Inflation Archives - Los Gatos News And Events

Natalie Forster: Plumbing trade responds to Inflation Discount Act of 2022

Fri, 21 Oct 2022 18:10:17 +0000

Natalie Forster: Plumbing industry responds to Inflation Reduction Act of 2022 | Supply House Times

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Natalie Forster: Plumbing business responds to Inflation Discount Act of 2022

Mon, 03 Oct 2022 20:37:00 +0000

Natalie Forster: Plumbing industry responds to Inflation Reduction Act of 2022 | Supply House Times

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Why individuals transferring out of huge cities are seeing essentially the most inflation

Thu, 05 May 2022 10:09:17 +0000

Some of the hottest pandemic-migration destinations also happen to be home to the hottest regional inflation rates.

The relationship between migration and inflation has strengthened significantly as more people relocate from expensive coastal cities to more affordable metro areas, according to an analysis released by Redfin on Tuesday.

“We saw an acceleration of inflation happen particularly when we looked at the metro level inflation data. We saw right away that inflation was highest in Phoenix and lowest in San Francisco,” Redfin deputy chief economist Taylor Marr told CNBC.

For example, Phoenix saw prices of goods and services rise 10.9% in the first quarter of the year-earlier period, ranking it in the metro region with the highest inflation rate in Redfin’s analysis.

According to Redfin’s migration data, Phoenix was also the second-most popular destination for homebuyers looking to move from one metro area to another in the first quarter, behind only Miami, Florida.

Meanwhile, San Francisco, which tops the list of metro areas that homebuyers moved away from during the first quarter, had a 5.2% inflation rate, the lowest in the Redfin analysis.

Inflation and migration in Q1 2022 data charted by Redfin shows the consumer price index’s annual change and the net flow of Redfin user migration.

Redfin

The consumer price index, which averages prices across America, rose by 8.5% in March 2022 from a year ago, the fastest annual gain in 40 years.

“We know a lot of people that we’ve been tracking throughout the pandemic have been leaving in places like the Bay Area and New York or DC on the East Coast. And they’ve been pouring into these hot migration destinations throughout the pandemic, like Phoenix, Miami, Tampa, Atlanta,” Marr said.

Atlanta, Georgia, had the survey’s second-highest inflation rate at 10.6% while Tampa, Florida, had the third highest at 9.9%.

Redfin’s analysis showed Atlanta ranked the 10th-most popular migration destination, and Tampa was the third-most popular migration destination.

On the reverse side of the trend, New York City had both the second-lowest inflation rate at 5.4% and was the the top third place homebuyers moved away from. Similarly, Los Angeles clocked in at number two for residents relocating and generated a middle-of-the-road inflation rate at 7.8%.

The influx of people moving into Phoenix, Tampa and Atlanta during the pandemic also has led to rapidly rising home prices in those regions. And that’s just one contributor to outsized inflation there.

“When people move to an area, it puts additional demands on local goods and services, such as restaurants, and that enables them to raise their prices,” Marr said.

Marr says the financial benefits of moving to relatively affordable areas may eventually diminish over time.

“Most of the people moving to these areas are moving there with higher budgets. They have higher incomes… So, the cost of living might be really affordable to someone who is moving into the area. But, for an existing resident who is already there, they might be feeling more of the pains if they haven’t had strong income gains and they are still facing higher prices,” Marr said.

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How San Francisco North Bay eating places are tackling inflation pressures

Wed, 04 May 2022 20:33:43 +0000

Restaurants that have survived two years of the pandemic are now facing rising prices and labor costs, with inflation expected to rise by 4% this year in the food industry alone.

“We have continued to see price escalation essentially across the board,” said Will Seppi, president and CEO of Costeaux French Bakery in Healdsburg. Seppi also operates Costeaux on the Go at Charles M. Schulz–Sonoma County Airport, two vending machines inside the airport terminal and a commercial baking plant nearby. “From packaging supplies and materials to food items, we continue to work at adjusting the business to accommodate for those price increases.”

To date, Costeaux has absorbed the majority of all cost increases, but is now looking at pricing changes, including raising menu prices between 3% and 10%, depending on the product, Seppi said.

Inflationary costs often get passed to the consumer, and it’s no different for Costeaux, according to Seppi.

“From our standpoint, we certainly don’t want to erode our quality, so we’re not willing to trade down on raw materials,” he said. “We need to continue to preserve what we’re known for and our commitment to the type of foods that all of our guests have come to expect from us.”

