Wednesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.
Census Bureau: No significant change in median household income
Americans, as a whole, have experienced two years in a row of flat or declining household income.
The U.S. Census Bureau says the county’s median household income of about $70,800 in 2021 wasn’t different in a statistically significant way from the inflation-adjusted 2020 estimate of about $71,200.
The stagnant income comes as inflation causes higher prices on most items.
Food costs spiked 11.4% over the past year
Food costs spiked 11.4% over the past year — the largest annual increase since May 1979, according to data released Tuesday by the Bureau of Labor Statistics.
Americans browsing the supermarket aisle will notice most food items are far more expensive than they were a year ago. Egg prices soared 40%, while flour is 23% more expensive. Milk rose 17% and the price of bread jumped 16%. Meat and poultry prices are also higher than in years past.
Rent may be starting to ease
Rents were a big contributor to August inflation, but relief may be on the way.
Apartments.com says rent may be starting to ease as they are seeing rent go down slightly.
Stocks tumbled Tuesday
Stocks tumbled Tuesday as inflation ticked higher.
The housing sector was hit harder than just about anything as mortgage rates hit a 14-year high.
The Dow dropped nearly 1300 points, while the Nasdaq lost the most ground percentage-wise and was down more than 5%.
Starbucks to spend $450m on upgrades
Starbucks plans to spend $450 million on drive-thrus, mobile orders, and delivery. It will also set up special stations where baristas can make cold drinks — which far outpace hot drinks in terms of overall sales — much quicker.