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The Latest Breaking News from Inflation

Data | Why Centre’s denial of rice through OMSS hits Karnataka the most

The Congress-led Karnataka government has been facing challenges in fulfilling its promise of providing five kg of rice to Below Poverty Line (BPL) and Antyodaya card holders. The Centre’s discontinuation of the Open Market Sale Scheme (OMSS), which provided surplus grains, has put Karnataka in a difficult position. This move…

The Hindu

Biden is heading to South Carolina to show his economic agenda is keeping even red states humming

President Joe Biden is heading to South Carolina to make the case that his economic agenda is helping keep even red states humming

The Independent UK

Panel trims export growth forecast

Dim economic prospects over the next six months have caused the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) to cut its export growth forecast to -2% this year, down from -1%.

Bangkok Post

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We won’t be able to steady the ship on inflation while wages speed on

City comment: Business costs are falling sharply. Except one: salaries

Evening Standard

Bank of England may have to hike interest rates to 7% to curb inflation, economists warn

Fears heighten for UK economy and household budgets as expert says ‘hard landing increasingly likely’

The Independent UK

Paul Krugman Smacks Down ‘Recession Truthers’ Led By Elon Musk As ‘Crypto Cultists’

Economist and Nobel laureate Paul Krugman revealed he had no soft corners for an emerging group he calls “recession truthers,” following a decline in inflationary pressure over the past year

Zenger

Wall Street buys into Bidenomics, with the top economists at Goldman and other banks saying we could really dodge a recession

The White House is taking a victory lap, and economists at Goldman Sachs and JPMorgan are offering rosier economic forecasts.

Fortune

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Fed minutes reveal divisions over decision to pause in June

WASHINGTON — Federal Reserve officials were less united at their June meeting than their unanimous decision suggested, as some favored interest-rate increases but went along with the move to leave policy unchanged.

Tribune News Service

Dollar Gains on Hawkish FOMC Minutes

The dollar index (DXY00 ) Wednesday rose +0.32%. The dollar on Wednesday recovered from modest losses and moved higher on strength in T-note yields. Also, a slump in stocks boosted the liquidity demand for the dollar. Gains in the dollar accelerated Wednesday after the release of the hawkish minutes of...

Barchart

Nobel laureate Paul Krugman dismisses Elon Musk’s economic predictions, calling them conspiracy theories by a ‘recession truther’

The Princeton economist and New York Times columnist said tech billionaires are “often, in practice, easy marks for grifters and con men.”

Fortune

Bank too slow to ‘wake up’ to inflation threat, former deputy governor says

Sir Charles Bean agreed with economic experts that the Bank of England has made mistakes in its recent inflation modelling.

The Independent UK

Stubborn UK inflation may lead to 7% interest rates, economists warn

JP Morgan says risk of ‘hard landing’ for economy heightened, with higher borrowing costs hitting business

The Guardian - UK

Stocks Mixed as Broader Marker Weighed Down by Global Economic Concerns

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.07%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.32%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is +0.32%. Stocks this morning are mixed, with the Nasdaq 100 climbing...

Barchart

‘Stubborn inflation’ hits central London’s luxury home sector

Prices of high end homes in prime central London fell in the second quarter, down 5.9% from a year earlier, as the uncertain economic outlook weighs on the housing market.

Evening Standard

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The Week

Why aren’t soaring interest rates bringing down inflation?

Rishi Sunak has blamed the high number of fixed-rate mortgages for his government’s failure to bring down inflation.

Barchart

Markets Today: Stocks Under Pressure on Weak Chinese Economic News

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are down -0.52%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are down -0.61%. U.S. stock index futures this morning are moderately lower. Global stocks are under pressure today after weaker-than-expected news on China’s services industry sparked concerns about...

The National (Scotland)

UK worst in G7 at curbing inflation, analysis finds

THE UK is the least successful country in the G7 at curbing inflation, new analysis has concluded.

The Guardian - UK

AO World says inflationary pressures are easing, as it returns to profit

Electrical goods retailer reports pre-tax profits of £8m in year to end of March after big restructure

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news in one place.

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The Independent UK

August dates for DWP cost of living payments, benefits and pensions

Food inflation lodged at 18.4 per cent, ONS warns, but supermarkets expect prices to begin to fall

The Guardian - UK

Istanbul’s bellydancers and DJs fight for survival as Turkey’s night-time economy takes a hit

With inflation at more than 100%, and a ruling party hostile to Istanbul’s vibrant nightlife culture, performers and bar owners are facing severe struggles

Bangkok Post

Inflation unexpectedly up in June but at slower pace

Thailand's headline consumer price index (CPI) increased 0.23% in June from a year earlier, slowing from a 0.53% year-on-year rise in the previous month, the Commerce Ministry said on Wednesday.

The Guardian - AU

Childcare fees in Australia outpace inflation with rises of up to 32%, report finds

ACCC says households now paying 4% to 15% more for care and services as Albanese government’s cheaper childcare package comes into force

Birmingham Post

Inflation – a deeper story

Peter McGahan, chief executive of Worldwide Financial Planning speaks about inflation

The Times of India

Congress calls PM Modi ‘Menhgaai Man’, blames Centre for price rise

NEW DELHI: The Congress on Tuesday lashed out at the Narendra Modi government for, what it said, its “failure” to control inflation. Describing the prime minister as ‘Menhgaai-Man’, it alleged that inflation had broken all records under his regime. The women’s wing of the principal opposition party staged a flash…

AAP

PM asserts budget created space for RBA to pause hikes

The prime minister says the federal government has done its bit to help the central bank fight inflation by banking revenue gains and controlling spending.

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Kriengkrai Thiennukul

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Bharatiya Janata Party