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The Latest Breaking News from Inflation

Tumbling Gas Prices Caused Inflation To Fall to 8.5 Percent in July

Prices for food and housing continued to rise but were offset by lower gas and energy prices.

Reason

Is inflation finally on the decline in the US? It’s complicated

Economists say inflation possibly hit its peak, and there are signs the pressures behind it are easing – but it’s hard to say what’s next

The Guardian - US

1 Cruise Ship Stock Taking on Water Right Now

The skyrocketing inflation, rising borrowing costs, and recession fears are restricting cruise operators’ return to pre-pandemic levels. Amid this backdrop, the leisure travel company Carnival Corporation (CCL) is down more than 50% this year and might be best avoided now. Read on….

StockNews.com

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Inflation slows a bit in July. Has it finally peaked?

WASHINGTON — After months of steadily climbing to a 40-year high, the pace of inflation slowed notably in July as gas prices fell sharply and Americans got some relief on the cost of clothing, cars and other necessities.

Los Angeles Times

Fact check: Will 87,000 new IRS agents mean more audits for middle-class families and small businesses?

The Schumer-Manchin tax bill passed the Senate as part of the Inflation Reduction Act on Sunday. According to legislative documents, the bill will raise taxes and boost the IRS by an estimated $80 billion.

Tribune News Service

Inflation drops to zero in July due to falling gas prices

Falling gasoline prices are clearly giving American consumers some inflation relief.

Axios

US Inflation rate dips to 8.5 per cent in the past year, down from 40-year high

Comes as Senate Democrats pass their ‘Inflation Reduction Act’

The Independent UK

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Workers block road at Ineos Grangemouth oil refinery in pay dispute

Unofficial strikes held at several industrial sites across UK amid inflation and cost of living crisis

The Guardian - UK

US inflation falls to 8.5% in July but still close to multi-decade high

Gas prices drop sharply after a hitting a national average of $5 a gallon in mid-June

The Guardian - US

‘Greater insight’: ABS unveils monthly inflation reports as cost-of-living crisis bites

Households and the Reserve Bank will get a much closer look into when soaring inflation peaks later this year with monthly price reports coming.

The New Daily

Royal Mail strike 2022: Postal strike dates, why posties are striking and what they've been offered

Over 115,000 postal workers are due to strike for four days over August and September 2022, they've been offered a rise, but it comes with a catch

Chronicle Live

German FinMin pitches $10B tax cut plan to dampen inflation

Germany’s finance minister says the government plans to make tax cuts worth more than 10 billion euros ($10.2 billion) to benefit broad sections of the population squeezed by high energy costs and inflation

The Independent UK

The UK’s cost of living support won’t protect the poorest – here’s what the government should do instead

UK households have faced unprecedented blows to their living standards in 2022. Home energy costs have more than doubled and are threatening to triple, the price of petrol has risen by more than half since the start of last year and overall price inflation is heading for double digits.

The Conversation

Admiral records solid interim profits and customer growth despite inflationary environment

Its 6.94m UK insurance customers were up 12% on the first half of 2021

Birmingham Post

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Asharq Al-Awsat

Egypt’s Annual Urban Consumer Inflation Rises to 13.6% in July

Egypt's annual urban consumer inflation accelerated to 13.6% year-on-year in July from 13.2% in June, data from the country's statistics agency CAPMAS showed on Wednesday. Month on month, headline inflation increased by 1.3%, compared to a 0.1% decrease in June. Among the biggest annual price increases were food and beverages…

Benzinga

US Stock Futures Edge Higher; All Eyes On Inflation Data

Pre-open movers

Tribune News Service

Gene Collier: Biden can thank Trump for Inflation Reduction Act

As a highly combustible news week neared its midpoint, plans were solidifying around Friday afternoon for President Joe Biden to sign into law the Inflation Reduction Act, which, you might have heard, is no small thing.

WEKU

Inflation is cooling thanks to gas prices, but many things still cost a lot more

Falling gasoline prices put a dent in the July inflation rate, which fell to 8.5% from 9.1% in June. But other costs such as housing continue to climb, putting a strain on many family budgets.

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Daily Mirror

Tens of millions of working Brits set to be hit by 'stealth tax' of £30billion

Income tax thresholds, including the personal allowance, have been frozen for four years. But inflation is soaring and could hit 13% - meaning people will be dragged into paying more

Evening Standard

FTSE 100 insurers eye simpler, more affordable policies as inflation sets in

Aviva and Admiral both expect ‘essential’ insurance ranges to grow in popularity during cost-of-living crisis

Bangkok Post

Bank of Thailand signals gradual moves after first hike since 2018

The Bank of Thailand (BoT) has signalled sticking with measured moves going forward to fight inflation without derailing the economic recovery, after raising the benchmark policy rate for the first time in more than three years.

Wales Online

State pension could go up by almost £1,000 to hit £10,000 a year

The triple lock sets how much the state pension rises every year.

Bangkok Post

Central bank hikes rate for first time since 2018 to tame hot inflation

The Bank of Thailand (BoT) raised its key interest rate for the first time in nearly four years on Wednesday, lifting it by a quarter point as expected to fight surging inflation as the economic recovery gains momentum.

Evening Standard

FTSE 100 Live: US inflation falls to 8.5%, Elon Musk sells Tesla shares

US inflation fell back from 9.1% to rest at 8.5% last month still critical for the economy but dropping from the four-decade peak it hit in June and calming the markets.

The Guardian - UK

While Biden is tackling inflation and shaping a green economy for the US, Britain is being left behind

The Inflation Reduction Act is a big win for jobs and the environment, but Truss and Sunak have nothing similar to offer, says Carys Roberts of the Institute for Public Policy Research

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