In general, inflation is at its highest level in 40 years. According to the Economic Research Service arm of the US Department of Agriculture, grocery store prices this year are forecast to increase between 1.5% and 2.5%, while restaurant prices are expected to rise between 3% and 4%.

The rates, however, are not unprecedented, according to the USDA. It states that between the 1970s and early 2000s, both grocery and restaurant prices grew at similar rates.

Managing more than food

Transportation costs also have skyrocketed for the wholesale arm of Costeaux, which delivers its products throughout Sonoma, Napa, Mendocino, Marin, San Francisco and the East Bay counties.

“The increase in gas prices is a big piece of the business,” Seppi said, adding that the cost of labor also is steep. “The continued upward pressures that we have on wages and the general cost of living in Sonoma County compounds matters further.”

In addition, the café in downtown Healdsburg continues to remain open just five days a week rather than seven, a move that was made during the pandemic and that won’t change anytime soon, he said.

Seppi has seen some turnover and labor shortages throughout the pandemic, but for the most part has been OK with staffing.

“By and large, we’ve been very fortunate to have a great core group that just continued to navigate the turbulent waters,” he said.

Staffing, supply chain headaches

Other North Bay area restaurants have not been so lucky.

John Ash & Co. at Vintners Resort in Santa Rosa has raised its hourly wages by between 15% to 20%, said Robin Ameral, food and beverage director.

But even higher wages haven’t moved the needle much in attracting qualified job candidates in an expensive county that has seen more people leave than arrive, let alone the mass exodus of hospitality workers since the pandemic began.

The resumes that do trickle in often don’t match the job qualifications.

“We are in the process of trying to hire a sous chef, and we’re just having trouble finding anybody with that skill set,” Ameral said.

A sous chef is typically second in command in a kitchen, right behind the executive chef. The sous chef opening that John Ash & Co. is trying to fill also is intended to help offset the restaurant’s ongoing shortage of line cooks.

And then there are the rising food costs and supply chain issues to contend with. Wine and liquor is mostly out of stock, Ameral noted, and food prices, particularly for beef and seafood, have become exorbitant.

“We used to have an add-scallops option, but scallops are so expensive we took it off the menu because we didn’t want people to have to pay $15 for a scallop,” Ameral said. “So we have a scallop dish, but it comes with prawns, too.”

Inflation’s biting impact

Inflationary costs have become part of everyday life for Felicia Ferguson, co-owner of Piazza D’Angelo, a family-owned Italian restaurant in Mill Valley in business for 40 years.

“I am getting every vendor that we work with saying they are increasing prices,” Ferguson said. The biggest hikes are in meat and imported goods, such as the wines she purchases from Europe.

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Inflation Was Hottest in Atlanta, Mildest in San Francisco in 2021

Sun, 13 Feb 2022 11:29:42 +0000

Consumer prices rose faster last year in large US metropolitan areas seeing an influx of new residents than in the nation overall, while inflation was milder in large coastal cities with less population growth.

The Atlanta-Sandy Springs-Roswell area saw the highest inflation among metropolitan areas with more than 2.5 million people—9.8% for the 12 months through December, according to the Labor Department. Phoenix, St. Louis and Tampa also saw annual inflation rates higher than the 7% national rate in December.

The San Francisco-Oakland-Hayward area, known as one of the country’s most-expensive places to live, saw 4.2% inflation last year, the lowest of any of the 23 large metro areas for which the Labor Department publishes inflation data. Inflation also came in below the national rate in the New York City, Boston and Washington, DC, metro areas.

Consumer price index, percentage change from a year earlier

Urban areas with the highest inflation rates as of year-end

Urban areas with the lowest inflation rates as of year-end

Urban areas with the highest inflation rates as of year-end

Urban areas with the lowest inflation rates as of year-end

Urban areas with the highest inflation rates as of year-end

Urban areas with the lowest inflation rates as of year-end

Urban areas with the highest inflation rates

as of year-end

Urban areas with the lowest inflation rates

as of year-end

Urban areas with the highest inflation rates

as of year-end

Urban areas with the lowest inflation rates

as of year-end

An important factor driving the regional divergences, according to economists, was pandemic-fueled population shifts from larger cities to suburbs or smaller metro areas, particularly in the Sunbelt, both by retiring baby boomers and remote workers seeking warmer weather and lower living costs.

