Inflation

Inflation cooled slightly in May, thanks in part to falling gas and egg prices. But the overall cost of living is still climbing faster than the Federal Reserve would like.

The latest report from the U.S. Bureau of Labor Statistics show rising food costs across the nation.

Wages have increased, but inflation has erased any gains in disposable income. With a mild recession expected, workers are not likely to see an increase in buying power until 2024.

Economic experts expound on the state of today’s economy and grocery prices. Now that much of the state is getting some snow, we thought it would be appropriate to talk Michigan skiing. And we heard about an operatic adaptation of Faust.

Two economists helped break down some of the issues with today's economy— and some bright spots, too.

The federal government reported that the inflation rate for housing spiked to its highest rate since 1982 from September 2021-22. The U.S. Bureau of Labor Statistics says the inflation rate for the broad category of “shelter” is now 6.6%. Experts say that’s reflected in Michigan's major housing markets.

SNAP and EBT recipients will receive at least an additional $95 in October.

Some Michigan residents on Medicare could see changes in the cost of their prescription drugs in the coming years.

The USPS said the temporary price increases would help keep the agency competitive and help with operating costs. The prices are set to take effect on Oct. 2 and last until Jan. 22, 2023.

“This will save money for Michiganders immediately, within the next few months,” said Sen. Gary Peters (D-MI)