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INFLATION

Providers say it’s the result of a sinister combination of factors leading working parents and seniors to venture to food shelves for the first time: the rising price of everything — including food — combined with the expiration of a host of COVID-inspired government subsidies, from stimulus checks to tax credits.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden also said his staff would meet with oil industry executives this week after he told U.S. refiners in a letter last week that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity.

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The average price of gas in Minnesota and nationwide hit record highs last week, including at $4.98 per gallon nationwide on Monday, according to AAA. The national average rose to $5 a gallon last week for the first time.
More than a year later, price increases at 40-year peaks have proven to be anything but, so much so that the Fed this week appears ready to hike interest rates by the most since 1994 to quell them.
A hotter-than-expected inflation reading has even thrown some doubt on expectations.
Dr. David Flynn, an economist from the University of North Dakota, joins this episode of Plain Talk to discuss the deeply complicated issue of inflation.
The GOP is in shambles, but the alternative right now is a bunch of Democrats who probably should have spent more time awake in math class.
Airlines, hotels, rental car companies and booking sites all reported a surge in demand for their services in the latest batch of company earnings. But at the same time, many of those companies face a tight labor market and limited volume.

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Dr. Vernon Smith is speaking this week at North Dakota State University's Challey Institute as a part of the Menard Family's Distinguished Speakers Series. His work has focused on natural resources, experimental economics, and the roles trust, love, and empathy play in society.
Russia is the world's top exporter of crude and oil products combined, at about 7 million barrels per day (bpd ) or 7% of global supply. Such a ban would be unprecedented, turbocharging already sky-high prices and risking inflationary shock.
The consumer price index increased 0.5% last month after advancing 0.8% in November. In addition to higher rents, consumers also paid more for food, though the 0.5% increase in food prices was less than in recent months.

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