The Atlanta and Houston metro areas gained nearly five new residents per thousand residents since March 2020, and Dallas gained almost a dozen per thousand, according to an analysis of domestic migration since the start of the pandemic by Moody’s Analytics, Equifax and CreditForecast. San Francisco, by contrast, lost nearly 27 residents per thousand inhabitants. New York lost close to 20 per thousand, and the Washington, DC, area lost more than a dozen per thousand.

In metro areas that saw added population, the influx helped drive up housing costs and job gains, which boosted incomes and, in turn, fueled demand for housing, transportation and services such as dining and entertainment.

Housing costs, accounting for almost a third of the Labor Department’s consumer-price index, were the largest single driver of inflation in the Atlanta area and similar places last year. The CPI’s shelter index measures the cost of tenants’ rent and homeowners’ imputed rent, or the amount they would have to pay each month to rent their own house.

The shelter index jumped 10.2% in the Phoenix area and 7.7% in the Atlanta area late last year; it rose 1.2% in the New York metro area and 0.8% in the San Francisco area. The index climbed 4.1% for the nation.

“The lion’s share of difference between Atlanta and the rest of the country has to do with what’s happening with shelter,” said Brent Meyer, an economist at the Federal Reserve Bank of Atlanta. “A lot of what’s going on here driving up rental prices is the booming economy,” he added.

Atlanta’s BeltLine area, where walkability is a draw for newcomers.

The Federal Reserve said last month that the Atlanta region continued to attract home buyers from higher-cost markets such as the Northeast and West Coast in the final weeks of 2021.

Median sale prices of homes in Atlanta rose nearly 23% in the year to December, according to Redfin corp

, a real-estate brokerage, faster than the national increase of 15.2%. They climbed 10.3% in the San Francisco area.

While prices are rising more quickly in cities including Atlanta, such places remain more affordable than coastal cities like San Francisco.

Alice Yen moved from San Francisco to Atlanta: ‘We are getting much more for what we’re paying for.’

“In spite of that large increase, it’s still a very affordable and attractive destination; it’s not as much as a discount as if you moved two years ago, but it’s still a sizable discount,” said Redfin economist Taylor Marr, referring to Atlanta compared with New York or San Francisco.

Alice Yen moved from San Francisco to Atlanta with her husband in July 2021, after living in the San Francisco-Oakland-Hayward metro area for about a decade. She wanted to live closer to her family in North Carolina and found Atlanta’s BeltLine community attractive because of its walkability, easy access to entertainment and urban charm.

Since relocating, Ms. Yen said she has noticed prices rising a bit, but said she still finds living in Atlanta to be a much better deal.

“I don’t know if we’re spending less overall, but we are getting much more for what we’re paying for,” she said. “It’s possible to live in Atlanta and still be able to buy a home. I’ve seen prices definitely going up across the board, but houses are still much more reasonable than the Bay Area.”

Even before the pandemic, remote workers were leaving big cities for smaller ones, seeking a lower cost of living and often lower taxes and better weather. The pandemic has accelerated the trend. California is losing more than twice as many people to domestic migration as it was before the pandemic, a recent report from University of California researchers showed.

Population increases in cities such as Atlanta helped drive up housing costs.

A report by the moving company North American Van Lines Inc. found that Florida, Arizona and Texas were among the top destinations for people moving last year, as many took advantage of remote-work opportunities to quit high-cost states such as California, New York and Illinois.

More people moving to less-walkable cities with fewer public transportation options has boosted inflation, too. Transportation costs are also up in Atlanta. The Labor Department’s measure of what consumers pay for new and used vehicles, as well as gasoline, rose 17.4% on the year in San Francisco but jumped 29.3% in Atlanta. Nationally, the measure was up 21.1% in 2021.

Economists said some of the differences in inflation might stem from less- restrictive Covid-19 measures in the South compared with states including California. Venues such as restaurants are more likely to be open for business in Atlanta, helping to boost demand.

In late 2021, Atlanta and Phoenix saw increases in recreation costs, for items such as sporting equipment and concert admissions, and apparel, which were well above the national average.

Businesses in the San Francisco Bay Area said they are struggling with inflation, particularly in wages as California’s minimum wage starts at $14 an hour, and are having to pass on the higher costs to customers.

Median sale prices of homes in San Francisco rose at a pace in the year to December that was lower than the national increase.

