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Everything you Need to Know about Inflation- Free PPT 

Tamana Gupta

Inflation is the general increase in prices of goods and services across the economy over time, leading to a decrease in the purchasing power of individuals and businesses. Essentially, the money you have today will buy you fewer goods and services compared to the past. To grasp the impact of inflation, consider a commonly purchased item and compare its price across different time periods. For instance, in 1970, an average cup of coffee was priced at 25 cents. Fast forward to 2019, and it had risen to $1.59. This means that with $5, you could purchase around three cups of coffee in 2019, whereas in 1970, the same amount would have bought you approximately twenty cups.

Table of Content

What exactly inflation is, how inflation is measured, what are the main causes of inflation, how to protect against it.

Inflation refers to the gradual weakening of purchasing power, noticeable through the widespread increase in prices of goods and services. While its primary impact is on consumers, businesses are not immune to its effects. Here's a succinct breakdown of how it influences both consumers and companies:

Consumers witness a reduction in purchasing power as the prices of essential items like food, utilities, and fuel go up.

Companies confront a decrease in purchasing power and face the potential of narrower profit margins when the expenses of inputs used in production, such as raw materials like coal and crude oil, intermediate products like flour and steel, and finished machinery, rise. Consequently, companies often adjust prices for their products or services to offset it, ultimately passing these cost increases on to consumers.

Inflation is assessed by statistical agencies through a process that involves establishing the current value of a "basket" comprising various goods and services commonly consumed by households. This collection is referred to as a price index . To determine the rate, or the percentage change in prices over time, agencies compare the value of the index in one period to another. This comparison can be done on a monthly basis for a monthly rate of it, or on a yearly basis for an annual rate of inflation.

Demand-pull inflation occurs when the demand for goods and services in the economy surpasses the economy's capacity to produce them. For instance, during the COVID-19 pandemic, the rebound in demand for new cars outpaced expectations. However, a shortage in semiconductor supply hindered the automotive industry's ability to meet this increased demand. This resulted in a scarcity of new vehicles, leading to a surge in prices for both new and used cars.

Cost-push inflation occurs when the escalating prices of input goods and services increase the prices of final goods and services. For example, commodity prices experienced a sharp spike during the pandemic due to significant shifts in demand, changes in buying patterns, alterations in the cost of service, and shifts in perceived value across various sectors and value chains. To counteract it and mitigate the impact on financial performance, industrial companies found themselves compelled to contemplate price hikes that would ultimately be passed on to their end consumers.

In general, it is detrimental, harming both consumers and businesses. However, there are a few techniques to guard against it:

Secure Low Fixed Interest Rates: Opt for a 30-year mortgage with a low fixed interest rate to shield against inflation. Consider borrowing when interest rates are low and explore refinancing when rates drop.

Invest in Stocks: In a high-inflation environment, stocks typically outperform bonds. Many companies pass on increased costs to consumers, safeguarding profits. Companies dealing in commodities or essential goods are often reliable choices. Conversely, bond prices tend to decrease as interest rates and inflation's rise.

Purchase Inflation-Protected Securities: Certain financial products, like Treasury Inflation-Protected Securities (TIPS), adjust in value to counteract inflation, often linked to changes in CPI. Some permanent life insurance products and annuities may offer inflation-adjustment options, typically in the form of a Cost of cost-of-living adjustment (COLA) rider.

Save at High-Interest Rates : Place savings in money market accounts or CDs with favorable yields during periods of high interest rates. It's important to note that if the yield is lower than the inflation rate, you may still experience a loss in buying power.

Acquire an Inflation Hedge: Assets such as gold and real estate are considered effective hedges against inflation, appreciating in value alongside general price increases.

Own Rental Real Estate: Landlords often have the ability to increase rent to keep up with inflation. If you own income-generating property with a fixed-rate mortgage, this can significantly bolster your overall financial situation.

Wrapping-Up

Understanding inflation is crucial for making informed financial decisions in an ever-changing economic landscape. It is the steady erosion of purchasing power, impacting both individuals and businesses alike. Recognizing its causes, effects, and protective measures empowers us to navigate through periods of it with confidence. From locking in low fixed interest rates to considering investments in stocks and inflation-protected securities, there are various strategies to safeguard against its effects. Moreover, assets like gold and real estate serve as valuable hedges. By staying informed and implementing prudent financial strategies, we can effectively shield ourselves from the adverse impacts of it and secure a more stable and prosperous financial future. You can Download ready to use PPT on the same for hassle free work, visit SlideTeam.net can download your editable PPT now!

What is the difference between inflation and hyperinflation?

It is a general increase in prices, typically at a moderate rate. Hyperinflation, on the other hand, is an extreme form of inflation characterized by rapid and out-of-control price increases, often exceeding hundreds or thousands of percent per year.

How does inflation impact investments?

It erodes the value of fixed-income investments like bonds. However, it can benefit investments like stocks and real estate, which may appreciate in value in response to rising prices.

What are the effects of inflation on businesses?

It can increase the cost of production, leading to reduced profit margins for businesses. It may also lead to uncertainty in planning and investment decisions.

