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The Latest Breaking News from Inflation

Saudi Arabia Leads Contract Awards in GCC

Saudi Arabia topped the GCC project awards, which improved during the year's second quarter despite global economic challenges caused by supply chain problems and higher oil prices primarily driven by the Russia-Ukraine conflict. Higher crude oil price was the most significant contributor to inflation numbers across countries, including in the…

Asharq Al-Awsat

Is it 'unparliamentary' to discuss inflation: Priyanka Gandhi slams govt

BJP-led government increased the burden of inflation further by imposing "Grihasthi Satyanash Tax (GST)", says Priyanka Gandhi Vadra

The Hindu

DWP rejects call to increase PIP and other disability benefits in line with inflation before next April

The rate of inflation rose to 9.4% in June from 9.1% in May.

Daily Record

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Underwhelmed by government pay rises, UK's doctors, nurses and teachers mull strikes

Britain's nurses, doctors and teachers moved towards strike action on Wednesday, demanding wages keep pace with soaring prices as the government defended its decision to award below-inflation pay rises for public sector workers.

Reuters

Inflation soars to 9.1 per cent threatening savings, wages and family budgets

Experts warned that rising prices are “bad news for everyone”.

Daily Record

Editorial: Rebuilding after Build Back Better: Democrats can get mad, but they’d be better off looking for fresh victories

We can’t disagree with the anger aimed at Joe Manchin for dragging the Senate along for months before finally admitting there’s no pared-down version of a Build Back Better bill he will support after all. Manchin uses inflation as an excuse but simultaneously says he can’t countenance raising taxes on…

Tribune News Service

Congress says it is ‘cruel’ to impose GST on items of essential consumption in times of inflation

Congress general secretary Jairam Ramesh slammed FM Nirmala Sitharaman over her defence of the hike in GST rates on food items, alleging Modi government is penalising aspiration and a desire to buy more hygienically packed goods.

The Hindu

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UK inflation rises to 40-year high of 9.4% as cost of living crisis spirals

Increase ‘driven by rising fuel and food prices’, ONS chief economist says

The Independent UK

FTSE 100 Live: Inflation at 9.4% adds to BoE pressure, Netflix upbeat

Surging fuel and food prices drove the UK inflation rate to 9.4% in June, the highest level in more than 40 years.

Evening Standard

Netflix lose almost one million subscribers amid tougher competition and soaring inflation

Almost 1.2 million subscribers have parted ways with the popular streaming platform since the start of the year.

Chronicle Live

Mortgage holders should brace for short-term pain as RBA signals steady interest rate rises to tackle inflation

Philip Lowe says reserve bank looking for its ‘neutral rate’ which could see cash rate almost double in coming months

The Guardian - AU

Inflation rises again to hit highest rate in more than 40 years

The headline rate of inflation has risen to 9.4% in June, with experts saying it will go even higher later this year

Chronicle Live

Mounting cost crisis sees inflation soar to fresh 40-year high

The Office for National Statistics said Consumer Prices Index inflation rose to 9.4% in June, up from 9.1% in May.

The Independent UK

Inflation rises to fresh 40-year high of 9.4%

Inflation hit a fresh 40-year high in June when it rose to 9.4 per cent, official figures have revealed.

Evening Standard

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Wales Online

Inflation rate rises to 9.4% as food and fuel costs soar

Prices rising at highest rate in 40 years

Daily Mirror

Inflation hits 40-year high of 9.4% and could rise even more as petrol prices soar

Prices for consumers are rising at the fastest rate in decades, meaning less cash in all of our pockets - and the worst is yet to come as energy bills are set to spike again in October

The Guardian - UK

UK inflation hits fresh 40-year high of 9.4% and ‘could hit 12% in October’

May’s 9.1% figure exceeds analysts’ expectations, with some saying Bank’s 11% autumn forecast is low

The Guardian - UK

EU to cut gas use by 15%; UK inflation rises for ninth month in a row to 9.4% – as it happened

EU says Russia ‘likely’ to halt gas supplies, while in the UK, milk, cheese, eggs, vegetables and ready meals become more expensive

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The Guardian - UK

‘Stuff your 5%!’ Is the UK facing a summer of discontent – and what can we learn from the winter of 1979?

Transport workers, barristers, doctors, teachers, nurses, civil servants: if they haven’t yet voted to strike, they’re likely to do so. The last time anything like this happened, it brought down the government …

Daily Mirror

What is CPI and why is it based on the price of dog collars and veggie sausages?

The consumer price index (CPI) is the main way that inflation is tracked, calculating the rising cost of every day goods, from dog food to sports bras

The New Daily

‘Right policy choice’: RBA boss Philip Lowe defends COVID response as inflation anger grows

Reserve Bank governor Philip Lowe has defended his COVID response, saying that pinning interest rates to the floor in 2020 was the “right policy choice”.

Bangkok Post

Central bank to ensure uninterrupted economic recovery

Thailand's economy has clearly recovered and the Bank of Thailand (BoT) will ensure the recovery is not interrupted by efforts to tackle higher inflation, BoT governor Sethaput Suthiwartnarueput said on Wednesday, amid expectations of an interest rate hike.

Asharq Al-Awsat

Oil Prices Ease Ahead of US Inventory Data

Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in US crude inventories as product demand weakens. Brent crude prices for September fell 37 cents, or 0.3%, to $106.98 a barrel by 0340 GMT, while US West Texas Intermediate…

Bangkok Post

Global Housing Boom Fades as Interest Rates Climb

Rising interest rates are slamming the brakes on a global housing boom that spread far beyond the U.S. during the pandemic, heaping extra pressure on central banks as they try to tame inflation without triggering deep downturns in their economies.

Evening Standard

Two thirds of finance heads braced for recession next year

Deloitte CFO survey flags inflation rises and interest rates as root cause of inevitable downturn

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