It is well known that Russia is one of the world’s largest producers of energy, both natural gas and oil. So as gas prices continue to hit new highs across the country, just how much of the world’s oil does Russia produce?
Confidence among the nation’s consumers dipped this month as higher inflation weighed on sentiment. While the smaller-than-expected decline in consumer confidence was a good sign in the report, respondents stated they were worried about high inflation. Fewer people plan to buy homes, cars, autos and appliances in the next six months, the survey found.
According to the Bureau of Labor Statistics’ Consumer Price Index (CPI), rents rose 3.8% across the country last year. But one state in particular scored six of the top ten cities with the highest average rent increase.
Following another sharp increase in consumer prices, the US inflation-rate climbed to 7.5% - a 40-year high. Big increases in the cost of rent, food, and energy drove the consumer price index up 0.6% in the first month of the new year. The increase greatly exceeded Wall Street's forecast of a 0.4% gain. The 7.5% surge in the cost of living in the past 12 months is the biggest since February 1982.
Along with gasoline and rent we get to add orange juice to the ever-expanding list of prices expected to skyrocket throughout the year. The January forecast for the U.S. citrus harvest is looking especially bleak for Florida orange growers. One of the results of the meager harvest would likely be rising orange juice prices.
With the start to 2022 almost 1 month in, it’s become clear this year won’t be like the previous one. We continue to let our indicators and the charts guide our decision making. We’ve become much more cautious with what we’re seeing, but will be ready to deploy cash and reposition portfolios as indicators change. Risks affecting the market continue to rise, and we’ll see if the market can eventually get back to climbing that wall of worry.