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CHAPTER 7 Inflation - PowerPoint PPT Presentation

CHAPTER 7 Inflation

Economics: explore & apply enhanced edition chapter 7 inflation learning objectives describe inflation rates in the u.s. and other countries. discuss the cost of ... – powerpoint ppt presentation.

• Describe inflation rates in the U.S. and other countries.
• Discuss the cost of inflation that cause low inflation to be a macroeconomic goal.
• Compute, interpret, and use a price index to compute a real value.
• Identify problems with price indexes and efforts to improve them.
• (EA) Explain how people respond to inflation, and how that affects its measurement.
• Along with economic growth and high employment, low inflation is the third fundamental goal of the economy.
• Inflation is a persistent increase in the price level.
• The price level refers to the prices of goods and services, when considered in the aggregate.
• The inflation rate is the annual percentage increase in the price level.
• In the U.S., as long as the inflation rate from year to year stays at around 3 per year, Americans are satisfied that the goal of low inflation has been accomplished.
• If the inflation rate is above 3, people expect the government to take action to fight inflation.
• The CIA estimates that the average inflation in the world in 2002 was 3.3.
• Most of these severely high rates occurred in developing countries.
• The developing countries inflation rates ranged between 5 and 60 as compared to the range in developed countries which was between 1 and 3.
• Political instability can result from severe inflation
• When the inflation rate is negative, deflation is said to occur.
• This would happen if the price level declined from one year to the next.
• Deflation is not an economic goal.
• Historically, widespread falling prices and poor economic performance seem to go hand in hand.
• Disinflation means that the rate of inflation declines, and is different than both inflation, and deflation.
• Energy and food prices are subject to wide fluctuations caused by temporary shifts in their supply.
• Excluding food and energy prices from the computation of the inflation rate reveals what is termed core inflation.
• Inflation hurts those on fixed incomes.
• Inflation hurts lenders.
• Inflation increases the opportunity cost of search time for cheaper substitute goods.
• Inflation motivates businesses to offer new products.
• Inflation might motivate business to trim the amount of product rather than raise its price.
• Anticipated inflation is expected by the public.
• In theory, everyone is able to defend themselves against losses imposed by anticipated inflation.
• Unanticipated inflation is inflation that catches the public by surprise.
• Borrowers gain by unanticipated inflation, while lenders lose.
• Indexing is a solution to offset the problems created by unanticipated inflation.
• Automatically adjusting the terms of an agreement to account for inflation is referred to as indexing.
• A price index measures the average level of prices in the economy.
• There are several price indexes.
• The consumer price index.
• The producer price index.
• The GDP chain-type price index
• The GDP deflator.
• The CPI measures prices of typical purchases made by consumers living in urban areas.
• The base period used in the CPI is an arbitrary selected initial time period against which other time periods are compared.
• The base period index number always equals 100.
• The collection of goods and services used in the calculation of the CPI is called the market basket.
• The market basket represents a sampling of the items that consumers buy that make up a significant portion of their budget.
• There are 200 specific items that make up the CPI.
• Each item is assigned a weight that reflects its importance in the consumers budgets.
• The CPI measure the increase in the price of the market basket between the current year and the base period.
• The simplified formula for the CPI is
• A nominal interest rate is the payment from a borrower to a lender, expressed in percentage terms.
• A real interest rate measure the percentage payment in terms of purchasing power.
• The Producer Price Index (PPI) focuses on the prices received by U.S. producers, as measured by the revenue they receive.
• The prices in the PPI are those received by producers no matter who makes the initial purchase, whether it be another firm or consumer.
• The GDP chain-type price index is computed in a manner similar to the GDP deflator.
• The difference is that the real chained GDP is used in the calculation.
• The term chain weight comes about because the GDP chain-type price index links quantities (weights) in two successive years.
• It then moves forward a year and does that link again, and so forth.
• This continuous linking , for two years at a time forms a chain, hence the name.
• The GDP deflator is a type of price index called an implicit price deflator.
• An implicit price deflator takes current quantities and calculates what they would have cost at prices prevailing during the base period.
• Prior to 1999, the CPI was calculated using fixed-weights throughout the market basket.
• Fixed-weights do not take into account that people change their consumption patterns when prices rise.
• When the price level rises people substitute relatively cheaper goods for goods that have become relatively more expensive.
• The inaccuracy in the CPI cause by using fixed weights is termed the substitution bias.
• The substitution bias causes inflation to be overstated.
• A new CPI was established in 2002 called the Chained weight CPI (C-CPI).
• The CPI is used in three ways.
• As an economic indicator.
• To convert nominal values to real values.
• To adjust selected monetary payments upward as prices increase.
• Hyperinflation is inflation that is out of control.
• The rule of 72 is used to compute the approximate time it takes for a rate to double.
• To compute how long it would take for an inflation rate to double the equation would be
• 72/the inflation rate
• inflation rate
• Consumer Price Index
• Producer Price Index
• GDP chain-type index
• GDP deflator
• nominal value
• Which of the following best fits the definition of inflation?
• A one-time increase in a few prices.
• A one-time increase in many prices.
• A sustained increase in a few prices.
• A sustained increase in many prices.
• 2. The core inflation rate excludes
• energy prices.
• the price of medical care.
• food prices.
• both food and energy prices.
• 3. The goods and services included in the computation of the CPI are referred to as the _____________________ .
• fixed weights.
• market basket.
• price level.
• 4. How is inflation computed?
• The inflation rate equals the value of a price index.
• By the following computation (change in price index/initial value of price index multiplied by 100).
• By the following computation
• change in price index multiplied by the initial value of price index.
• 5. When the real value of GDP is computed by the government
• the CPI is used.
• the PPI is used.
• The GDP deflator or the chained-type price index is used.
• no price index is necessary because the real and nominal values of GDP are always identical.
• 6. The substitution bias causes the CPI to?
• overstate the effects of inflation.
• understate the effects of inflation.
• more accurately reflect the effects of inflation.
• be nearly useless as a measure of inflation.