Photo:

Carlos Barria/Reuters

“Everything was so expensive to begin with [in the San Francisco area], maybe the rest of the country is just catching up with us,” said Paul Lazzareschi, co-owner of Depot Café and Bookstore in Mill Valley, near San Francisco. “The upside to coronavirus is it gave us the ability to use outdoor seating and enlarge our space and you could raise prices without anyone saying a word.”

His establishment reopened just over a year ago after a refurbishment, with prices at a relatively high level “because Covid allowed that, people didn’t complain about paying $6 for a croissant.”

Population growth in places such as Atlanta and Phoenix, which drives up housing costs, could eventually fizzle out as it has in other cities.

“Denver and Salt Lake City grew tremendously, largely on the backs of New York and San Francisco for years,” said Adam Kamins, director of regional economics at Moody’s Analytics.

“Denver’s costs rose dramatically, still nowhere near those in San Francisco, but enough that you’re now seeing migration out of Denver into cheaper places like Boise, so it is possible that growth eventually spills over into another market.”

Write to Bryan Mena at bryan.mena@wsj.com and Harriet Torry at harriet.torry@wsj.com

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Main Central Banks Shifting at Completely different Speeds to Confront Inflation; Financial institution of Mexico Lifts Charges Once more

Fri, 17 Dec 2021 17:04:02 +0000

Nice day. The Federal Reserve, the Bank of England and the European Central Bank have embarked on different policy paths this week, underscoring how the central banks’ plans to phase out multi-billion dollar stimulus policies and aim for higher interest rates are developing at different speeds around the world with large economies that are with face an incomplete recovery while inflationary pressures mount. Meanwhile, the Bank of Mexico hiked rates again on Thursday, only this time it raised its overnight money target by half a percentage point to 5.5% after having raised it by quarter points at its previous four meetings. Latin American competitors Brazil and Chile have also hiked interest rates faster in response to rising inflation. In addition, the Japanese central bank has kept its monetary policy extremely loose earlier today and expressed minimal concern about inflation.

Now for today’s news and analysis.

How A lot Cash Ought to You Price range for Dwelling Upkeep in 2022, Primarily based on Inflation?

Sat, 11 Dec 2021 02:53:31 +0000

Money / financial planning

eclipse_images / Getty Images

If you’re planning any major maintenance or renovation projects in 2022, be prepared to dig a little deeper into your bank account. The cost of maintaining the average single-family home in the US rose 9.3% last year, according to a new survey by Thumbtack, and there is every reason to believe that those costs will continue to rise over the next year.

According to a survey of more than 1,000 Americans in the 40 largest US cities, the higher maintenance costs for households were caused by labor and material shortages, as well as increasing demand for household services. About 30% of respondents said they would spend more than $ 10,000 on home projects in the next 12 months.

According to the Thumbtacks Home Care Price Index, released December 9, the average annual cost of maintaining a single family home is $ 4,886 – an increase of about $ 450 per household compared to 2020. The average cost of maintenance for a Townhouses soared 8.6% to $ 1,922 this year, while the average home maintenance cost increased 10% to $ 682.

See: 7 Easy Home Renovations To Get Started This Winter
Find: Who pays for home renovations on your favorite HGTV and other shows – and what do they cost?

Inflation to blame for rising prices?

Although these increases slowed significantly in the fourth quarter, overall inflation projections point to continued rising costs for almost everything in 2022.

Economists surveyed by the National Association for Business Economics estimate annual inflation will stay above 2% for the next three years amid rising wages and strong demand for goods and services, according to a recent Fox Business report. By the end of 2022, consumer price index inflation is expected to rise by almost 3%.

If this surge creeps into home maintenance, you can expect the average cost of servicing a single family home to climb to over $ 5,000 in 2022. Of course, a lot depends on the types of renovation or maintenance that are sought. In 2021, costs will rise for all but a few maintenance categories, according to Thumbtack. Here are some of the year-over-year cost increases for the current quarter:

Sprinkler and irrigation repairs: 28.8%.
Equipment maintenance: 19.7%.
Sewer cleaning: 19.5%.
Roof maintenance: 13.4%.
Tree pruning: 13.4%.
House cleaning: 13.3%.

Only three categories saw costs fall this quarter: chimney and chimney cleaning by 5.3%; central air conditioning maintenance (minus 1.8%); and lawn care (minus 0.4%).

Find out: Bathroom renovations that bring the greatest added value
Explore: 7 Easy Home Improvements for $ 5,000 or Less

Which US regions will be hardest hit by rising home maintenance costs?

