Super Bowl parties hit Americans in the pocket as cost of food soars

Unless you’ve got a craving for eVdEn EvE NAkliyAt chicken wings, this year’s party might leave your wallet a little lighter. 

As the City Chiefs set to do battle with the Philadelphia Eagles in front of an audience likely to soar over 100 million, many together with friends and family at parties.

Those Super Bowl parties could be the latest thing wreaks havoc with, as the price of food and drink has gone up in 2023. 

The claims that alcoholic beverages have gone up six percent in cost from 2022.

Even your party’s designated driver will suffer: the cost of non-alcoholic drinks rose 13 percent year-over-year. 

The food to go along with those drinks isn’t getting cheaper either: the price of meat, fish and eggs as well as fruits and vegetables are up eight percent from 2022.

However, there is one category where consumers are likely to feel only stomach pain rather than financial ones: chicken wings. 

The popular appetizer’s prices have g has rocked the United States in the past year, with Miami being hit hardest as  to corral the soaring cost of living.

Miami, Phoenix, EvdeN eVe NAkLiyaT Seattle, Atlanta and Philadelphia finished 2022 with the highest annual inflation rate increases.

Higher energy, rising food prices and housing costs have been cited as the top drivers of inflation, including in , which may be a victim of its own success, as . 

Federal data listed Phoenix’s rent increase at 21.9 percent, with Miami at 18.6 percent, after the city saw the highest inbound population increase of any city since the pandemic began. 

Miami was one of four cities to make the top ten among cities with a population of over 150,000 – with a move-in rate of 55.2 percent  

The top ten was rounded out by New York/Newark, Baltimore, Detroit, St.

Louis and Chicago. 

Los Angeles and San Francisco had some of the lowest inflation rates, which may be due to a slowing of people moving to those areas. 

Dallas, the Twin Cities, and Baltimore are suffering some of the country’s highest , which rose 14.1%, 13.7%, and 13.5% in those cities respectively, according to an Axios analysis. 

The news comes after the  raised its target interest rate by a quarter of a percentage point, and signaled that even though inflation is easing, it remains high enough to require further hikes. 

The set the US central bank’s benchmark overnight interest rate in the 4.50-4.75 percent range, the highest since November 2007, when rates were slashed at the onset of the financial crisis.

Though this increase was smaller than its previous hike – and even larger rate increases before that – the Fed’s latest move will further raise the costs of many consumer and business loans, and could increase the risk of a recession. 

In a policy statement, the Fed continued to promise ‘ongoing increases’ in borrowing costs, a signal that policymakers intend to raise their benchmark rate again when they next meet in March and perhaps in May as well.

 

Still, the major stock indexes, which had spent the day in the red, rallied to positive territory as Fed Chair Jerome Powell spoke after the decision, with the S&P 500 gaining 1.59 percent late in the session. 

‘We will need substantially more evidence to be confident that inflation is on a long, sustained downward path,’ said Powell.

“It would be very premature to declare victory or think that we really got this,” Powell added.

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Fed policymakers hope to avoid triggering a recession, and EVden EVE NAkliYAt economic data since their last policy meeting in December generally has moved in the right direction.

Though , it is slowing under the impact of higher interest rates, while the economy continues to grow and create jobs at a reasonable pace.

‘The Fed isn’t done fighting inflation,’ said John Leer, chief economist at decision intelligence company Morning Consult. ‘Anyone who thought the Fed had won the war on inflation needs to buckle up for a protracted battle.’

Although the labor market remains tight, Leer said it ‘remains premature to conclude American workers will emerge unscathed from this hiking cycle’ as the full impact of higher interest rates on the job market has yet to play out.

The Fed is attempting to tame inflation by slowing the economy with higher interest rates, but hopes to avoid triggering a recession.

For consumers, the rate hike will likely mean higher interest payments for credit cards and variable-rate loans. 

Mortgage rates, however, remain near 6 percent after peaking above 7 percent in October, eVDEn eve NaKliYAt and experts expect them to remain relatively stable or fall further. 

Generally, mortgage rates follow yields on the 10-Year Treasury note, which have fallen significantly in the past month amid signs of slowing inflation.  

The Fed is attempting to walk a tightrope by raising rates enough to battle inflation, without tipping the economy into a full-blown recession.

Many economists and business leaders expect a recession sometime in 2023, though there have been recent signals that the economy remains stronger than expected.