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Presentation on theme: "Inflation."— Presentation transcript:

9 The Economy and Business Activity 9 The Economy and Business Activity.

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The United States Federal Reserve By Dr. Paul Lockard Professor Black Hawk College.

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Free Inflation PowerPoint Templates

Free Business Growth & Development PowerPoint Template

This Free Business Growth & Development PowerPoint Template has a diverse range of uses to calculate business development and progress. The PowerPoint template contains a title slide with a black arrow showing an upward trend in a business. This PowerPoint template design is suitable as title slides for business and many other presentations like it. …

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Inflation PowerPoint Template

• Business and Finance , PowerPoint , Templates

The free  Inflation PowerPoint Template  has a blue background with an illustration of growth and inflation in the economy and makes it look nice and professional. The template is suitable for presentations about economics, price level, currency, purchasing power, real value, price index, opportunity cost, etc.  This template can be used by managers, directors, executives, companies, students and other professionals. Its background makes it the perfect background presentation about investment, goods, hoarding, nominal wage rigidity, money supply, real demand, liquidity trap, etc. If you want to make an amazing presentation with a professional look, this is the right PPT background for you. There are more similar templates that you can find in our Business and Finance Category . You can also find similar backgrounds by browsing through labels such as  business , company , blue , money ,  etc.

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Inflation PowerPoint Template

Support your message with this inflation PowerPoint template and Google slides theme. Inflation is a hot topic right now. The consumer price index (CPI) is on the rise and interest rates are rising as well to cool down inflation.

Food and energy prices are among the most volatile items. This is why this template features an illustration of a grocery basket, a gas pump gun, and a rising pile of coins. Then in the background, there is a subtle grey city skyline which creates a nice effect.

The second slide is a two section layout. On the left side, a small version of the inflation illustration and on the right, you place your content in the text placeholders.

Then, the other slides are text-based with nice modern borders which can be customized.

See also our Business Meeting Template and this Rising Interest Rates PowerPoint with the same style and colors.

Template features

The resolution of this presentation is 1680 x 945 pixels (16:9). You can access this theme in Google slides or download the .potx file compatible with PowerPoint 2016 and newer versions.

Naturally, this inflation PowerPoint template is available for free download and includes 1 title background and 3 content slides.

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Please remember that you may not sell or distribute these resources or make them available for download on other websites.

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A “Grumpy Economist” Weighs in on Inflation’s Causes — And Its Cures

What drove up prices? What can the Fed do (or not)? And how could the next president affect inflation?

August 20, 2024

In theory, bringing inflation down is simple, says John Cochrane: ”Stop pushing, and it stops.” | iStock/Carme Parramon 

As Americans know all too well, inflation surged dramatically in 2022 and 2023 following the worst of the COVID pandemic. The Federal Reserve responded with a rapid series of rate hikes that drove up the cost of mortgages and other loans to levels not seen since the 1990s. The growth in prices has moderated substantially since then and Fed Chair Jerome Powell recently announced that the Fed could begin to lower interest rates as soon as September if inflation is moving “sustainably” toward its 2% target.

In this Q&A, John Cochrane dives deep into our unusual inflationary times. Cochrane is an economist at Stanford’s Hoover Institution and a professor of finance and economics (by courtesy) at Stanford Graduate School of Business. He is also a senior fellow at the Stanford Institute for Economic Policy Research , the author of The Fiscal Theory of the Price Level , and writes a newsletter titled The Grumpy Economist .

In a recent paper in the Review of Economic Dynamics , Cochrane argues that higher inflation resulted from the federal government pouring trillions of dollars in stimulus spending into the economy during the pandemic. To prevent future inflation shocks, he says U.S. policymakers must target taxes, spending, and growth and stop relying on rate-setting alone to keep the economy in check. “The Fed is a lot less powerful than people think,” he says.

What do you think is behind the pandemic-era burst in inflation and its recent moderation?

John Cochrane: In my analysis, inflation mostly came from the government’s $5 trillion in COVID and post-COVID deficits. The government essentially sent people $5 trillion with no plans to pay the money back. People tried to spend it, driving up prices. The Fed eventually raising interest rates made inflation come down a bit faster than it would have otherwise, but it was going to go away on its own anyway. There is no magic momentum to inflation. Stop pushing, and it stops.