In terms of geographic regions, Thumbtack’s home care price index has seen double-digit maintenance increases in numerous Sunbelt cities this year. Those who see some of the tallest peaks are West Palm Beach, Florida (+ 18.4%); Charlotte, North Carolina (+ 18%); Orlando, Florida (+ 16.6%); Houston, Texas (+ 15.8%); Miami, Florida (+ 14.4%); San Antonio, Texas (+ 13.8%); and San Diego, California (+ 13.7%).

Steep gains were also reported in hot residential markets such as Portland, Oregon (+ 33.9%); Las Vegas, Nevada (+ 17.6%); Seattle, Washington (+ 16.3%); Salt Lake City, Utah (+ 12.8%); New York City, New York (+ 12.1%) and Denver, Colorado (+ 10.5%).

At the other end of the spectrum, some cities have seen either declines or minimal increases in maintenance costs this year. This includes Baltimore, which was the only city on the list to see a 1.9% decline. Boston, Philadelphia, San Francisco, and Washington, DC all reported increases of 3% or less.

See: Seasonal House Maintenance You Must Do To Maintain Your Home’s Value
Find: 12 Money Saving Home Maintenance Chores That You Don’t Need To Avoid anymore

About the author

Vance Cariaga is a London based writer, editor and journalist who previously worked for Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work has also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal, and Business North Carolina Magazine. He holds a BA in English from Appalachian State University and studied journalism from the University of South Carolina. His coverage has been recognized by the North Carolina Press Association, the Green Eyeshade Awards, and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. Vance’s short story “Saint Christopher” is from North Carolina and also writes fiction. She took second place in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published in 2019 by Ad Hoc Fiction. His debut novel, Voodoo Hideaway, was published by Atmosphere Press in 2021.

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Inflation Hits Owners with Annual Residence Upkeep Prices up 9.3 % | Enterprise

Thu, 09 Dec 2021 17:48:50 +0000

SAN FRANCISCO – (BUSINESS WIRE) – Sept. December 2021–

Thumbtack, the modern home management platform, released its first home care price index today. The Home Care Price Index leverages data on basic maintenance needs and provides insights into the annual cost of home ownership across the country and in the top 40 US cities.

This press release contains multimedia. View the full press release here: https://www.businesswire.com/news/home/20211209005269/en/

In the last 12 months, the average maintenance costs for a single-family home have risen by 9.3 percent, partly due to a lack of labor and materials. At the same time, the demand for home services is increasing: 30 percent of homeowners surveyed say they will spend more than US $ 10,000 on home projects in the next 12 months. 1

“Our houses are gaining both in value and in importance in our lives. As costs rise, keeping track of home care is a smart investment – saving money, adding value and providing homeowners with peace of mind, “said Marco Zappacosta, Co-Founder and CEO of Thumbtack. “We created the Home Care Price Index to provide transparency while also helping homeowners find a great professional at the right price for all of their home needs.”

Average cost of home care

According to Thumbtack’s Home Care Price Index, the average annual cost of maintaining a single family home is $ 4,886 – an increase of about $ 450 per household compared to 2020. That increase appears to be slowing in the fourth quarter of 2021, as in comparison, costs rose 0.4 percentage points lower than in the previous quarter.

The Home Care Price Index takes into account various projects homeowners must tackle each year – including HVAC maintenance, gutter cleaning, roof maintenance, and more – to avoid costly repairs and unnecessary emergencies. Among these projects, the highest price peaks are in the maintenance of sprinkler and irrigation systems (+28.8 percent), equipment maintenance (+19.7 percent) and sewer and ventilation cleaning (+19.5 percent).

In addition, the rising costs of home care are affecting not only single-family homes, but also row houses and apartments. Over the past 12 months, the average cost of a townhouse has increased 8.6 percent to $ 1,922 – an increase of about $ 150 since 2020 (excluding HOA fees). Over the same period, the average cost of an apartment has increased 10 percent to $ 682 – an increase of $ 62 from 2020.

