fbpx
PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Inflation Continues to Impact U.S. Consumers

Don Apgar by Don Apgar
March 11, 2022
in Analysts Coverage, Commerce
0
Inflation Continues to Impact U.S. Consumers

Inflation Continues to Impact U.S. Consumers

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

U.S. consumers continue to feel the pain of rising prices, with the Consumer Price Index (CPI) rising another 0.8% in February, on top of a 0.6% jump in January. In the 12 months ending in February 2022, the CPI rose 7.9%, the largest increase since 1982, and more increases are expected as the U.S. sanctions on Russia continue to drive up the price of gasoline and other essential goods. 

“The cost to consumers is high,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “However, there are also reasons to be optimistic that consumers can weather a temporary spike in gasoline prices, as household balance sheets in aggregate are in great shape. Gasoline spending as a share of total nominal consumption is low.” 

February CPI data does not fully reflect the spike in oil prices following the outbreak of the war in Ukraine, with US gasoline prices averaging a record $4.318 per gallon compared with $3.469 a month ago, AAA data showed.

The Federal Reserve is expected to announce a rate hike next week in response to rising inflation, and economists are expecting as many as seven additional rate hikes through the end of 2022 as the Fed acts to keep inflationary forces in check. Soaring inflation is also wiping out wage gains, costing the average household $296.45 per month, up from $276 in January. President Joe Biden issued a statement that said in part, “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this, the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.”

Overview by Don Apgar, Director, Merchant Services Advisory Practice at Mercator Advisory Group

Tags: commerceconsumer paymentsConsumer SpendinginflationRussia
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Fed Survey Finds Access to Faster Payments Important to Most Businesses

    How to Ensure Accurate, Efficient Payments Amidst Economic Uncertainty

    August 12, 2022
    eCommerce Payments Fraud money mules

    Money Mules, You Are Already Have Them – Now What?

    August 11, 2022
    Why Banks and Credit Unions Need to Adopt Real-Time Payments Now

    Why Banks and Credit Unions Need to Adopt Real-Time Payments Now

    August 10, 2022
    Making Sense of Online Identity

    Making Sense of Online Identity

    August 9, 2022
    Account Takeover Fraud Is Getting More Sophisticated. How Can We Beat It?

    How to Protect Consumers from Account Takeover Fraud

    August 8, 2022
    Technical Challenge or Business Enabler? Seizing the Opportunity of PCI DSS Compliance

    PCI DSS v4.0 Compliance: Raising Your Script Security Awareness

    August 5, 2022
    Reexamining Buy Now Pay Later as PayPal Makes a Bigger Move

    Reexamining Buy Now, Pay Later as PayPal Makes a Bigger Move

    August 4, 2022
    Putting AI and Machine Learning to Work Against Fraud for Banks, PSPs, and Merchants

    Putting AI and Machine Learning to Work Against Fraud for Banks, PSPs, and Merchants   

    August 3, 2022

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Download the complimentary eBook - The power of today’s market‑ready AI to reduce transaction fraud