Can’t buy me love: Valentine’s Day spending is projected to reach a near record of $19.6 billion this year, up from $18.2 billion in 2017, the National Retail Federation says. Americans will spend an average of $144 on Valentine’s Day, an increase from last year’s $136.57. This year’s survey by NRF found that consumers will spend an average of about $89 on their significant other or spouse, and an average of $4.79 per coworker. Those aged between 25 and 34 will be the biggest spenders, averaging $202.76. Read more.
Rising prices: U.S. consumer prices rose 0.3% in January, marking the biggest rise in prices in a year. The increase is likely to fan inflation fears in financial markets. Overall consumer prices rose 0.5% in last month, the most in four months, the Labor Department says. Inflation rose 2.1% from a year earlier and core prices increased 1.8%. The increases were led by much higher clothing costs and more expensive car insurance. Read more.
Paring back: Refugee resettlement agencies are preparing to shutter more than 20 offices across the United States—including the only two in Louisiana—and cut back operations in more than 40 others after the State Department told them to pare their operations, Reuters reports. The slated closures are being reviewed by the State Department for final approval. They follow President Donald Trump’s decision to dramatically reduce the number of refugees that will be allowed into the United States in 2018. Read more.
