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The Latest Breaking News from Inflation

Companies must rein in profits rather than workers limit pay demands, unions tell Bank of England

Companies should be asked to rein in profits instead of workers urged to limit pay demands, angry union leaders have told the Bank of England.

The Independent UK

Recession - live: Bank of England governor defends delay in hiking interest rates

Inflation will reach 13 per cent by the end of the year, the Bank predicts

The Independent UK

Soaring inflation stokes sharp rise in companies suffering critical financial distress

Over 500,000 companies in distress as Repayment of Covid-support loans adds to pressure

Evening Standard

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Interest rates – live: Bank of England confirms rise to 1.75% as inflation to hit 13%

UK to enter ‘deep and protracted’ recession, Bank warns

The Independent UK

Tax remains key divide as leadership campaigns respond to economic outlook

Liz Truss’s campaign has argued for implementing tax cuts quickly, while the Sunak campaign has warned against too much borrowing.

The Independent UK

Workers asking for pay rises risk embedding inflation, says Bank boss

'If everybody tries to beat inflation – in price-setting and wage-setting – it gets worse,’ warns Andrew Bailey

The Guardian - UK

Bank of England governor urges workers to limit pay rise demands to help others without ‘bargaining power’

Andrew Bailey also rejected criticism bank should have raised interest rates sooner

The Independent UK

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No emergency cost of living help for at least a month, says minister

Business secretary Kwasi Kwarteng says support will not be introduced until ministers return to work

The Guardian - UK

Ramesh Ponnuru: The Democrats are taking Joe Manchin for a ride

In the week since he reached a deal with Senate majority leader Chuck Schumer on the “Inflation Reduction Act,” Sen. Joe Manchin has been everywhere promoting it. One of the West Virginia Democrat’s top selling points is the promise to speed up permitting for U.S. energy production.

Tribune News Service

New York nonprofits serving disabled adults struggling with food, fuel costs as inflation surges

NEW YORK — A nationwide surge in food and gas prices has hit particularly hard for some nonprofits serving vulnerable New Yorkers.

Tribune News Service

Northern Ireland consumer confidence slashed by runaway inflation

More than half of those surveyed expect their financial position to worsen in the next year

Birmingham Post

As recession fears grow, strong US hiring is likely slowing

The American job market has defied raging inflation, rising interest rates, growing recession fears

The Independent UK

Fuel prices Ireland: Cheapest petrol and diesel in Dublin today as prices plummet in three stations

Global inflation and the war in Ukraine have led to skyrocketing prices as tens of thousands are struggling to make ends meet

Dublin Live

Average UK house price falls month on month for first time since June 2021

Following a year of exceptionally strong growth, house prices fell by 0.1% month on month in July, Halifax said.

The Independent UK

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The Guardian - UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Independent UK

Asian stock markets rise ahead of US jobs data

Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation

The Independent UK

India raises interest rate to 5.4%, in 3rd hike since May

India’s central bank has raised its key interest rate by a half percentage point to 5.4% in its third such hike since May as it focuses on containing inflation

WEKU

The Bank of England predicts a lengthy recession at the end of the year

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

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The Guardian - UK

Friday briefing: What the interest rate spike means for the country – and for you

In today’s newsletter: The biggest rate rise in nearly 30 years comes amid forecasts of economic decline. How bad might it be?

Reuters

Analysis-Global rice supplies at risk as harsh weather hits top exporters

Adverse weather across top rice suppliers in Asia, including the biggest exporter India, is threatening to reduce the output of the world's most important food staple and stoke food inflation that is already near record highs.

Al Jazeera

APEC slashes growth forecasts on inflation, Ukraine risks

Intergovernmental forum forecasts 2.5 percent growth in 2022, down from 3.2 percent in May.

Bangkok Post

Headline inflation slows slightly in July as rate hike looms

Thailand's headline inflation rate slowed in July for the first time this year, helped by government support measures, but the pace was still near a 14-year high, reinforcing a view of an interest rate hike next week.

The Times of India

Loan EMIs to go up after RBI hikes rates by 50 basis points to 5.4%

NEW DELHI: Loan EMIs are set to rise, with the Reserve Bank of India on Friday hiking key repo rate by 50basis points (bps) to 5.4 per cent in a bid to tame inflation in the country and support growth.

The Guardian - AU

Reserve Bank more pessimistic than government about when inflation will decline

Quarterly statement on monetary policy suggests RBA may need to hoist interest rates higher for longer

WEKU

Sinema says she will move forward with Senate Democrats' climate, health and tax bill

The Arizona senator said she will move forward with the Inflation Reduction Act after Democrats reached an agreement to remove a carried interest tax provision.

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