Free Republic

What can a Big Mac tell us about currency rates? As it turns out, quite a lot.The Big Mac Index, created by The Economist in 1986, started out as a simple tool to make currency theory more digestible. Now, it’s a widely-known measure in popular economics to assess and compare currency valuations.In short, the Big Mac index compares the purchasing power parity (PPP) of currencies using the price of a Big Mac in the U.S. as the benchmark. It shows how much a Big Mac costs in various countries compared to the U.S., but it also works as a way...

On Monday’s broadcast of MSNBC’s “Morning Joe,” Rep. James Clyburn (D-SC) argued that “People focused on the rising price of food,” but President Joe Biden “couldn’t do anything about” grocery prices. Clyburn said, “People focused on the rising price of food, yes. But he countered that — he couldn’t do anything about those grocery prices, but he could do something about the pharmaceutical prices. And he drove down the price of pharmaceuticals in a way that no president has ever done. And, once again, when Harry Truman left the presidency, he said the one thing that he regretted was not...

The peak electricity demand in Britain is in the winter when we need to heat our homes, offices, shops, warehouses, factories etc. But in the winter solar farms produce almost no electricity in Britain. This is because it is dark for around 16 hours a day and when the Sun does appear it is weak and usually hidden behind thick cloud. Solar energy may make sense in some countries, for example the countries of North Africa, but building solar farms in Britain is completely brainless.The new Energy Secretary Ed Milliband has just given the green light to the biggest solar...

Some Citi Bike users may be riding off into the sunset. The Lyft-operated service will hike its prices a whopping 20% for members and non-members on Wednesday – leaving some riders to consider ditching the service and buying their own bicycles instead. “I just don’t really like taking the train so I use Citi Bikes but at this point it just seems more affordable to get your own bike,” Travontae Gorman told The Post at a Manhattan charging bank location. “It’s going to equal out to two or three of these rides with the continued increase.” Harlem resident Blessing Watson,...

Still no sticker shock, Janet? Treasury Secretary Janet Yellen was spotted stocking up on groceries on Saturday — after dismissing a question about inflation and rising food prices earlier this week. Yellen, 77, and her husband, economist George Akerlof, stopped by a Giant Food store in Washington, DC, after grabbing lunch at Japanese restaurant Raku. The millionaire couple had six security people in tow but pushed their own carts full of reusable Fresh Direct grocery bags out of the store after stocking up. Yellen — who is worth an estimated $20 million — drew criticism this week when she appeared...

On a conference call with industry analysts on Thursday, Walgreens CEO Tim Wentworth announced the company’s intention to eliminate a significant portion of its U.S. stores over the next three years. While describing a quarter of the 8,500 stores as “underperforming,” Wentworth announced that the company would close a “significant portion” of these locations. However, according to Wentworth, the precise number of closures is still undecided. Wentworth also stated that Walgreens will implement certain modifications at the remaining underperforming locations in an effort to bring them back to life. If that doesn’t work, then “we will continue to consider closure...

CLAIM: White House Press Secretary Karine Jean-Pierre claimed Tuesday that grocery prices went down under President Joe Biden’s leadership. VERDICT: False. “Food prices jumped 6.3% in 2021, and 10.4% in 2022. In 2023, food-price increases slowed, with the index up 2.7%,” TheStreet reported. To put that in perspective, Yahoo News reported that “a basket of groceries that cost $100 in November 2020 would now set you back $125.80.” Prices continue to rise despite the slowing rate of inflation.

On Monday’s broadcast of “CNN News Central,” co-host Sara Sidner stated that “the economy is doing well, by all measures.” Even though “the prices are high” and said that some Republicans haven’t been giving credit to President Joe Biden for improvements to roads and bridges under the infrastructure law. While speaking with Biden Campaign Co-Chair Mitch Landrieu, Sidner said, “Look, the economy is doing well, by all measures. Yes, the prices are high. There was also the infrastructure bill that was pushed through that some Republicans in their states have been touting, not giving the credit, of course, to Joe...

The consumer price index was expected to increase 0.1% on a month basis and 3.4% from a year ago, according to Dow Jones consensus estimates.

KEY POINTS The consumer price index held flat in May though it increased 3.3% from a year ago. Both numbers were 0.1 percentage point below market expectations. Excluding volatile food and energy prices, core CPI increased 0.2% on the month and 3.4% from a year ago, compared with respective estimates of 0.3% and 3.5%. Price increases were held in check by a 2% drop in the energy index and just a 0.1% increase in food. ***************************************************************** The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported...

The middle class and low wager workers are made for kicking. And that’s with Bidenomics did. The headline consumer price index was unchanged MoM in May – the smallest change since July 2022 – just less than the +0.1% MoM expected. On a YoY basis, headline CPI rose 3.3% (less than the 3.4% exp) – but very much stuck in a range well above the 2% target for over year now… Source: Bloomberg Energy was the biggest drag on the headline CPI MoM…(Gasoline prices tumbled 3.6% in May from April, one key reason why the headline CPI was flat on...

