The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year increase of 8.3%. The new inflation figure, the biggest yearly increase since December 1981, will heighten pressure on the Federal Reserve to continue raising interest rates aggressively.
It’s the inflation you’re not supposed to see. From toilet paper to yogurt to corn chips, manufacturers are quietly shrinking package sizes without lowering prices. It’s dubbed “shrinkflation,” and it’s accelerating worldwide. Experts say it proliferates in times of high inflation as companies grapple with rising costs for ingredients, packaging, labor and transportation.
North Dakota residents pay on average less for household bills than the national average according to a study by the mobile bill pay doxoINSIGHTS. The report says North Dakotans spend $1,937 per month on ten household bills – or 3.3% lower than the national average. The payments range from rent and mortgages to insurance costs…cable…and internet. The doxo data says costs in Grand Forks are 13.7% lower than the national average. Report: doxo.com
More Americans applied for jobless aid last week but the total number of Americans collecting unemployment remains at a five-decade low. Applications for unemployment benefits rose by 27,000 to 229,000 for the week ending June 4, the most since mid-January. First-time applications generally track the number of layoffs. The total number of Americans collecting jobless benefits for the week ending May 28 was unchanged at 1,306,000.
Average long-term U.S. mortgage rates jumped back up ahead of next week’s Federal Reserve meeting where it’s expected to announce another increase to its main borrowing rate. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.23% this week from 5.09% last week. The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.
May was a good month for home and townhome sales in Grand Forks / East Grand Forks. According to the Grand Forks Area Association of Realtors there were 97 sales last month compared to 95 for the same month in 2021 and a monthly total of 74 in each of the two previous years. The average sales price in May was $260,633.
A UND Business survey suggests 89% of respondents feel confident or very confident in their employment situation and only 16% are interested in changing jobs. And for the 35% of the non-working population who have stopped working since March 2020, the most common reasons were retirement (25%) and schooling (19%). The poll of 556 adults was conducted in March by the Institute of Policy and Business Analytics.
The North Dakota Agricultural Products Utilization Commission (APUC) has awarded Texas Bee Supply, LLC a grant totaling $85,000. The money will be used to launch marketing efforts for North Dakota’ first commercial be supplier. North Dakota is traditionally the No. 1 honey-producing state in the nation.
Over 60 elementary and secondary teachers and administrators will become the students at an educational seminar conducted by the Lignite Energy Council. The seminar will be held June 13 – 16 at the National Energy Center of Excellence on the Bismarck State College campus (ND). The seminar provides teachers with the information and educational materials they need to teach their students how lignite is mined and used to produce energy. Since 1986, more than 4,000 teachers have attended the program.
Xcel Energy will make a move to become the first energy company in the nation to add all-electric bucket trucks to its fleet. Xcel Energy crews will use the zero-emission vehiles as they maintain the electric system and respond to outages after storms. The truck features a 135-mile driving range and the ability to operate the bucket for a full workday on a single charge.
The application period for HomeHelpMN has been extended until August 17, 2022 at 5:00 p.m. The program provides $109 million in federal assistance for homeowners who have fallen behind on their mortgage or other homeownership-related expenses due to factors related to the COVID-19 pandemic. The program opened for applications on May 17 and has already received applications from nearly 2,800 households. Income limits vary based on the county of residence.
Thousands of people turned out this weekend for ArtFest 2022 in University Park. The event featured over 100 artists…guests…and entertainers. In addition around 20 food vendors served up meals…drinks…and treats. ArtFest has been an annual event in Greater Grand Forks since 2001. (pictured)
A ribbon cutting ceremony was held Saturday on the latest tourist destination in Medora. The Point to Point Park features a lazy river…splash pad…gold…and zipline. The Matt & JoAnn Butler family led charitable giving with a gift of $2 million to establish the park.
Bottles of the popular Sriracha hot sauce could be hard to find on store shelves this summer. Southern California-based Huy Fong Inc., told customers in an email earlier this year that it would suspend sales of its famous spicy sauce over the summer due to a shortage of chili peppers. The company said in its April 19 email that all orders submitted after that date would be fulfilled after Labor Day.
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