Inflation

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NPR

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Russia’s war heats up cooking oil prices in global squeeze : NPR

ISTANBUL — For months, Istanbul restaurant Tarihi Balikca tried to absorb the surging cost of the sunflower oil its cooks use to fry fish, squid and mussels.

But in early April, with oil prices nearly four times higher than they were in 2019, the restaurant finally raised its prices. Now, even some longtime customers look at the menu and walk away.

"We resisted. We said, 'Let's wait a bit, maybe the market will improve, maybe (prices) will stabilize. But we saw that there is no improvement," said Mahsun Aktas, a waiter and cook at the restaurant. "The customer cannot afford it."

I know the feeling, I saw that vegetable oil was $5 at Hannaford. Fortunately, I was able to find a bottle at Walmart for still $3, which is expensive but not so bad.

Global food prices soar in March, driven by Russia’s war in Ukraine

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Global food prices soar in March, driven by Russia’s war in Ukraine

Aid organizations say they're seeing signs that Russia's invasion of Ukraine is driving up global food prices and pushing millions of people into hunger.

A food price index tracked by the United Nations Food and Agricultural Organization shows that prices spiked 12% between February and March to its highest point since the index started in 1990.

Ukraine and Russia provide an outsized share of the world's supply of key foods including wheat, corn, barley and more.

The impact on people who were already struggling to afford food has been severe, aid groups say. In Afghanistan a month ago, 55% of people were at crisis levels of food insecurity. Now the number has risen to 65%.

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What life was like in early-1980s America …

  • In October 1981, the average rate for a 30-year fixed-rate mortgage in America was 18.61 percent.
  • In August 1982, the average new car loan was 17.82 percent.

At 18.61 percent interest, a $100,000 loan paid over 15 years would involve paying $298,332 in principal and interest. Paid out over 30 years, that would be $461,679.21 in principal and interest. But that ignores inflation or refinancing, which makes those numbers seem less absurd.

How to protect your money during inflation, according to 8 financial planners | Fortune

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How to protect your money during inflation, according to 8 financial planners | Fortune

are wondering how to keep rising prices from negatively affecting their savings and spending habits.

Prices on consumer goods and services including food, energy, and housing have been rising for the past few months. They jumped again in November, rising to 6.8% over the previous year, according to the latest consumer price index data released Friday.

Along with rising prices this year, there have also been supply-chain bottlenecks and rising consumer demand—all of which can cause real challenges as the average American’s purchasing power degrades over time.

While the effects of inflation are not easily avoided, several financial planners tell Fortune that there are steps consumers can take to duck the worst effects.