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The Latest Breaking News from Inflation

First Thing: Biden battered by inflation and low approval ratings

The economy, energy prices and upcoming midterms weigh heavily on the president during his Middle East trip. Plus, House committee argues Capitol attack was premeditated

The Guardian - UK

Economists: More rate hikes won't help

After June's inflation numbers, the Fed is likely to push rates higher — at the risk of sparking a recession

Salon

Russia's war to keep hitting EU economy, push up inflation

European Union expects Russia’s war in Ukraine to wreak havoc with the economic recovery for the foreseeable future through lower annual growth and record-high inflation

The Independent UK

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Trump blames inflation on Democrats

"Our Country is so weak right now because the Radical Left Democrats have no clue what they are doing," Trump said

Salon

Wholesale price rise eases to three-month low at 15.2% in June

Food inflation surges; no change in overall price levels month-on-month

The Hindu

Israel Inflation Rate Seen Reaching 14-Year High of 4.5% In June

Israel's inflation rate in June is expected to reach its highest level in nearly 14 years and maintain pressure on policymakers to keep raising interest rates aggressively. The consumer price index (CPI) in June was likely 4.5% higher than a year earlier, according to a Reuters poll of economists. That…

Asharq Al-Awsat

Cost-of-living crisis: North-south divide widening as inflation 30% higher in poorer areas

Poor home insulation and greater car reliance means northern workers are now £340 a year worse off than southern counterparts, report says

The Independent UK

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Thai stock investor mood at 11-month low on Fed, inflation

Investor confidence in the Thai stock market has hit an 11-month low on concerns about the US Federal Reserve's fast monetary tightening policy, global inflation and Covid-19 infections, a capital markets group said on Thursday.

Bangkok Post

FTSE 100 Live: JP Morgan earnings fall short, big US rates rise expected

Financial results from JP Morgan Chase and Morgan Stanley fell short of expectations as inflation and interest rate pressures hit the US economy.

Evening Standard

Shares, pound and oil slide as recession fears mount – as it happened

Anxiety over global slowdown knocks sterling to a two-year low, as oil falls to its levels when the Ukraine war began

The Guardian - UK

Poll: Asian FX bear market firms, short bets rise on Thai baht

Bearish bets on nearly all Asian currencies firmed to new multi-year highs, as fears of an impending recession from rapidly rising interest rates to rein in sky-high inflation dampened sentiment, a Reuters poll showed on Thursday.

Bangkok Post

Canada has raised interest rates by 1 percentage point. Could Australia follow?

As central banks scramble to fight inflation, with Canada's 100-basis-point interest rate rise the latest and largest move, a leading economist warns they may push the world into recession.

ABC News

Asian stocks up after US inflation fuels rate hike fears

Asian stock markets are higher after a rise in U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth

The Independent UK

Biden, on Middle East tour, is battered by inflation and low approval ratings at home

The sobering numbers, caused by high energy prices, will be top of the agenda as president visits the Middle East

The Guardian - US

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Al Jazeera

Singapore, Philippines tighten monetary policy on inflation fears

Moves come after interest rate hikes by South Korea and New Zealand a day earlier.

The Guardian - UK

With tax cuts pledges galore, the Tories are out of touch with economic reality

Labour would never be allowed to get away with the fantastical rhetoric of these Conservative leadership contenders, says Guardian economics editor Larry Elliott

Asharq Al-Awsat

Oil Prices Rise Ahead of Potential Large US Rate Hike

Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large US rate hike that would stem inflation and curb crude demand. Brent crude futures for September climbed 68 cents, or 0.7%, to $100.25 a barrel by 0400…

The Guardian - AU

Global recession risk rising as economic outlook ‘darkens significantly’, IMF says

Cost-of-living crisis ‘only getting worse’ says IMF chief Kristalina Georgieva, predicting a tough 2022, and ‘even tougher 2023’

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Bangkok Post

Philippines surprises with big rate hike to cool inflation

The Philippine central bank unexpectedly raised its key interest rate by 75 basis points, after policy makers previously downplayed the need for large hikes to quell the fastest inflation in nearly four years.

The Times of India

Rupee hits fresh low of 79.64/$ at close as FIIs continue to exit

MUMBAI: The rupee weakened by four paise to close at a new low of 79.63 in the foreign exchange market on Wednesday. The currency opened strong at 79.55. Dealers said that June inflation numbers coming in at 7.01%, which was better than expected, was a positive.

Tribune News Service

Reconciliation talks complicated by ‘SALT’ tax hurdle

WASHINGTON — Democrats’ demands for changes to the tax code are threatening to complicate efforts to pass a slimmed-down budget reconciliation package by the August recess, as warring positions on a deduction for state and local taxes reemerge as a potential roadblock.

The Times of India

Mumbai: Auto union for fuel subsidy, not fare hike

MUMBAI: The biggest autorickshaw union of Mumbai, Mumbai Autorickshaw men's Union, on Wednesday announced that it was against a hike in autorickshaw or taxi fares as citizens were already burdened with inflation.

The Guardian - AU

A recession is not inevitable in Australia – and certainly not necessary

The level of inflation we have and its causes do not require a recession to reduce them. Such talk is foolish

Benzinga

Bitcoin, Ethereum, Dogecoin Surge Despite Red Hot Inflation: Is Apex Crypto Showing Signs Of Stabilizing?

Bitcoin and other major cryptocurrencies rose Wednesday, brushing off hotter than expected inflation, as the global cryptocurrency market cap rose 4.6% to $902.7 billion.

France 24

US inflation rises again, squeezing wallets and dogging Biden

U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively—trends that raise the risk of a recession.

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