The move the Federal Reserve announced on Wednesday will increase its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%.
inflation
Posted inBusiness, Local & State
As gas prices pass $5 a gallon, Maine lawmakers seek probe into price gouging
The average price for a gallon of regular gasoline in Maine was $5.06 on Friday, with Franklin County reporting the highest countywide average at $5.16.
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Posted inBusiness, Nation & World
Biden’s inflation crunch: Too much shopping – even at the beach
The president needs U.S. consumers to pull back just enough so inflation eases, but not so much that the economy risks plunging into a recession.
Posted inBusiness
World Bank dims outlook for global economy amid Russia war
The agency predicts just 3% global growth for 2023 and 2024.
Posted inBusiness, Local & State
Average gas price in Maine nears $5 a gallon
‘I want them to install crying towels here,’ said one gas station customer, with per-gallon prices up nearly $2 from a year ago and likely to continue climbing.
Posted inBusiness, Nation & World
Biden and Fed chairman plot inflation fight as nation worries
Like the president, the Fed wants to slow inflation without knocking the U.S. economy into recession, a highly sensitive mission.
Posted inBusiness, Food & Dining, Local & State
No shell, big shock: Maine lobster rolls fetch record prices this season
Lobster lovers can expect to pay in excess of $40 for a single roll at some of the state’s most popular summer eateries. The average price is closer to $30.
Posted inBusiness, Local & State, News
Despite record gas prices, Memorial Day travel surge expected in Maine
With prices at the pump hovering above $4.70 a gallon, travelers and residents alike plan to take to the road for the traditional start of Maine’s peak tourism season.
Posted inBusiness
Consumers defy inflation to support economy. For how long?
Consumers as a whole are showing surprising resilience, not only sustaining their spending but increasing it even after adjusting for inflation.
Posted inOp-Eds, Opinion
Maine Republican Party vice chair: Democrats aren’t taking our state in a good direction
From the gas pump to the doctor’s office, the majority party in Augusta is intent on draining Mainers’ wallets, Shane Reitze says.