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The Latest Breaking News from Inflation

Retailers hit out at plans for voluntary price caps on some foods

Downing Street is understood to be drawing up proposals to charge the lowest possible amount for some basic products.

The Independent UK

PwC stands down nine partners, chairman exits over tax scandal, ASX gains on US debt ceiling deal optimism — as it happened

After posting a weekly fall, the Australian share market has jumped at the start of trading, ahead of inflation data and the RBA governor speaking this week. Look back on the day's events and insights from our business reporters on the ABC News markets blog.

ABC News

Rethink MFP wage plan

The Move Forward Party (MFP) policy to immediately increase the daily minimum wage to 450 baht and adjust it annually to keep up with inflation is generating widespread debate. While the intention to support unskilled workers may be noble, it is crucial to acknowledge the potential impacts on businesses and…

Bangkok Post

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Turkey's Erdogan wins election, extending rule to third decade

Turkish President Recep Tayyip Erdogan won reelection Sunday, extending his increasingly authoritarian rule into a third decade in a country reeling from high inflation and the aftermath of an earthquake that levelled entire cities.

Radio France Internationale

UK Government could ask supermarkets to cap price of food staples in battle against inflation

The opt-in scheme, based on a similar agreement in France, would allow supermarkets to select which items they would cap.

Daily Record

Barclay: Plans for price caps on food staples have ‘no element of compulsion’

Downing Street is understood to be drawing up proposals that would seek to get retailers charging the lowest possible amount for some basic products.

The Independent UK

Terrible week for Sunak and Hunt puts election victory all but out of reach

Praise from the IMF and optimism on inflation have given way to echoes of last autumn’s turmoil

The Guardian - UK

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Rishi Sunak ‘to urge supermarkets to cap price of food basics’

Downing Street is drawing up plans to encourage supermarkets to introduce voluntary price caps on food staples in a bid to help with the cost-of-living crisis.

Evening Standard

Downing Street 'wants to encourage supermarkets to price cap food staples'

Sources say the proposals to help with the cost of living crisis are 'at drawing board stage'

Manchester Evening News

Warning over popular home improvement that can affect your chances to remortgage

A simple home improvement in thousands of homes could cause householders looking to remortgage a headache with money lenders, according to a group of experts

Daily Mirror

Economic experts project £800 drop in disposable income for Scots

THE “debilitating” effect of inflation will mean prices stay permanently high, with Scottish households expected to see on average a drop of…

The National (Scotland)

RBA chief Philip Lowe in the hot seat at Senate hearing as interest-rate decision looms

Philip Lowe will field questions from senators six days before the Reserve Bank of Australia announces its next decision on interest rates

The New Daily

Sunak ‘asks retailers to cap food prices including milk and bread’ amid surging bills

Food staples would be at the lowest price possible under new plans from No 10, it is claimed

The Independent UK

Insurance giant halts sale of new home policies in California due to wildfires

State Farm also cites inflation of construction costs in statement which comes after increasing wildfires in state

The Guardian - US

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Zenger

Fed’s Favorite Inflation Gauge Exceeds Expectations, Fueling Fear Of New Rate Hikes

The U.S. PCE price index rose 4.4% and Core PCE price index rose 4.7% year-over-year in April

ABC News

Why are electricity prices rising in July? How can I cut costs? Your energy questions answered

Energy costs are set to rise, once again. Here's a breakdown of what's happening, along with answers to some of your burning energy questions.

Barchart

Dollar Gives up Early Gains as Strong Stocks Curb Liquidity Demand

The dollar index (DXY00 ) on Friday fell by -0.06%. The dollar on Friday retreated from a 2-1/4 month high and posted modest losses. A rally in stocks Friday curbed liquidity demand for the dollar. Also, T-note yields fell back from their highest levels, which weighed on the dollar. The...

The Guardian - UK

Rishi Sunak warned over possible UK recession in 2024

High inflation likely to push interest rates above 5% and force up mortgage and loan payments just ahead of election

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The Conversation

UK bonds are in meltdown again – what does that mean for pensions? Expert Q&A

UK government debt prices have taken an unnerving journey south in the past few days. The closely watched ten-year bond has now hit a yield of 4.3%, taking it within a fraction of the level that caused a crisis in autumn 2022.

Barchart

Stocks Climb on Signs of Progress in Debt-Limit Talks

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +1.12%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +1.01%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.92%. U.S. stocks this morning are moderately higher, with the...

Fortune

Europe's largest economy has been in a recession for 6 months and nobody noticed

While the German stock exchange was busy reaching new all-time highs, consumers faced with high inflation went on strike, crippling the economy.

The Independent UK

UK's Treasury chief accepts that recession may be necessary to get inflation down

Britain’s Treasury chief says he would be prepared to see the British economy slip back into recession if further interest rate hikes are necessary to bring down inflation

The Independent UK

A measure of inflation that is closely tracked by the Federal Reserve increased in April

A key index of U.S. prices ticked higher in April as consumer spending rebounded, a sign that inflationary pressures in the economy remain high

Evening Standard

The sorry state of the Bank of England’s battle with price hikes

City comment: At least the Bank’s old approach was consistent

Barchart

S&P Futures Tick Higher Ahead of Key U.S. Inflation Data, U.S. Debt-Ceiling Talks in Focus

June S&P 500 futures (ESM23) are trending up +0.17% this morning after the S&P 500 and Nasdaq 100 closed sharply higher on Thursday as blowout guidance from Nvidia and progress on debt ceiling talks boosted market sentiment, while investors awaited a reading on the Federal Reserve’s preferred inflation gauge.

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