Regional inflation trends

Many areas across the country saw costs rise over the past year due to “major reshuffle”, labor and supply shortages, and a new focus on minimizing house wear and tear during the pandemic. These trends vary widely at the local level:

Florida and the “Sun Belt” see spikes: As homeowners, and especially families, are looking for warmer (and milder) weather, Florida cities like West Palm Beach (+18.4 percent), Orlando (+16.6 percent) and Miami ( +14.4.) Percent) as well as cities along the “sun belt” such as Charlotte (+18 percent), Houston (+15.8 percent), San Antonio (+13.8 percent), San Diego (+13.7 percent ), Austin (+12.6 percent), Atlanta (+10.8 percent) and Greenville-Asheville (+10.8 percent) all recorded increases.
Hot markets are seeing rising costs: In addition, cities in which the real estate market has been booming since the beginning of the pandemic, such as Portland (+33.9 percent), Las Vegas (+17.6 percent), Seattle (+16.3 percent), Salt Lake City (+12.8 percent), New York (+12.1 percent) and Denver (+10.5 percent) also recorded stronger increases.
Cooler markets weaken: Cities like Baltimore (-1.9 percent), Columbus (+0.9 percent), Boston (+2.1 percent), Philadelphia (+2.4 percent), Washington DC (+2, 5 percent), San Francisco (+3 percent), Nashville (+3.1 percent), Milwaukee (+4.3 percent), Chicago (+4.4 percent) and Dallas-Ft. Worth (+5.2 percent) are well below the national average or show slower growth.

“People in different cities will make different decisions. But what is clear is that you can postpone buying a new couch – but once you have moved to a warmer climate, you cannot postpone servicing or repairing your air conditioning, sprinklers and other high-traffic areas, “added David Steckel. Home Expert at Thumbtack. “Proactive home care saves homeowners thousands of dollars in repairs and helps arrange replacement appointments. For example, HVAC maintenance costs $ 390 each year compared to replacing a system, which can cost up to $ 12,500. “

Switch to continuous care

Home has become even more important in people’s lives over the past two years. It is therefore more important than ever to internalize the idea of continuous maintenance – not just repairing things when they break, but also preventive maintenance. As the partner of choice, Thumbtack helps homeowners take care of their home from start to finish and find the right professional at the right time for their home’s unique needs with no hassle.

To hire a local professional for your home projects, visit www.thumbtack.com or download the Thumbtack app (available for iOS and Android).

About thumbtack

Thumbtack is a technology leader developing the modern home management platform. The Thumbtack app makes it easy for homeowners to manage their homes – knowing confidently what to do, when to do it, and who to hire. Thumbtack brings the $ 500 billion home services industry online, empowering millions of homeowners to repair, maintain, and improve their most precious asset. Hundreds of thousands of local service professionals, from painters and plumbers to photographers and math teachers, use the Thumbtack platform every year to grow their business.

methodology

The Housekeeping Price Index includes categories of pins that are considered essential annual house maintenance tasks – equipment maintenance, carpet cleaning, central air conditioning maintenance, deck stains and sealing, duct and ventilation cleaning, chimney and chimney cleaning, full-service lawn care, gutter cleaning and maintenance, Maintenance of the heating system, house cleaning, foliage cleaning, high pressure cleaning, roof maintenance, maintenance of sprinkler and irrigation systems, tile and joint cleaning, tree pruning and removal, maintenance of water heaters, window cleaning, caulking and basic cleaning. The price data is based on over a million projects requested on Thumbtack between January 1, 2020 and November 18, 2021, reported directly by the independent service representative or individual customer. Cost is an unweighted index of home maintenance projects on a quarterly basis using a moving average. Outliers were removed when the reported price was three times the standard deviation from the mean within each category.

—————————————————————

1 In a Thumbtack survey of over 1,000 Americans, 22 percent of homeowners plan to invest $ 5,000 to 9,999, 19 percent plan to invest $ 10,000 to $ 24,999, 6 percent plan to invest $ 25,000 to $ 49,999 and 5 percent plan to invest $ 50,000 or more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005269/en/

CONTACT: Laura Arrubla Toro

press@thumbtack.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

SECTOR KEYWORD: SOFTWARE CONSTRUCTION & REAL ESTATE INTERNET BUILDING SYSTEMS TECHNOLOGY LANDSCAPE OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL CONSTRUCTION & REAL ESTATE

SOURCE: Thumbtack

PUB: 12/9/2021 8:00 AM / DISC: 12/9/2021 8:03 AM

http://www.businesswire.com/news/home/20211209005269/en

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Methods to Keep Forward of Rising Inflation – San Francisco Bay Occasions

Thu, 15 Jul 2021 22:22:44 +0000

By Brandon Miller, CFP–

Nothing says we’re back from pandemic isolation like … inflatables. Given the spread of the contagion, it’s not surprising that families have avoided jumping in enclosed spaces like the plague. But the other day my neighbour’s garden was suddenly filled with a beautiful pink-purple princess castle. And it dawned on me that the owner of the inflatable business probably thinks inflation is a good thing.

