CNN – Business/Consumer

By Nathaniel Meyersohn, CNN Business Decades-high inflation is changing US consumers’ grocery habits. Kroger, the nation’s largest grocery store chain, said Thursday that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from beef to pork. “Rising inflation has consumers rethinking their shopping and eating

By Anna Bahney, CNN Business Another indication the hot housing market is cooling off? New residential construction and the number of permits issued for building homes both fell in May. The number of housing starts fell for the second month in a row in May, dropping 14.4% from April and 3.5% from the year before.

By Jordan Valinsky, CNN Business Amazon’s Prime Day sales event will be held on July 12 and 13, the company said Thursday. Last year’s sales spectacular, which returned to its usual summer perch, was the biggest two-day sales period for third-party sellers in the company’s history. Online spending during the event surpassed $11 billion, a

Opinion by Desmond Lachman for CNN Business Perspectives History will not judge the Jerome Powell Federal Reserve kindly. First, it brought us multi-decade high inflation. Now, it is putting us well on the path to a hard economic landing. Last year, at a time when the US economy was recovering strongly, the Fed kept its

By Frank Pallotta, CNN Business Pixar is one of the most popular brands in animation as well as one of the most important studios in Disney’s media kingdom. But it has been a while since audiences could go to a theater to see one of its films. After releasing its last three features directly on

By Anna Bahney, CNN Business Mortgage rates surged by more than half a percentage point this week amid rising inflation and an interest rate hike by the Federal Reserve, according to Freddie Mac. The jump is the largest one-week increase since 1987. The 30-year fixed-rate mortgage averaged 5.78% in the week ending June 16, up

By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994. This follows the

By Anna Cooban, CNN Business The United Kingdom’s central bank has hiked interest rates for a fifth time since December in a bid to tame spiraling inflation. The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25% despite fears that soaring prices are already

By Nathaniel Meyersohn, CNN Business The Covid-19 pandemic was expected to turn us all into permanent online shoppers, never to set foot in physical stores again. Instead, consumers have apparently gotten tired of ordering everything while sitting on the couch and have returned to shopping the old-fashioned way. “As the pandemic has subsided, you’re seeing

By Laura He, CNN Business European markets and US stock futures fell Thursday, a day after the Fed got tough on inflation with its biggest rate hike since 1994. France’s CAC 40 fell 2.3%, and Germany’s DAX 2.7%, while the FTSE 100 slipped 2.6%. US stocks had closed higher on Wednesday after the Federal Reserve