Rent hikes contributing to inflation, a boost in retail spending, and supply chain issues affecting Connecticut businesses are among the top business news items this morning.
Rent hikes are contributing to inflationary pressures and could lead to more persistent high prices. The trend, along with ongoing increases in home prices, is causing Federal Reserve officials to closely monitor how housing costs are contributing to overall inflation.
Retail spending rose unexpectedly in September, increasing 0.7 percent from the previous month and 13.9 percent from September 2020. Several factors likely drove this trend, including higher overall prices, back to school purchases, and greater comfort with in-person shopping.
Connecticut businesses are feeling the impact of supply chain problems. The Hartford Courant discussed the issue with several companies, noting shortages of goods like groceries, construction materials, and vehicles as well as a lack of certain skilled employees necessary to move products.