Treasury Secretary Janet Yellen shares this view. She thinks a little bit of inflation – the way prices go up so your money buys less – might be just what we need now. But why is it better to pay $ 10.30 tomorrow for the 12-pack that only costs you $ 10 today?

The prevailing wisdom is that moderate inflation is required to stimulate consumption, which is the driving force behind economic growth. Prices are rising steadily in order to avoid a standstill or shrinkage of an economy. In theory, higher prices allow employers to pay higher wages, although that extra profit too often seems to be sucked up should it trickle down. Rising prices over time also discourage consumers from delaying purchases to await lower prices. Without the constant consumption of goods and services, production would shrink, layoffs would rampant and the economy would plunge into a deep slump.

With this alternative, paying a little more for what we want and need seems like a better option.

Secretary of State Yellen expects inflation to stay around 3% for the remainder of this year, one percentage point higher than what the Fed is aiming for annually. Politicians say this is evidence of a brisk – or overheated – economy, depending on which side of the aisle they encounter.

The year-on-year comparison is distorted by the pandemic. As a result of this move, gas and flight costs have skyrocketed – by 56% and 24% respectively – but mainly because no one left their home in the past year. On the flip side, food prices averaged 1% higher between May 2020 and May 2021, according to the US Bureau of Labor Statistics.

Foreign Minister Yellen believes the higher numbers are due to “temporary factors”. What she means here is basic supply and demand. When we come back to life, there will be a backlog of goods and services. Manufacturers haven’t quite caught up, causing temporary bottlenecks. High demand coupled with low supply leads to higher prices. Once factories and supply chains are up to date, prices should come down as supply meets demand. The big question is how long will this take?

Whatever the cause or duration, the following suggestions can help you stay one step ahead of inflation in your financial life.

Borrow now. Debtors win when inflation rises because they pay off loans with money that is less valuable than what they borrowed. With interest rates low and it may not last long, now may be the time to buy a house, or a boat, or whatever you dreamed of during the pandemic.

Secure long-term agreements. Today’s rent or mortgage payments can appear as starvation wages when interest rates rise steadily, so that securing a multi-year rental agreement or a 30-year mortgage could make sense.

Redeem bonus points. These will be worth a lot less when the prices are higher, so stop hoarding them. Also, the terms and conditions of the credit card, airline, etc. issuing the points can change at any time. So enjoy your rewards now while they buy you something.

Take inflation into account in your financial planning. For example, let’s say you need to retire at $ 10,000 per month based on today’s dollars. Over the years, inflation will reduce the amount that can be bought for $ 10,000. In your later years, you may need $ 12,000 to keep up. Inflation planning can better prepare you for what lies ahead.

Look at longevity annuities. With this additional retirement investment, you put a large amount of money in an account with the agreement that you will receive a guaranteed income for life. In contrast to regular pensions, these are only paid out from the age of 80 in order to prevent you from surviving your savings.

With a little foresight and planning, there is no need to fear inflation. In fact, the kids jumping around in my neighbor’s backyard found that it can help them get the party started. Perhaps a little bit of financial inflation will help boost the economy and wages in the coming months, which gives us all something to jump around in.

Brio does not provide tax or legal advice, and nothing contained in these materials is to be construed as such. The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or any particular security. It only serves to educate people about the financial industry. To determine which investments might be right for you, consult your financial advisor before investing. Past performance discussed during this program is not a guarantee of future results. All benchmark indices are not managed and cannot be invested directly. As always, please remember that investing involves risk and the potential for loss of capital. Please seek advice from a licensed specialist.

Brio Financial Group is a registered investment advisor. The SEC registration does not constitute endorsement of Brio by the SEC, nor does it indicate that Brio has achieved any particular level of skill or ability. Advisory services are only offered to clients or prospective clients for whom Brio Financial Group and its agents are properly licensed or exempted from approval. Brio Financial Group is not allowed to provide advice unless there is a customer service agreement.

Brandon Miller, CFP®, is a financial advisor with Brio Financial Group in San Francisco specializing in helping LGBT people and families plan and achieve their financial goals.

Published on July 15, 2021

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