News
Inflation Rises Nearly 1% in Riverside Area During April, May
RIVERSIDE (CNS) – Inflation rose almost 1% throughout the Riverside metropolitan area over the last two months, fueled by higher expenses for food and shelter, according to a report released Tuesday by the U.S. Bureau of Labor Statistics.
The agency’s bimonthly report, which covers northwestern Riverside County as well as the cities of Ontario and San Bernardino, indicated that the metro area’s Consumer Price Index was .8% for April and May.
Food prices led the upward trajectory, with a 1% increase from the beginning of April to the end of May, followed by property rents at .7%. Energy prices continued their slide, dipping 1% during the two-month period, as the cost of natural gas and petroleum settled lower.
On an annualized basis, the CPI was up 3.9% in the metro area, according to the BLS.
The index showed that food prices were 7.8% higher in the 12-month period ending last month, with eggs, cereals and bakery products leading the pack due to a 15% leap.
Items less food and energy increased 5.8% over the prior year. But according to the BLS, energy prices offset the other costs, falling 11.2% year- over-year on the index, though electricity costs did not factor into that decline. The cost of powering homes and businesses was up 7.7% compared to May 2022.
In February and March, the metro CPI was unchanged, compared to a 1.3% increase in the two-month period ending Jan. 30, 2023.
The BLS report showed pocketbook pressure was up 4% nationwide from May 2022 to May 2023.
The current rate of inflation reflects the elevated price trajectory impacting most sectors of the economy. The Riverside metro area hasn’t recorded a comparable inflationary pattern since the local CPI was first published in 2018, data showed.
The accelerating consumer price hikes have been blamed by the Biden administration on the war in Ukraine and consequent energy supply disruptions, but critics have pointed to the administration’s restrictive domestic energy policies, as well as excessive spending, including the flood of dollars contained in relief packages, as root causes.
U.S. Treasury Secretary Janet Yellen and Federal Reserve Bank Chair Jerome Powell acknowledged last year that inflation would not be “transitory,” as they had initially predicted.
The Fed’s Open Market Committee has been gradually adjusting its benchmark, or target, lending rate since the spring of 2022, with the most recent adjustment in May, bringing it to 5%, in an attempt to soak up excess liquidity and slow spending. It’s currently speculated that the Fed will pause the rate-hiking policy.
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
June 13, 2023
Latest Instagram Posts
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1 Silias Bloodworth with the scoop and score, 2) Eusebio Gallo with the kickoff touchdown, 3) Keymorie Rogers with the throw on the run, 4) Damian Durinzi with the rushing TD, or 5) Mario Gallo with the dot towards the endzone #fypage #fridaynightlights #football #hondaofthedesert #highschoolfootball
Hundreds gathered outside the Kennedy Center in Washington, D.C., for the “Hands Around the Kennedy Center” rally, protesting President Donald Trump’s handling of the performing arts center. The demonstration came after the Kennedy Center board voted to close the facility for repairs and amid an ongoing dispute over the center’s future. Actress and singer Lynda Carter was among those who addressed the crowd. apnews.com Watch the latest video on NBC Palm Springs.
Alice B. has announced it’s closing its doors. It’s cozy atmosphere and unique seasonal menu made it a must try and even landed it in the Michelin guide. @susanfeniger and @marysuemilliken left their mark on the desert over at Living Out and it will be missed. Here’s a clip from one of our last interviews with Susan.
Cathedral City City Council votes to rename “LGBT+ Days” to “Cathedral City Pride”. The council approved the change in a 5-0 vote during its latest meeting, updating the official name of the city’s annual celebration. Stay tuned with NBC Palm Springs to see what this means to the Coachella Valley Community #CathedralCity #pride #CityCouncil #CoachellaValley #LocalNews
Discover the Coachella Valley with the Everything Palm Springs app. From iconic attractions and hidden gems to local restaurants, shops, entertainment and even filming locations, the map-based app is designed to help both visitors and locals find more of what the desert has to offer. Creator Lindsay Kinkle is also expanding the app with video tours and narrated guides, giving users another way to explore Palm Springs and the surrounding communities. Local businesses like Buena Matcha are also getting a chance to connect with new customers through the platform. As Lindsay says, there’s so much to do and enjoy here — you just have to know where to look. #PalmSprings #CoachellaValley #EverythingPalmSprings #PalmSpringsApp #VisitPalmSprings DesertLife LocalBusiness CoachellaValleyBusiness NBCPalmSprings
Social Time with Thalia & Jerry
What’s next for Palm Desert? Join community leaders, local businesses and regional stakeholders for the 2026 State of the City Address. Topics: • Economic Development • Infrastructure • Public Safety • Community Programs • Palm Desert’s Future CTA: Friday, September 18 | 11:30 AM JW Marriott Desert Springs Resort
Former Silvercrest CEO, William Rodriguez is expected back in court today in connection with the deadly 2024 Cathedral City hit and run that killed a woman. The murder charge was dismissed, but Rodriguez still faces felony hit and run and suspended license charges.
Social Time with Thalia & Jerry
Murder suspect Vicky Kim has once again not been cleared to appear in court. Kim is accused of killing her husband at their Palm Desert condominium complex. Her arraignment has now been delayed three times. Stay tuned with NBC Palm Springs as we track the latest developments in this case. #VickyKim #PalmDesert #CoachellaValley #BreakingNews #CourtUpdate NBCPalmSprings