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The Latest Breaking News from Inflation

Interest rates unlikely to fall amid 'once-in-a-generation' inflation battle, warns former RBA boss Glenn Stevens

The Reserve Bank of Australia (RBA) warns further interest rate increases are still possible, as a former RBA governor says the low-rate era is over, leaving households feeling like Australia is heading for recession.

ABC News

Decision to lift interest rates influenced by higher-than-forecast rent increases, RBA says

Minutes from recent meeting say surprise call was ‘finely balanced’ and aimed at diminishing the risks of high inflation becoming entrenched

The Guardian - AU

One in five workers will be higher-rate taxpayers by 2027 – IFS

Jeremy Hunt’s freeze on allowances and thresholds will put a quarter of teachers and one-eighth of nurses in 40% income tax bracket

The Guardian - UK

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Supermarket food basics DOUBLE in price over a year - see list of biggest rises

Which? looked at the prices of 26,000 products at eight supermarkets – Aldi, Asda, Lidl, Morrisons, Ocado, Sainsbury’s, Tesco and Waitrose - as part of its monthly inflation tracker

Daily Mirror

Food prices double in the UK as inflation at ‘shockingly high levels’, data shows

Which? urged Prime Minister Rishi Sunak to intervene on behalf of struggling consumers as its latest data showed ‘shockingly high’ inflation.

The Independent UK

Prices doubled in a year for some meat, yoghurt and veg says Which?

The consumer expert has urged the Prime Minister to intervene on behalf of struggling consumers as food inflation remains at 'shockingly high levels'

Wales Online

Treasurer wants energy transition to be his legacy – as it happened

This blog is now closed.

The Guardian - AU

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Cost of living pressures putting the squeeze on small businesses in regional South Australia

From growing their own vegetables to going wholesale, these small regional businesses are doing things differently to stay afloat as the flow-on effects from the COVID-19 pandemic, floods and inflation amp up the pressure.

ABC News

Japan's giant of central banking

Haruhiko Kuroda's ten-year tenure at the helm of the Bank of Japan was the most consequential in the central bank's history. Following his departure last month, it is worth reflecting on his record.

Bangkok Post

Stocks Close Higher on Hopes for U.S. Debt Ceiling Resolution

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Monday closed up +0.30%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.14%, and the Nasdaq 100 Index ($IU ) (QQQ ) closed up +0.55%. Stock indexes Monday closed moderately higher on hopes that...

Barchart

Stock Market Today: Stocks Edge Higher Ahead of Debt Ceiling Talks

The major market indexes bounced between positive and negative territory as lawmakers prepare for debt limit discussions.

Kiplinger

Dollar Ticks Lower as Stocks Gain

The dollar index (DXY00 ) on Monday fell by -0.24%. The dollar on Monday retreated from a 5-week high and posted moderate losses as stocks moved higher, curbing liquidity demand for the dollar. The dollar was also under pressure after the U.S. May Empire manufacturing index fell more than expected...

Barchart

Corporate greed, inflation and hunger

"Big Food's staggering increase in earnings shows they did not need to raise prices so high on consumers . . . "

Salon

Fed's Raphael Bostic doesn't see rate cuts until 2024

Atlanta Fed President Raphael Bostic thinks high consumer spending and strong labor market could continue to push prices higher.

Fortune

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The Conversation

UK economy: why the Bank of England is now more upbeat than the IMF

The Bank of England has changed its mind about the prospects for the UK economy. Having been predicting a recession in 2023 as recently as February, its latest May report is expecting a soft landing from the bout of high inflation and a year of interest rate hikes.

Barchart

Stocks Mixed as Hawkish Fed Comments Push Bond Yields Higher

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.03%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.05%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.05%. U.S. stocks this morning gave up an early advance...

Daily Mirror

Brits warned food inflation will be 'normal state of affairs' due to climate crisis

Rishi Sunak is under pressure to act over the sky-high grocery costs facing families when he hauls in supermarkets and farming chiefs to a crunch No10 summit on Tuesday

Birmingham Post

Growth of new business and activity extended into a third month - report

Input cost inflation softened in April but demand resilience facilitated a sharper increase in output charges, says latest NatWest PMI report

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The Guardian - UK

European economy expected to grow faster than forecast, says EU

Revised outlook for 2023 and 2024 puts average growth for 27-member bloc at 1%

Barchart

Stocks Set to Open Higher as Investors Await Powell Speech, Debt Ceiling Optimism Lifts Sentiment

June S&P 500 futures (ESM23) are up +0.39%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.32% this morning as market participants awaited an update on plans to raise the U.S. debt ceiling while bracing for a key speech from Fed Chair Jerome Powell.

France 24

Turkey's economy, inflation in focus as election heads to runoff

Sky-high inflation and a plunging lira continue to be at the forefront of Turkish voters' minds as the country appears set for a runoff election between President Recep Tayyip Erdogan and his challenger Kemal Kilicdaroglu. Erdogan's unorthodox economic theories have unnerved investors and analysts as he contradicts mainstream methods to…

The Independent UK

Europe's outlook for economic growth brightens — a little

The European Union’s executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis

The Hindu

Wholesale prices contracts 0.9% in April

India’s Wholesale prices slipped into deflationary territory in April, with the pace of price rise contracting 0.92%, led by a 2.42% year-on-year decline in manufactured products’ prices and a sharp dip in fuel, power and food inflation rates.

Birmingham Post

East Midlands economy continues to get better according to new survey, though growth still weak

Employment could be getting back on track, and while prices are still going up, the rate of inflation is easing

The Independent UK

Stock market today: Asian markets, oil lower as recession fears, debt ceiling darken outlook

Asian shares are mostly lower though Tokyo's benchmark has gained after a decline Friday on Wall Street driven by renewed worries over a possible recession

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