You argue that higher inflation did not result from the Fed’s efforts to buy up $4 trillion in government debt from banks during the 2010s, known as quantitative easing (QE). Doesn’t this run counter to conventional economic theories?

From 2010 to 2019, the government bought $4 trillion of bonds and issued $4 trillion of new money in return. Those transactions had zero effect on inflation, which just trundled along a bit below 2%. Then from 2021 to 2023, the government borrowed $5 trillion, and sent people checks. This time, the Fed bought about $3 trillion of the new debt and issued new cash to banks. In this second scenario, we got huge inflation. I think the lesson is pretty clear — it’s the big deficit that caused the inflation, not primarily whether the Fed buys Treasury debt and gives bank reserves in return.

Money is just another kind of government debt, after all. QE is taking a $20 bill and giving back two fives and a ten. Getting change for the $20 is not going to make people spend a whole lot more. Deficit finance is just giving people $20. Whether they get the $20, or two fives and a ten, doesn’t really matter. They spend it.

I should clarify in all this: debt and deficits alone do not cause inflation. Governments often borrow, spend, and don’t produce inflation because they have credible plans to pay back the debt. Government borrowing in crises can be a great and good thing. If you get a $20 bill as well as news that taxes go up $20 tomorrow, you save the $20 and there is no inflation. It’s pretty central that there really was little talk about how the big deficits of 2020–2022 would be paid back.

Was the Fed too slow in responding to rising inflation in 2021?

Yes. Not even in the 1970s did the Fed wait an entire year to move interest rates after inflation surged.

The temptation has been to set interest rates using a simple, preannounced mathematical formula, such as the Taylor Rule , which says that central banks should raise interest rates when inflation increases and lower rates when GDP declines. Does the U.S. need to rely more or less on predictable rules in the future?

Rules have always been attractive and always contentious. The Fed feels that by looking at everything, it can surely do better than following a rule. Critics say that looking at everything has just distracted the Fed and led to many past mistakes. Rules are helpful to guide people’s expectations and let them plan better. A rule makes the Fed’s actions more predictable. And more boring. A Fed chair who just implements a rule can’t be the master of the universe.

Quote The government essentially sent people $5 trillion, with no plans to pay the money back. People tried to spend it, driving up prices Attribution John Cochrane

I think the Fed should not mechanically follow a rule, but rather use rules as a benchmark. Then explain what’s special today that motivates deviating from the rule. Yes, look at inflation and employment, but don’t ignore a huge war, financial crisis, or cyberattack. This is John Taylor’s interpretation of the rule, and I largely agree.

The liberal economist Paul Krugman agrees with you that runaway inflation didn’t follow from setting interest rates at zero for decades and that the Fed probably engineered a “soft landing,” which you predicted in 2022 as well. Do you two agree often?

If we come to the same answer, it is from a totally different background. We fundamentally disagree on the cause of inflation. He backed the “supply shock” excuse and predicted it would be “transitory.” Supply shocks are relative price movements, not inflation. He’s been all for fiscal stimulus. I think the fiscal stimulus caused the inflation. So there is still plenty to disagree on.

The current speculation is that Fed Chair Powell could start to lower interest rates to stimulate the economy right before the election. As monetarists like Milton Friedman have asked, can the Fed be trusted to set interest rates in a nonpolitical way to fight inflation?

I don’t think the current Fed does any tinkering of interest rates to affect elections. The Fed is a political body, however. The Fed was set up by Congress, which wanted it a little bit independent and a little bit responsive to political needs. Remember, we live in a democracy, not rule by unaccountable unelected technocrats. A bit of responsiveness to the people’s elected representatives is not a terrible thing. The Fed’s nods to climate, its move to worry about inequality, and its constant protection of the banking industry do represent a bowing to politics. If Congress wishes to have a more independent central bank, it can set up the bank with more independence.

You argue that monetary policy may be “just a carrot in front of the fiscal horse that pulls the inflation cart,” with fiscal policy mainly responsible for the recent bout of rapid inflation. Why do you say that coordinated action is necessary on both the fiscal and monetary fronts?

The Fed alone cannot stop all inflation. The Fed is a lot less powerful than people think. Our fiscal situation is in really bad shape. Markets expect Congress to fix it after they’ve tried everything else, but eventually people will lose faith. I also fear that the next crisis will be like the last one, but bigger. In the next crisis, the government will want to borrow and print maybe $10 trillion to bail out the financial system again, keep businesses and people afloat, and maybe finance a war. But since everyone saw how things turned out last time, we’ll get a big inflation fast. Or a debt crisis, or a default. It can happen, even in the U.S. Then the U.S. can’t borrow enough to meet the needs of the crisis, a genuine catastrophe.

With payments on the U.S. federal debt already at historic levels, most economists surveyed by the Wall Street Journal in July predicted that inflation, budget deficits, and interest rates would be higher under a second Trump administration. What’s your view of the future of inflation if Trump or Harris were to win the election?

