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Tuesday 31 January 2023

The Daily Money: Gas prices are on the rise again

Gas prices are ticking up after dipping during the summer and may reach $4 a gallon on average later this year. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Tuesday, January 31

Is it Friday yet? Nah, it's Tuesday. But we're getting closer! It's Charisse Jones with the Daily Money headlines. 

The Federal Reserve is meeting this week and you may be wondering whether you should worry about a coming recession or breathe a sigh of relief that we dodged a downturn.

We can't be sure, but with the Fed's policymaking committee expected to raise interest rates again, we can look at how similar hikes impacted the economy in the past. 

Depending on the decade, the Fed's actions have tamed inflation without too much turbulence while at other times the rate spikes tilted the economy into recession. 

"I don't think anyone knows whether we're going to have a recession or not,'' Fed Chairman Jerome Powell said in December, "and if we do, whether it's going to be a deep one or not."  

Gas prices are on the rise again 

Gas prices are displayed at a Mobil gas station in Prospect Heights, Ill., Sunday, Jan. 29, 2023.
Gas prices are displayed at a Mobil gas station in Prospect Heights, Ill., Sunday, Jan. 29, 2023.
Nam Y. Huh, AP

Gas prices began to slide in the fall, but they've been on the rise for each of the last five weeks and are expected to continue to increase, experts say. 

Drivers are paying $3.50 on average for a regular gallon of gas, according to AAA. That's up from $3.36 a gallon at the same time last year. And experts predict the average price might tick up to $4 in the coming months.  

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Insurers won't cover some Hyundai and Kia vehicles. Progressive and State Farm are not insuring some older Kia and Hyundai vehicles because they don't have certain features that can prevent theft. 

Calculating when you might die. As you plan for retirement, estimating how long you might live is key.  

Families struggle to pay soaring energy bills. Households getting energy assistance this winter increased to 6.2 million as compared to 4.9 million last year, the largest one-year spike in 14 years, according to the National Energy Assistance Directors' Association.

🍔 Today's Menu 🍔

Amazon's grocery delivery will cost more for some orders. Amazon Prime customers whose grocery orders through Amazon Fresh total less than $150 will no longer get free delivery beginning February 28. 

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you.

Follow Charisse Jones on Twitter: @charissejones.

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Monday 30 January 2023

The Daily Money: Ford, BMW among carmakers to issue recalls

Ford, Hyundai and BMW are among the car makers to recall over 391,000 vehicles for reasons ranging from leaky fuel tanks to faulty camera systems ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Monday, January 30

Happy Monday! It's Charisse Jones with the Daily Money headlines to get your week started. 

Ford, Hyundai and BMW are among the car manufacturers who are recalling over 391,000 vehicles for reasons ranging from faulty camera systems to leaky fuel tanks.  

The carmakers reported the issues to the U.S. National Highway Traffic Safety Administration last week. 

The recalled vehicles include 382,759 Ford Explorers, Corsair SUVs and Lincoln Aviators that have a flawed back-up camera system that turns the video monitor blue, and 326 2022 Hyundai Santa Fe Hybrid Plug-in cars with faulty fuel tanks.

To see if your vehicle is being recalled, check USA TODAY's automotive recall database or the database provided by the NHTSA.

The food industry also had a recall. Nearly 53,000 pounds of sausage products from Rhode Island-based Daniele International LLC are being recalled because they might be contaminated with listeria, according to the U.S. Department of Agriculture.

No illnesses have been reported, but the ready-to-eat salamis and Italian- and Spanish-style charcuterie platters were marketed under several brand names.

Business lunches in 2022 get a big tax break 

Companies and small business owners filling out their 2022 returns may be in for a treat.

If they bought business-related meals and beverages for their employees from a restaurant in 2021 and 2022, they could deduct 100% of the cost. That's up from the 50% deduction for those meals that was in place before the pandemic.

But the deduction doesn't apply if you bought your staffers lunch from a supermarket or vending machine. And it will drop back down to 50% this year.

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Ford has been one of the car company stars of the past year. Now it faces rising costs and a recession. Is its dividend safe?
BalkansCat / iStock Editorial via Getty Images

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Drug makers are hiking prices. Pharmaceutical companies like Pfizer and AbbVie raised the costs of nearly 1,000 drugs in January.

ChatGPT can't replace you – yet. The free online program can answer questions and write essays but doesn't know truth from fiction and is working with a lot of information that is outdated.

Ford cuts prices to compete with Tesla. Ford said that it will make some 2023 Mustang Mach-E SUV models thousands of dollars cheaper in a move likely meant to counter a similar price cut by rival Tesla.

🍔 Today's Menu 🍔

Whew. Chicken wing prices drop just in time for the Super Bowl. Despite inflation, Super Bowl party favorites like chicken wings and guacamole will be cheaper this year according to a Wells Fargo report.

About The Daily Money

Target children Pillowfort weighted blankets are being recalling.
Target children's Pillowfort weighted blankets are being recalled.
CPSC

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you.

Follow Charisse Jones on Twitter: @charissejones

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