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Thursday, January 20, 2022 • The San Diego Voice & Viewpoint
www.sdvoice.info
BUSINESS NEWS
U.S. Inflation Soars to Record Highs adjusted basis after rising 0.8 percent in November, the U.S. Bureau of Labor Statistics reported on Wednesday, Jan uary 12.
Increases in the shelter and used cars and trucks indexes were the most significant contributors to the seasonally adjusted all items increase. Image: Courtesy of NNPA
By Stacy M. Brown NNPA Newswire The Consumer Price Index for All Urban Consumers increased 0.5 percent in December on a seasonally
Over the last 12 months, the all items index increased 7.0 percent before seasonal adjustment.
Increases in the shelter and used cars and trucks indexes were the most significant contributors to the seasonally adjusted all items increase. The food index also contrib-
uted, although it increased less than in recent months, rising 0.5 percent in December, BLS officials stated in a release. In December, the energy index declined, ending a long series of increases; it fell 0.4 percent as gasoline, and natural gas indexes decreased. The index for all items less food and energy rose 0.6 percent in December following a 0.5-percent increase in November. It marked the sixth time it has increased at least 0.5 percent in the last nine months. Many viewed the news overall as unfavorable for the Biden-Harris administra-
tion, as the quick increases in prices have helped erode consumer confidence and cast doubt over the future of the U.S. economy. President Joe Biden offered a more positive spin. “Today’s report, which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling, demonstrates that we are making progress in slowing the rate of price increases,” President Biden offered in a statement. “At the same time, this report underscores that we still have more work to do, with price increases still too high and
squeezing family budgets,” the President stated. Along with the indexes for shelter and used cars and trucks, the indexes for household furnishings and operations, apparel, new vehicles, and medical care increased in December. According to the report, the all items index rose 7.0 percent for the 12 months ending December, the most significant 12-month increase since June 1982. The all items less food and energy index rose 5.5 percent, the most considerable 12-month change since the period ending February
1991. The energy index rose 29.3 percent over the last year, and the food index increased 6.3 percent. “Inflation is a global challenge, appearing in virtually every developed nation as it emerges from the pandemic economic slump,” the President asserted. “America is fortunate that we have one of the fastest-growing economies—thanks in part to the American Rescue Plan—which enables us to address price increases and maintain strong, sustainable economic growth. That is my goal, and I am focused on reaching it every day.”
President Nominates 1st Black Woman to Serve on Federal Reserve Board of Govs If confirmed, Cook would become the first African American woman to serve in that role By Stacy M. Brown NNPA Newswire President Joe Biden on Friday, January 14, an
nounced the nominations of three individuals to serve on the Federal Reserve’s Board of Governors, including Lisa D. Cook, a pro-
fessor of Economics and International Relations at Michigan State University. If confirmed, Cook would become the first African American woman to serve in that role. A Marshall Scholar from Spelman College who re ceived a second B.A. in Philosophy, Politics, and Economics from Oxford University, Cook earned a Ph.D. in economics from the University of California, Berkeley.
Professor Lisa D. Cook. Photo: Courtesy of NNPA.
She also served as a faculty member of Harvard
AROUND TOWN
Un i v e r s it y ’s Ke n n e d y School of Government, Deputy Director for Africa Research at the Center for International Development at Harvard, and a National Fellow at Stanford University. “[President Biden] is working to bring long-overdue diversity to the leadership of the Federal Reserve,” Erica Lowe, the White House Director of African American Media, wrote on Twitter.
tainable recovery while making sure that price increases do not become entrenched over the long term. “I have full confidence in the strong leadership of this
group of nominees and that they have the experience, Judgment, and integrity to lead the Federal Reserve and to help build our economy back better for working families.”
BUSINESS DIRECTORY
“Lisa D. Cook would be the first Black woman in history to serve on the Board,” Lowe concluded. The President also nominated Phillip Jefferson, the dean of faculty at Davidson College in North Carolina, and Sarah Bloom Raskin, a former Federal Reserve and Treasury official, for positions on the Board. Raskin was nominated for the top regulatory post. The Senate must approve each of the nominations. For Cook and Jefferson, confirmation would mean joining an exclusive club – the duo would count among just five Black governors in the 108-year history of the Federal Reserve. “This group will bring muchneeded expertise, judgment, and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never seen before on the Board of Governors,” President Biden said in a statement. “Together with Chair Powell and Dr. Brainard, who I renominated last month, this group will bring muchneeded expertise, judgment, and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never seen before on the Board of Governors,” the President asserted. “They will continue the important work of steering us on a path to a strong, sus-
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