I don’t see a big difference between the parties in terms of inflation. Democrats will tax more, spend more, and rack up huge deficits. They’ll hobble traditional energy businesses, throw money down supposedly green protectionist ratholes, and encourage immigration. Republicans will tax a little bit less, spend a little bit less, deregulate a bit, impose tariffs, throw money down other protectionist ratholes, and rack up huge deficits.

The important part of all these policies is how much they raise or lower overall economic growth. They really are not about inflation.

This interview has been edited for length and clarity.

For media inquiries, visit the Newsroom .

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Expectations and the Neutrality of Interest Rates John H. Cochrane

The Fiscal Theory of the Price Level John H. Cochrane

December 12, 2022 Recessions Are Painful, but Stagnant Growth Could Prove More Challenging Economist John Cochrane talks about inflation, interest rates, and what we get wrong about downturns.

June 07, 2022 John Cochrane: “Fair or Unfair: Do Competitive Markets Give Everyone a Chance?” In this podcast episode, we discuss how competitive markets work, and whether they lead to good economic outcomes.

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Inflation's Last Mile Will Be Tougher Than Powell Thinks

• Chair Powell announced at Jackson Hole that policy adjustments are imminent, with rate cuts dependent on incoming data and evolving risks.
• Markets anticipate a rate cut in September following Powell's remarks, reflecting a shift towards rate normalization. That might not be the best course.
• Powell emphasized the importance of the timing and pace of rate cuts, influenced by the economic outlook.
• Getting past the "last mile" of inflation will be challenging, but it should be the priority over a "soft landing" or avoiding higher unemployment.

NEW YORK (August 28) - Chair Powell was surprisingly blunt in his talk last week at Jackson Hole, announcing that "the time has come for policy to adjust." But he also said, "The timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." Nevertheless, the markets have responded with an almost unanimous expectation (99.5%) of a rate cut when the Fed meets again in September.

Powell was speaking to the vector of rate policy (i.e., decreasing rates), not the timing or the amount of the rate decreases, which he left open. We'll be seeing the latest inflation numbers on September 11, before the FOMC meets again September 17th-18th. That meeting will print with the Summary of Economic Projections, and we could well see some surprises in the Fed's estimates.

We're currently at 2.89%, headline inflation , YoY, as of August 14th. Core inflation is 3.2%. While the latest August numbers point to disinflation in many categories, most of the categories showing disinflation are periodic expenses that don't implicate the day-to-day living expenses of most Americans. Those that do, meantime, continue to escalate. Used cars and trucks, for example, are down 10.9%, but motor vehicle insurance is up a humongous 18.6%!!! There's a whole litany of expenses of daily living that continue well above "headline" inflation: Food away from home is up 4.1%; Shelter, 5.1%; electricity, 4.9%. Those are just the most egregious costs.

Meanwhile, a glimpse at the latest Beveridge Curve, which compares job openings to the unemployment rate, shows that the Fed may be overemphasizing the increasing unemployment rate at the wrong time, notwithstanding the Sahm Rule we discussed here. The unemployment rate for June, 4.1%, is offset by a job opening rate of 4.9%. We might well be at "full employment", as the differential is just 80 bps, roughly the same as it was (+/-20 bps) from July 2018 to December 2019). Indeed, the Beveridge Curve, right now, looks incredibly normal. All things considered, notwithstanding its long tail from the pandemic.

Beveridge Curve (Bureau of Labor Statistics)

Indeed, there were fewer people unemployed per job opening (0.8 people per job) in June than in comparatively "boom" years, like 2017 (when we had 3%+ average quarterly GDP) when that average number was 1.13, as illustrated below.

Number of people unemployed per job (Bureau of Labor Statistics)

What the Future Holds

I'm reiterating our earlier call to leave rates where they are and to increase QT another 5% to 10% to trim inflation by reducing the level of M2 in the economy. We're confident that will eventually, but most directly, restore the Fed overnight rate to r*, the neutral rate of interest.

Our biggest fear is that the Fed will concede to critics that believe its 2% target is too harsh and that it is an arbitrary rate. In fact, it is , but that is largely beside the point. A 2% rate of inflation provides a moderate rate of inflation while encouraging people to spend. But the critics have pointed out that getting over the "last mile" of a 2% rate of inflation will require higher unemployment, at least to the extent the Phillips Curve still holds true.

In our view, inflation is a dangerous, insidious, destructive, phenomenon that damages the long-term well-being of the economy. Keeping it at bay or raising the unemployment rate is an easy choice.

Containing inflation should be the Fed's primary objective, over low unemployment and especially over a "soft landing".

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The views expressed, including the outcome of future events, are the opinions of the firm and its management only as of August 28, and will not be revised for events after this document was submitted to Seeking Alpha editors for publication. Statements herein do not represent, and should not be considered to be, investment advice. You should not use this article for that purpose. This article includes forward-looking statements as to future events that may or may not develop as the writer opines. Before making any investment decision you should consult your own investment, business, legal, tax, and financial advisers. We associate with principals of TechnoMetrica on survey work in some elements of our business. This article does not rely on any TechnoMetrica data.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Costco wholesale corporation reports june sales results and announces quarterly cash dividend and plans for membership fee increase.

