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- AC Milan fall at Fiorentina after De Gea's penalty heroics
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- India maintain Pakistan stranglehold as Windies cruise at Women's T20 World Cup
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- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- Maresca hails Chelsea's 'fighting' spirit after draw with 10-man Forest
- New 'Joker' film, a dark musical, tops N.America box office
- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Vikings hold off Jets in London to stay unbeaten
- Ahead of attack anniversary, Netanyahu says: 'We will win'
- West Indies cruise to T20 World Cup win over Scotland
- Arshdeep, Chakravarthy help India hammer Bangladesh in T20 opener
- Lewandowski's quickfire hat-trick powers Liga leaders Barca to Alaves victory
- Man Utd fire another blank in Aston Villa stalemate
- Lewandowski treble powers Liga leaders Barca to Alaves victory
- Russian activist killed on front line in Ukraine
- Openda strike briefly sends Leipzig top of Bundesliga
- Goal-shy Man Utd have to 'step up', says Ten Hag
- India bowl out Bangladesh for 127 in T20 opener
- Madueke rescues Chelsea in draw with 10-man Forest
- Beckett's belief rewarded as Bluestocking storms to Arc glory
- Trump on the stump, Harris hits airwaves in razor-edge US election
- Flash flooding kills three in northern Thailand
- Kaur leads India to victory over Pakistan in Women's T20 World Cup
- Juventus held by Cagliari after late penalty drama
- In France's Marseille, teen 'stabbed 50 times' then burned alive
- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Israel pounds Lebanon ahead of Hamas attack anniversary
- Two elephants die in flash flooding in northern Thailand
US incomes edge up as inflation accelerates in January: govt
Americans saw their incomes climb slightly in the first month of 2022, but the gain was overtaken by rising prices, which increased at their fastest rate in 40 years, according to government data released Friday.
Rising energy prices continue to be a key factor driving inflation and global oil prices have been moving steadily higher in recent days following Russia's invasion of Ukraine, which could disrupt supply.
The end of the monthly Child Tax Credit payments provided to American families during the pandemic was expected to result in lower personal income in January, but instead incomes rose $9 billion, or less than 0.1 percent, the Commerce Department reported.
Meanwhile, spending on goods and services rebounded after a drop in December, with personal consumption expenditures (PCE) jumping 2.1 percent, a bigger increase than economists had forecast.
The gain in incomes again was surpassed by inflation, as the PCE price index rose 0.6 percent compared to December.
Energy prices surged nearly 26 percent compared to January 2020, pushing the price index up 6.1 percent in the latest 12 months, the fastest pace since February 1982, the report said.
Even excluding volatile food and energy prices, the index gained 5.2 percent.
The PCE price index is closely watched since it is the preferred inflation measure of the Federal Reserve, which has signaled plans to begin raising interest rates next month for the first time since the pandemic began to tamp down rising prices.
The increased spending on goods was led by the continued rise in autos, while within services, the largest contributor to the increase was spending for housing and utilities, the report said.
"The reacceleration in consumption indicates the economy started the year on a stronger foundation," Lydia Boussour of Oxford Economics said in an analysis.
"But inflation continues to erode households' purchasing," and continued increases as well as concerns triggered by the "Russia-Ukraine conflict could temper consumers' willingness and ability to spend," she said.
D.Kaufman--AMWN