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The Latest Breaking News from Inflation

Tory Esther McVey warns Liz Truss slashing benefits will be a 'huge mistake'

The former Work and Pensions Secretary joined the chorus against Liz Truss warning 'it cannot be that the books are balanced on the back of benefits. That is not right at all'

Daily Mirror

Chancellor again declines to say if benefits will rise in line with inflation

It comes as the Government U-turned on plans to cut the top rate of income tax for the highest earners.

The Independent UK

Record inflation squeezes Turkish tobacco workers, owners

Tobacco growers in southeast Turkey's Celikhan district are feeling the pinch as annual inflation reaches a new 24-year high

The Independent UK

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Expert outlines Christmas 2023 trends including more focused presents, gatherings and extended festivities

Inflation and the rising cost of living are likely to result in people avoiding unnecessary gifting this Christmas

Irish Mirror

Macroeconomic stability vital for Welsh firms' investment plans

Policies unlocking sustainable growth and productivity without stoking inflation are no longer optional, but essential

Birmingham Post

Chancellor confirms cuts of up to £18bn for public services amid economic turmoil

CHANCELLOR Kwasi Kwarteng has confirmed that public services face further cuts of up to £18 billion per year.

The National (Scotland)

The strikes and industrial action that could hit schools and universities in Wales

Staff are angry over below inflation pay offers as the cost of living bites

Wales Online

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Americans have recession fatigue — and it’s keeping them from preparing for the next downturn

When Pasha Grozdov found out his friend’s Manhattan landlord was raising the rent on her one-bedroom apartment from $4,100 to a crushing $6,000 a month, there was only one way he could think to react: with a joke.

Tribune News Service

Türkiye’s Annual Inflation Hits New 24-Year High at 83.45%

Türkiye’s annual inflation reached a new 24-year high of 83.45% in September, according to official data on Monday, pushing the cost of essential goods higher and further hitting households already facing high energy, food and housing costs. The Turkish Statistical Institute said consumer prices rose by 3.08% from the previous…

Asharq Al-Awsat

State Pension to increase in line with inflation next April but other DWP benefits still to be confirmed

DWP boss Chloe Smith will make a determination on the benefit uprating this autumn.

Daily Record

£14 pints? Pubs say they’ll call orders long before then — but vow to battle on

Soaring energy prices, runaway inflation and the cost of living crisis pose a life-or-death threat to hospitality businesses, especially in London. Publicans and restaurateurs say they have little choice but to dramatically raise prices — so, asks David Ellis, what can be done to help them?

Evening Standard

Kenya’s new finance minister has good credentials but he can't work miracles

President William Ruto has nominated Njuguna Ndung'u to head Kenya’s National Treasury. A Central Bank of Kenya governor for eight years between 2007 and 2015, Ndung'u is also an accomplished researcher and a University of Nairobi academic. He has extensive expertise in macroeconomics (inflation, economic growth, national income and unemployment)…

The Conversation

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Independent UK

What is inflation and what is its current rate in the UK and Europe?

UK inflation fell this week as fuel prices dropped

The Independent UK

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The Independent UK

What does inflation mean for you?

Cost of living crisis continues to bite as energy bills, fuel and food prices climb

The Independent UK

Asian shares mostly lower as recession fears deepen

Asian shares have fallen after Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020

AAP

Rate rises tipped to slow in coming months

Mortgage holders will be watching the central bank's October decision nervously, with a rate rise of at least 25 basis points all but certain.

Tribune News Service

US economy dodges harsher hit on inflation from Hurricane Ian

Hurricane Ian has left a path of destruction behind, destroying countless homes, ruining citrus crops and risking fragile supply chains, but the storm’s skirting of a key U.S. fertilizer-production area in Florida means the broader U.S. economy was spared from the worst.

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Bangkok Post

APEC CEO Summit 2022: Transition to renewal economic perspectives for Asia Pacific inclusive growth

Economic resilience amid untamed inflation and rising global interest rates, along with high energy prices, are no longer today’s challenges for countries around the world to overcome.

ABC News

ASX falls as Wall Street suffers three straight quarterly declines

Australian shares have fallen on Monday, as investors fretted that aggressive interest rate hikes to bring down red-hot inflation would tip the global economy into recession.

Bangkok Post

Caught in a vicious currency cycle

Industry leaders have called on the government and related authorities to do more to prevent the depreciation of the baht and mitigate the impact of the Bank of Thailand's latest policy rate hike.

The Hindu

Boxed in: On need for inflation control as top policy priority

As high prices restrain consumption, inflation control must be the top policy priority

Wales Online

Liz Truss won't rule out real-term DWP benefits cuts

But Prime Minister says pensions will rise in line with inflation

WEKU

Economists say inflation is easier on Gen Z, TikTok disagrees

With fewer assets to erode, and flexibility to change jobs, Gen Z is positioned well for inflation, but that's not how they're seeing it.

The National (Scotland)

Liz Truss blames communication issues for economic panic and defends mini-budget

The PM also refused to rule out any public sector cuts or commit to raising benefits in line with inflation.

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