ISSAQUAH, Wash., July 10, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $24.48 billion for the retail month of June, the five weeks ended July 7, 2024, an increase of 7.4 percent from $22.78 billion last year.

Net sales for the first 44 weeks were $210.55 billion, an increase of 6.9 percent from $196.93 billion last year.

Comparable sales were as follows:

Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows:

Additional discussion of these results is available in a pre-recorded message. It can be accessed by visiting investor.costco.com (click on “Events & Presentations”). This message will be available through 4:00 p.m. (PT) on Wednesday, July 17, 2024.

The Company also announced today that its Board of Directors has declared a quarterly cash dividend on Costco common stock of $1.16 per share. The quarterly dividend is payable August 9, 2024, to shareholders of record at the close of business on July 26, 2024.

The Company also announced that, effective September 1, 2024, it will increase annual membership fees by $5 for U.S. and Canada Gold Star (individual), Business, and Business add-on members. With this increase, all U.S. and Canada Gold Star, Business and Business add-on members will pay an annual fee of $65. Also effective September 1, annual fees for Executive Memberships in the U.S. and Canada will increase from $120 to $130 (Primary membership of $65, plus the Executive upgrade of $65), and the maximum annual 2% Reward associated with the Executive Membership will increase from $1,000 to $1,250. The fee increases will impact around 52 million memberships, a little over half of which are Executive. Costco currently operates 882 warehouses, including 609 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, seven in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

Certain statements contained in this document and the pre-recorded message constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to climate change, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.

COST-Sales COST-Comp

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Inflation. Radha. R. AGENDA. What is Inflation? Degrees of Inflation Types of Inflation Cost Push Inflation Types of Cost Push Inflation Phillips curve – is unemployment inflated? Inflation and your investments Policies to tackle inflation Conclusion References. WHAT IS INFLATION?.

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Inflation Radha. R

AGENDA • What is Inflation? • Degrees of Inflation • Types of Inflation • Cost Push Inflation • Types of Cost Push Inflation • Phillips curve – is unemployment inflated? • Inflation and your investments • Policies to tackle inflation • Conclusion • References

WHAT IS INFLATION? • Inflation is an increase in the overall level of prices. At what rate do the prices go up? • The rate at which the prices change is called the "rate of inflation". • When inflation goes up, there is a decline in the purchasing power of money • Example: If the price of Product X is Rs.100 this year and next year the price becomes approximately Rs.104 then the rate of inflation is 4% If the price of Product X is Rs.80 then after a year with a rate of inflation of 4% the price will go up to (80 x 1.04) = 83.2

DEGREES OF INFLATION There are three degrees of inflation: • Mild inflation: is a slow rise in price level of no more than 5 percent per annum. It is associated with a low level of unemployment and is during the upswing phase of a trade cycle. • Strato-inflation: the inflation rate ranges from about 10 percent to several hundred per cent • Hyper-inflation:is a very rapidly accelerating inflation which is 20 percent above. This usually leads to the breakdown of the country's monetary system as the existing currency may have to be withdrawn and a new one introduced

TYPES OF INFLATION • Demand-pull or excess demand Inflation: It occurs when the total demand for goods and services in an economy exceeds the available supply, so the prices for them rise in a market economy. E.g. War produces this type of inflation because demand for war materials and manpower grows rapidly • Cost-push inflation: This is caused when there is a supply shock. The best example to describe cost-push inflation is theoil shockin the 1970s. When the OPEC raised oil prices, the United States was forced to pay higher prices. Because oil is used in essentially every industry, this sent supply shockwaves throughout the United States, and overall prices went up, while wages paid stayed the same

Pricing power or Administered Price Inflation: It occurs whenever businesses in general decide to boost their prices to increase their profit margins. This occurs when the economy is booming and sales are strong. It might be called Oligopolistic Inflation (because it is oligopolies that have the power to set their own prices and raise them when they decide the time is ripe) • Sectoral Inflation: When various factors affect/hits a basic industry causing inflation. E.g. Steel or oil , that raises costs of the industries using steel or oil, and forces up prices there also, so inflation becomes more widespread throughout the economy, although it originated in just one basic sector.

COST-PUSH INFLATION • Aggregate supply is the total volume of goods and services produced by an economy at a given price level. When there is a decrease in the aggregate supply of goods and services stemming from an increase in the cost of production, we haveCost-push inflation. • Cost-push inflation basically means that prices have been “pushed up” by increases in costs of any of the four factors of production (labor, capital, land or entrepreneurship).

EXAMPLE • A company may need to increases wages if laborers demand higher salaries (due to increasing prices and thus cost of living) or if labor becomes more specialized. If the cost of labor, a factor of production, increases, the company has to allocate more resources to pay for the creation of its goods or services. To continue to maintain (or increase) profit margins, the company passes the increased costs of production on to the consumer, making retail prices higher.

HOW COST-PUSH INFLATION WORKS? • The equilibrium point is where the AS curve meets the AD curve. • The aggregate supply curve shifts left ie. From AS curve to AS2 because of the • increase in the cost.

