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Inflation fear sinks in on Twitter users after consumer price index rises yet again

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The U.S. Consumer Price Index (CPI) for August dropped Tuesday and it immediately caused a stir. Prices for all items went up an average of 0.3% that month alone. This is a slight decrease from July, which saw an increase of 0.5%.

First, Producer prices rose 0.7% in August, which was less than the 1% increase the month before. Economists were anticipating a 0.6% gain. Yet, it was still the fastest annual pace on record for the fifth consecutive month. As a result, “inflation” began trending on Twitter Tuesday, with over 300,000 tweets at the time of this report.

Deputy Spokesman for House Minority Leader Kevin McCarthy (R-CA), Chad Gilmartin, called more attention to the CPI. In a tweet Tuesday, he blamed Biden and his economic plan.

“Americans are paying (literally) for Biden’s failed leadership,” Gilmartin tweeted. “And now Democrats want to spend $3.5 TRILLION on a liberal wish list.”

Rep. Elise Stefanik (R-NY) jumped on the trend. “Inflation is a tax on EVERY American,” Stefanik tweeted Monday.

A Twitter account behind Pomp Investments took the report as an opportunity to advertise its services. “The most vulnerable in society are being crushed by rising costs, while asset owners get richer,” the tweet read. “Don’t complain about it. Start investing.”

Over the past year, CPI increased 5.3% overall since the last 12 months. However, some items increased by much more. For instance, gasoline is up 42.7% from last August. As a result, the energy index also increased by 2% since last month, and has been on the rise for the last three months. Similarly, used cars rose to 31.9% since last year.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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Economy

Chevron downsizes global San Fran headquarters, paying for employees to move to Texas office

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Oil giant Chevron made a huge announcement saying it will be closing its current global headquarters in San Ramon, California. Even more telling, its encouraging employees to move to Houston, Texas.

The San Francisco Gate reported “the oil company will cover relocation costs for those voluntarily leaving for the Texas office, which has been growing and employs nearly 6,000 people. Meanwhile, the San Ramon office buildings have experienced dwindling numbers in recent years.”

Although the company is not leaving the state completely, “company leadership has pushed for a permanent move to Texas in the past” adds SFGATE. Chevron, which has had “deep roots” in California going back to the late 1800s, will vacate its 100-acre campus in 2023.

The Wall Street Journal reports the business hopes to move into a smaller space in San Ramon, which will remain its headquarters. A company spokesperson told SFGATE “the current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population.”

“The move is expected to occur during the third quarter of 2023” they continued. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.”

The SFGATE notes Chevron is one of “the East Bay’s legacy companies joining the trend” to move their headquarters out of the area in recent years. Tech companies such as startups like Coinbase to industry pioneers like Hewlett Packard and Oracle have all vacated, with Elon Musk having been “one particularly outspoken voice decrying California’s business conditions.”

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