Year-over-year inflation notched yet another 40-year high in January, Thursday's Labor Department report revealed.
The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March. Eyewitness News reporter Anthony Johnson has more.
Over time, those higher rates will raise the costs for a wide range of borrowing, from mortgages and credit cards to auto loans and corporate credit. For the Fed, the risk is that in steadily tightening credit for consumers and businesses, it could trigger another recession. Chipotle said it's increased menu prices 10% to offset the rising costs of beef and transportation as well as higher employee wages. And the restaurant chain said it will consider further price increases if inflation keeps rising.
Levi Strauss & Co. raised prices last year by roughly 7% above 2019 levels because of rising costs, including labor, and plans to do so again this year. Even so, the San Francisco-based company has upgraded its sales forecasts for 2022.Many small businesses, which typically have lower profit margins than larger companies and have struggled to match their sizable pay raises, are also raising prices.
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