Daily Digest 1/2 - Benefits Rising Twice As Fast As Salaries, Expect Higher Food Prices in 2013
Jobseeker's Allowance up 20 per cent from £59.15 a week in 2007/08 to £71
In the same five-year period wages only rose by 12 per cent
Iana Duncan Smith said the system is not fair on workers
In an analysis released on Tuesday, the nonpartisan CBO said compared with the current law, the plan brokered between the White House and the Senate late Monday night would add nearly 4 trillion dollars to the nation's deficit over a decade.
The yen touched an 18-month low against the euro after Japanese Prime Minister Shinzo Abe reiterated his intention to weaken his nation’s currency. Abe said in the statement that the most urgent issue for Japan is to break out of currency appreciation and deflation. The premier has called on the Bank of Japan (8301) to undertake unlimited money printing to spur growth and achieve inflation of 2 percent, twice the BOJ’s target.
Don't count Nissan Motor president Carlos Ghosn among those impressed with new Japanese Prime Minister Shinzo Abe's ability to weaken the yen against all major global currencies.
"We are way long from what I consider a neutral territory" of about 100 yen to the dollar, the Brazilian-born president of Japan's second-largest carmaker said during a year-end briefing at Nissan's headquarters in Yokohama, Japan.
Average gas prices in 2012 were the highest they've ever been. According to AAA, the average price for gas nationwide was $3.60 per gallon last year. The study blames tensions in the Middle East, hurricanes and refinery outages for those record prices.
A USDA economist says Americans will be paying more at the grocery store in 2013.
"Inflation's going to pick up in 2013 over what we have seen in 2012. So we are looking ahead at a year of above normal food price inflation," says economist Ricky Volpe of USDA's Economic Research Service.
Volpe says to expect food price inflation of 3% to 4% in 2013. He says the drought affecting two-thirds of the nation is partly to blame.
Many Chicago-area homeowners, commuters and even gun buyers will feel the pain of a bigger government financial bite this year because of a host of new and higher taxes, fees, fines and fares.
In Chicago, water bills will rise significantly, property taxes will go up, parking meter rates will jump yet again and speed cameras will start fining lead-footed drivers near schools and parks. Across Cook County, smokers, gun buyers and some businesses face tax increases as well as some new charges.
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