TYPES OF COST-PUSH INFLATION • Wage Push Inflation: Situations where in a rapid increase in the workers’ wages causes the rate of inflation to increase. When workers’ incomes rise, they have additional money to spend. As those dollars go into the economy, the competition for goods increase and prices move upward. • Import Price Push Inflation: Higher import prices could result from a fall in the exchange rate. The higher cost of imported raw materials will raise the cost of production which may be passed on to the customers in the form of higher price.

Profit Push Inflation: This occurs when the prices are forced up as a result of which the firms raise their profit margin. • Tax-Push Inflation: Increases in income due to inflation can push people into higher tax brackets, a phenomenon known asbracket creep. In effect, inflation can increase people’s tax liability without any change in tax law.

PHILLIPS CURVE • The Phillips Curve is a relationship between unemployment and inflation discovered by Professor A.W.Phillips. The relationship was based on observations he made of unemployment and changes in wage levels from 1861 to 1957. • He found that there appeared to be atrade-offbetween unemployment and inflation, so that any attempt by governments to reduce unemployment was likely to lead to increased inflation.

PHILLIPS CURVE GRAPH This relationship however, in the 1970s appeared to break down as the economy suffered from unemployment and inflation rising together(stagflation). Stagflation -A condition of slow economic growth and relatively high unemployment - a time of stagnation - accompanied by a rise in prices, or inflation, which is not a good situation for a country to be in.

INFLATION AND INVESTMENTS • Inflation is greatly feared by investors because it grinds away at the value of your investments. Example • Putting simply, Rs 45,000 today is not the same as Rs 45,000 in 1 or 10 years. It is crucial to include measures of expected inflation when calculating your expected return on investment (how much you make on your investment). • So, when you make an investment, make sure that your rate of return on the investment is higher than the rate of inflation in your country • Rate of Inflation – for the year 2006-07 is around5.5 – 6 %

POLICIES TO TACKLE INFLATION Demand Side Policy: • Fiscal Policy:refers to the expenditure a government undertakes to provide goods and services and to the way in which the government finances these expenditures. A government's taxation policy. Tax enables the government to raise revenue in order to provide public goods which would not otherwise be provided by the market, such as a police force, national defense, and so on. • Monetary Policy: refers to efforts to fight inflation or otherwise control or stimulate the economy by controlling the availability of spending money to company and consumers. Actions by the Federal Reserve to control the money supply

Supply side policy: Aim: To reduce the rate of increase in the costs. This is done by - • Restraining monopoly influences on the prices and incomes Policies to restrict the activities of trade unions, mergers and take-over. • Restricting policies to increase productivity Giving tax incentives, encouraging R & D

CONCLUSION Is inflation good for the economy? In an word , YES , But, it is essential that organizations like the Fed keep a close eye on its status and make the necessary adjustments.

REFERENCES Websites • http://searchwarp.com/swa87474.htm • http://www.yourdictionary.com/ • http://www.bized.co.uk/virtual/bank/economics/mpol/inflation/causes/theories4.htm • http://www.harpercollege.edu/mhealy/eco212i/lectures/fiscpol/fp.htm • http://www.investopedia.com/articles/05/012005.asp Books • Economics in Context : By Susan Grant, Chris Vidler • Economics - by Paul R. Krugman

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Earlier this month, the Office of Energy Justice and Equity (EJE) participated as panel leads and speakers at the 2024 Summer Study on Energy Efficiency in Buildings, hosted by the American Council for an Energy-Efficient Economy (ACEEE), a nonprofit research organization. The biennial conference convenes practitioners, researchers, community organizers, and others from across the globe to discuss the state of the art in technology and practice for equitable decarbonization. The 2024 ACEEE Summer Study on Energy Efficiency in Buildings, theme was Equity and Climate Action: Time to Deliver .

Dr. Tony Reames, a former EJE Deputy Director, opened the plenary session as keynote speaker with a presentation centered on energy justice and intentional policymaking that can empower local communities. Dr. Reames described the challenges caused by treating energy as a commodity, including a strong distrust of energy institutions arising from high energy bills, disconnections, evictions, inflation, and related health issues. He gave a call to action, focusing on the urgency of the moment and the strong need to meet decarbonization goals. 

All three plenaries focused on climate and health impacts of the energy system while echoing Dr. Reames’ urgency with the theme of “Time to Deliver,” a reminder of the Inflation Reduction Act (IRA), the largest climate and energy investment, to date, to help fight climate change. 

For the first time in the history of the conference, ACEEE placed equity at the core of this year’s theme. The very first equity panel was initiated during the 2018 ACEEE Summer Study, by Jen Summers and Dr. Lauren Ross , EJE Deputy Director. Since that time, the inclusion of energy justice and equity topics has come a long way and is now being featured not only in a panel discussion but also as the central focus of the full conference.

