Higher gasoline prices flatter US retail sales; consumers remain resilient

WASHINGTON, USA – US retail sales increased solidly in March, boosted by record-high gasoline prices, but consumers are starting to feel the pinch of high inflation, with online spending posting back-to-back declines for the first time in more than a year. The report from the commerce department on Thursday, April 14, which also showed stronger … Read more

US consumer prices surge on gasoline; inflation likely peaked

WASHINGTON, USA – US monthly consumer prices increased by the most in 16 and a half years in March as Russia’s war against Ukraine boosted the cost of gasoline to records high, cementing the case for a 50 basis points interest rate hike from the Federal Reserve next month. The acceleration in prices reported by … Read more

Biden bans Russia oil imports to US, warns US gasoline prices will rise further

US President Joe Biden says ‘Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Putin’s war machine’ WASHINGTON, USA – US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday, March 8, in retaliation for the invasion of … Read more