released in yet another incident.

Matos has racked up dozens of busts for burglary, robbery, fare evasion — including the 1999 rape of a 14-year-old girl.

Crime is up in six of the seven major crimes measured by the department contributed to the increase — though the seventh category, murders, dropped a noticeable 31.6% last month in comparison to numbers compiled in June 2021, according to the NYPD’s preliminary statistics.

Grand larceny spiked 41%, robbery rose 36.1% and burglary went up 33.8%.

When addressing the crime spike last month, NYPD Commissioner Keechant Sewell said the department was arresting the same people for crimes “over and over again.”

Other recent and brazen repeat offenders include veteran shoplifter Isaac “Man of Steal” Rodriguez, who was finally locked up in January after dozens of arrests for stealing to support his drug habit.

Laron Mack, whose catchphrase is “I steal for a living,” has been arrested more than 50 times. Another serial stealer, James Connelly, was busted in December for involvement in 28 separate incidents over three months.

Last month, accused serial shoplifter Lorenzo McLucas, 34, was nabbed for stealing from the cosmetics counter at a Duane Reade on Lexington Avenue in Midtown Manhattan, according to cops and court documents.

McLucas, who was released on his own recognizance, has notched 122 prior arrests.


By: Ny Post

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