Food Prices Drive Up Indian Inflation, Strengthening Rate Hike View

Food events in the Washington area

“Because pay is low and weekly work hours are limited, the families of more than half of the workers in the fast-food industry are unable to make ends meet,” the report said. Related: The real budgets of McDonald’s workers The data supports the claims that hundreds of fast food workers have been making across the country over the last year. Protests from New York City to Los Angeles, Memphis to Detroit have cropped up since last November , with workers calling for a minimum of $15 an hour and the right to organize without retaliation. The common narrative among fast food workers is that their pay is too low , they don’t get scheduled for enough hours and they get no benefits. The new report fuels their fire, finding that only 13% of fast food workers get health benefits from their employers, compared to 59% of the workforce on the whole. It also said that the median worker only works 30 hours per week, compared to 40 for the rest of the workforce. How I live on fast-food wages A separate report out Tuesday slammed fast food giants for pushing their workers onto the public safety net. The National Employment Law Project said that the 10 largest fast food companies in the U.S. were responsible for more than half the total cost to taxpayers — about $3.8 billion a year alone. The report calls out McDonald’s ( MCD , Fortune 500 ), Yum! Brands ( YUM , Fortune 500 ), Subway, Burger King ( BKW ), Wendy’s ( WEN ), Dunkin’ Donuts ( DNKN ), Dairy Queen, Little Caesar’s, Sonic ( SONC ) and Domino’s ( DPZ ). McDonald’s itself is responsible for $1.2 billion of that cost each year, NELP said.

fast food workers public assistance

Many analysts now expect him to raise interest rates by another 25 basis points on October 29, even after data showing economic growth in the June quarter hit a four-year low. “The pickup in inflation is testament to the lingering inflation risks and underscores the need for the RBI to keep its inflation guards up,” said Leif Lybecker Eskesen, Chief Economist for India & ASEAN at HSBC in a note. Federal bond yields posted their biggest advance in three weeks after the data firmed up expectations for a second consecutive rate hike in as many months. The benchmark 10-year government bond yield ended up 8 basis points on the day at 8.57 percent, its highest since September 23. Other data showed consumer prices rose 9.84 percent year-on-year in September, the fastest pace in three months. Economists in a Reuters poll last week had forecast an annual 9.60 percent rise in retail prices. India is not the only major emerging market wrestling with inflation and high food costs – China’s consumer inflation hit a seven-month high of 3.1 percent in September. But the pace of growth in food prices in India stood out, rising to an annual 18.40 percent last month, the fastest clip since July 2010 and triple the 6.1 percent rise seen in China. India’s inflation data comes on the heels of Friday’s disappointing industrial output numbers. Output grew a much-slower-than expected 0.6 percent in August, hurt by weak investment and consumer demand, dashing hopes of an economic rebound by the end of the year. STAGFLATION? The data fills out a picture of high inflation and weak growth in Asia’s third-largest economy, which some analysts define as akin to stagflation. India is struggling to lift its economic growth rate, which hit a decade-low of 5 percent in the fiscal year that ended in March.

A vendor waits for customers at his stall at a wholesale food market in Mumbai October 14, 2013. REUTERS/Danish Siddiqui . COOKING CLASS: Healthful-eating guru Juliette Tahar teaches techniques and recipes for broths and soupmaking, especially those for fall. 10 a.m.-noon. $25. Smith Center for Healing and the Arts, 1632 U St. NW. 202-483-8600. . DIWALI MELA: A celebration with food, vendors, music and dancing. Noon-6 p.m. $21.95; $12.95 children ages 4-10.

Half Of Fast Food Workers Get Public Assistance, And It’s Costing Taxpayers $7 Billion A Year

Half of fast food workers rely on some form of public assistance to supplement their low wages, costing taxpayers roughly $7 billion annually, according to a report released Tuesday. Fifty-two percent of fast food workers’ families rely on government programs such as Medicaid, food stamps, the Earned Income Tax Credit and Temporary Assistance for Needy Families, according to the report written by economists at the University of California-Berkeley and the University of Illinois . By comparison, roughly 25% of the total workforce is enrolled in public assistance programs. The fast food industry in the U.S. generates sales of about $200 billion of year and pays its workers an average of $8.69 an hour, according to the report. Many fast food employees work part time, but even the families of full-time employees specifically, more than half receive public assistance. Overall, one in five families of fast food workers are living in poverty, the report says. “The combination of low wages and benefits, often coupled with part-time employment, means that many of the families of fast-food workers must rely on taxpayer-funded safety net programs to make ends meet,” the report said. Using data from the Bureau of Labor Statistics and various public assistance programs between 2007 and 2011, the report estimates that $3.9 billion annually is spent on Medicaid and the Children’s Health Insurance Program for fast food workers’ families. The families also receive an annual average of $1.04 billion in food stamp benefits and $1.91 billion in Earned Income Tax Credit payments. The report concludes that public assistance “could be more effective if supplemented by measures that improve workers’ wages and benefits.” A conservative think tank blasted the report as a quest by the Service Employees International Union to unionize the fast food industry. “In its quest to unionize the fast food industry, the SEIU has demonstrated that it will leave no stone unturned including using ‘research’ and arguments that would get a higher grade in creative writing than in a high school economics class,” Michael Saltsman, research director at the Employment Policies Institute, said in a statement. A separate report out Tuesday said that the 10 largest fast-food companies in the U.S. including McDonald’s, Subway, and Burger King cost more than $3.8 billion annually in public assistance. The report was conducted by the pro-labor National Employment Law Project. The report estimated that the roughly 707,850 workers employed by McDonald’s in the U.S. receive about $1.2 billion annually in public assistance benefits. Annual benefits total $648 million for employees of Yum!