The pro-Trump MAGA Inc. super PAC pointed out that Bidenomics is not a joke, referring to how food prices at restaurants have increased under President Joe Biden’s administration. In a press release from MAGA Inc. on Monday, the super PAC referenced a viral parody post on X which shows photos of former President Donald Trump at his rally in Las Vegas, Nevada, reading and criticizing the prices and items off of a Cheesecake menu. “This viral post might be a parody, but Bidenomics is no joke,” Alex Pfeiffer, the spokesman for MAGA Inc. wrote in the press release. “Prices at...

DEERFIELD, Ill. - Walgreens is lowering prices on hundreds of products this summer, joining other retailers like Target, Walmart, and Amazon who have announced similar promotions in an effort to lure in more cost-conscious shoppers. The company on Wednesday announced plans to cut prices "on more than 1,300 national and store-brand products across health and wellness, personal care and seasonal categories." In an attempt to boost its loyalty program, Walgreens said it will also bring back its "myW Days" in mid-July – a deal offering exclusive promotions for myWalgreens members. Global Chief Financial Officer Manmohan Mahajan told analysts during a...

On Wednesday’s broadcast of ABC’s “The View,” First Lady Jill Biden argued that companies like Target and Walmart are lowering prices because President Joe Biden told them to and he’ll continue to tell CEOs to lower their prices, but also stated that other companies like McDonald’s brought down their prices because “they’re responding to you” the customer, but “We can’t have this corporate greed.” Biden said, “[I]t’s what Joe is doing. So, you’re right, inflation is down. But recently, he’s been meeting with CEOs of the major companies like Target and Walmart and grocery stores to say, you have to...

On Tuesday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” White House Senior Adviser Amos Hochstein stated that the Biden administration “made enormous progress to advance renewable energy in this country, to advance electric vehicles, but that’s not the solution for everyday people on a day-to-day basis, for lower prices,” but it’s “about moving the economy towards a cleaner and more efficient energy economy.” Host Edward Lawrence asked, “Does the President still want to keep moving forward with the speed of his forced transition as quickly as it has been?”

Your Memorial Day barbecue will cost upward of 10 percent more than it did this time last year according to Datasembly. Datasembly follows the cost of groceries across the country every week. Its recently released data points to this year's Memorial Day festivities costing the average American family about $30.18 or 10.19% more than 2023. Here is a breakdown of Memorial Day cookout costs, according to Datasembly: Burgers jumped from $7.04 in 2023 to $8.07 in 2024, or a change of 14.63% in cost. Hamburger buns cost two cents more, from $3.04 on average to $3.06. Ketchup costs 10 cents...

It's crazy to think how much better we had it just five short years ago. You could get a $1.29 McChicken, a $1.69 5-layer burrito from Taco Bell, 8 nuggets at Chick-fil-A for $3.05. We had it made! Since 2019, however, those prices have essentially doubled, and that's not only outrageous, it's depressing. Let's check on the numbers, shall we? So here's what inflation looked like overall during that period: According to the Bureau of Labor Statistics' inflation calculator, prices in general went up by around 21.5% between December 2019 (prior to the onset of the COVID-19 pandemic and economic...

The Biden administration announced Tuesday that it will sell off 1 million barrels of gasoline held in case of emergencies — with the Energy Department explicitly citing an interest in keeping gas prices low over the summer driving season ahead of the November election. The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve that was established in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area. “The Biden-Harris Administration is laser focused on lowering prices at the pump for American families, especially as drivers hit the road...

Dozens of Democratic lawmakers signed a letter to President Biden, pleading with him to act on high grocery prices that have been slow to fall as inflation has come down. Sen. Elizabeth Warren, D-Mass., led the letter Monday morning, calling on Biden to "exercise your executive authority to take additional action to address rising food prices without congressional action." The letter amassed 40 Democratic signatories between the House and Senate, including senators Bernie Sanders, I-Vt., and Richard Blumenthal, D-Conn., and representatives Ilhan Omar, D-Minn., Alexandria Ocasio-Cortez, D-N.Y., and Rashida Tlaib, D-Mich., among others. The lawmakers acknowledged "Americans are facing sky-high...

resident Joe Biden stubbornly refused to admit Americans' struggles with inflation might cost him the election in a rare interview Wednesday. A growing economy could inspire confidence in Biden's leadership ahead of the election, but the issue of persistent inflation could ruin that. Biden, who was in Wisconsin to tout his record on the economy and to announce an investment by Microsoft to build a factory, defended his handling of inflation. Polls show voters are nervous and critical of Biden's handling of the economy and anchor Erin Burnett reminded him that grocery prices are up 30 percent. But Biden, in...