This year, the equity panel was co-led by Dr. Anjuli Jain Figueroa, EJE’s Chief of Analysis, and Rachel Scheu, Principal Director, Research and Innovation of Elevate. The panel was titled Energy Efficiency and Equity: Tracking the Equitable Energy Transition which aimed to uplift the leadership of people working on environmental justice, elevate frontline communities, and bring together community-based organizations that are working to build trust. The panel had two main goals: 1) to discuss data tracking progress and gain new data insights that can increase equity, and 2) to demonstrate how to collaborate and build partnerships to advance equity goals. Thirty speakers from a variety of labs, academia, nonprofits, government, and community-based organizations presented throughout the week.

One invited speaker, Tonika Johnson, offered a unique approach and shared how she brings together community partnerships, data, and art to make a difference. For example, her artistic project, “ Folded Map: Map Twins ,” maps similar households across Chicago neighborhoods and brings the families that live in them together to discuss similarities and differences in living conditions and how stereotypes and discrimination can devalue the price of homes. Her other project, “Unblocked and Empowered,” showed how arts funding could be used to simultaneously weatherize and beautify buildings, creating community bonds on a block-by-block basis.

Other presentations in this year’s equity panel included:

• On collaboration, an exploration of the "Partnerships to Tackle Energy Insecurity  "
• On tracking, the aptly named " Metrics Mayhem !"
• On sharing the voices of the people, “ Ethical Storytelling for Equitable Outcomes”
• On supporting decarbonization goals, “Lessons learned from development of community benefit plans for IRA Funds”
• On energy beyond the household, “ Efficient and Healthy Schools - Enabling Investments in Energy Efficiency, Health, and Resilience”
• And many more presentations!

The full set of papers from the equity panel (and the other 14 panels) can be found in the proceedings here: 2024 ACEEE Summer Study on Energy Efficiency in Buildings .

At the 2024 ACEEE Summer Study on Energy Efficiency in Buildings, EJE also had an opportunity to share some of its own projects. Presentations were delivered by Alvin Bates, who shared the State Energy Insecurity Data visualization tool, and Michael Reiner, who discussed the National Energy poverty framework. Both garnered great interest and attention. The latter was inspired by a bilateral US-EU knowledge exchange and drew lessons from peers abroad. The former, to be publicly launched later this month, helps raise awareness and visualize data from the Census Household Pulse Survey .  

EJE had a large impact at this year’s conference, and continues to ensure that equity is an integral part of the discourse in all types of energy discussions and settings. The event provided a great opportunity to listen to many people who expressed a strong desire to continue the conversation during the “in-between” years of the biennial conference, and we could not agree more! 

Interested in Learning More?

Subscribe to our newsletter , engage with our stakeholders, reach out to the broader energy and equity community, and make the mission of EJE an important part of your work! Also, look out for information about EJE’s 2024 Justice Week where we will share our latest findings and reports.

Call for Presentations - 2025 Ratemaking, Product and Modeling Seminar: Deadline September 16

Ratemaking, Product and Modeling Enthusiasts,

Don’t miss this opportunity to collaborate with others and share your expertise. Respond to the Call!

Whether you are totally new to presenting at a CAS event, or an experienced pro, your submission ideas are welcomed. Don’t have enough content for a 60-minute presentation? Not a problem. You can be paired with other presenters or facilitate a less formal

RPM Roundtable discussion.

Read on and click theblue “ Submit ” hyperlink before September 16

Call for Presentations

2025 Ratemaking, Product and Modeling Seminar

March 9 - 12, 2025

Gaylord Palms Resort & Convention Center

Kissimmee (Orlando), FL

Deadline: September 16, 2024

Thank you for deciding to submit a proposal for the 2025 Ratemaking, Product and Modeling Seminar.

The Casualty Actuarial Society invites you to be a part of an exciting seminar for the spring of 2025. The 2025 Ratemaking, Product and Modeling Seminar Working Group (RPMSWG) is soliciting your submission of proposals for presentations at the upcoming event scheduled for March 9 - 12, 2025 in Kissimmee (Orlando), Florida.

We appreciate your willingness to contribute to the actuarial body of knowledge.

Sessions of particular interest for members would include topics such as:

• Advanced Ratemaking Models
• Artificial Intelligence
• Bias in Insurance
• Correlation with Categorical Variables
• Impacts of Inflation: Policyholders, Ratemaking, and More
• Machine Learning Basics
• No-Fault Insurance Transition in Canada (British Columbia)
• Nondiscriminatory Rating Topics
• Predictive Analytics
• Using Vehicle History or Telematics in Ratemaking
• View From the “Other” Side: What Do You Want Every Actuary to Know? (Underwriters, Lawyers, etc. – How they view and interact with Actuaries)
• What’s New in Accounting?

Please complete each item in this call as this helps the seminar organizers to select the best sessions. This also helps you to crystalize your thinking as you prepare your actual presentation so that you may hone your presentation to the desired audience.

Before you access the online proposal submission form, review this checklist to ensure you have everything you need to complete the process. For ease in submission, develop your proposal content first in MS Word or other word-processing software and then copy/paste it into the appropriate submission form fields. For explanations about any of the requested items, refer back to the full Call for Presentations Guidelines and  Guidelines for Proposal Writers .

Deadline for submission: September 16.