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The Latest Breaking News from Inflation

Treasurer warns Australians to brace for pain to escape recession in confronting economic statement to parliament

Forecasting a peak in inflation to 7.75 per cent by the year's end, the Treasurer says Australians must brace to take some "tough medicine" if the nation is to escape a recession.

ABC News

Australia’s inflation rate to peak at 7.75% in December quarter, economic update predicts

Treasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year

The Guardian - AU

Households warned food costs still rising

Australian Food and Grocery Council CEO Tanya Barden has urged the federal government to focus on supporting people with low incomes in the months ahead.

AAP

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Manchin reaches health, energy, tax deal with Senate Majority Leader Schumer

WASHINGTON — Sen. Joe Manchin III and Senate Majority Leader Charles E. Schumer said Wednesday they had cut a surprise agreement on an expansive plan to reduce healthcare and energy costs, cut down on carbon emissions, fight inflation and allow Medicare to negotiate drug prices.

Los Angeles Times

Jim Chalmers delivers 'confronting' economic update following latest inflation hike — as it happened

The Federal Treasurer backs long-term wages growth, untangling supply chain issues and helping with childcare costs to help lift Australia's economy as the nation grapples with the largest increase in cost-of-living pressures in two decades — as it happened.

ABC News

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

The Conversation

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Tribune News Service

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Cost-of-living squeeze forces families to adapt as Perth struggles with Australia's worst inflation

A Mandurah family has found a creative way to combat cost-of-living hikes, gathering three generations under one roof as Australia's inflation figure surges to a 20-year-high.

ABC News

Schumer, Manchin Strike Deal To Raise Taxes, Cut the Deficit, Spend Billions on Climate Change

The proposal reportedly hikes taxes by over $730 billion, with $300 billion of that money to be used for reducing the federal budget deficit.

Reason

Federal Treasurer to warn cost of living 'heavy weather' coming in economic update

The Treasurer is painting a grim picture of the coming months, forecasting spiking inflation, rising unemployment and more interest rate hikes, ahead of a speech to parliament later today.

ABC News

US hikes rates 0.75pc again amid ongoing inflation surge 'surprise'

Wall Street has surged after Federal Reserve chair Jerome Powell hinted rate hikes could ease, with the Australian share market following.

ABC News

Bill Shorten says robodebt royal commission set to start this year – as it happened

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The Guardian - AU

After spiking earlier talks, Manchin agrees to a new deal on climate and taxes

The agreement is a major reversal for Democrats who had narrowed their ambitions for the package to addressing looming lapses in the Affordable Care Act and changes to prescription drug prices.

WEKU

Build Back Manchin: Democrats reach deal on major climate and health care bill

Manchin billed the legislation as the Inflation Reduction Act.

The Independent UK

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Glasgow Live

McDonald's prices rise for first time in 14 years including burgers and McFlurry

McDonald's has confirmed that it will be increasing the cost of products from across its menu, including burgers and nuggets, with some not seeing a price rise in 14 years

ABC News

The Loop: 'Incredibly disturbing' Closing the Gap data, more bad inflation news, and how much for biggest pink diamond in 300 years?

Here's your quick catch-up for this morning's news.

Bangkok Post

Fed's rate rises might have way to go yet

By the time this article is published, readers will know how much the US Fed funds rate has been raised for the fourth time this year. It does not really matter whether the rate is raised by 0.75% or 1% this time because the Fed will need to keep raising…

The Guardian - AU

Morning mail: challenges ahead amid soaring inflation, US lifts interest rate, farewell to Ramsay Street

Thursday: Treasurer trims economic growth prediction amid warnings the world is ‘on the edge’ of global recession. Plus: a deep dive into colonic irrigation clinics

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Benzinga

Experts React To 0.75% Fed Rate Hike: 'Don't Think They Will Pause'

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months.

The Conversation

Chalmers' challenge: why the treasurer's words on the economy carry so much weight

When Bill Clinton’s campaign manager, James Carville, scrawled, “the economy, stupid” on a sign in 1992, he merely wanted the campaign volunteers to stick to their presidential candidate’s talking points.

StockNews.com

3 Risky Stocks to Avoid in the Current Environment

Amid rising inflationary pressure and aggressive interest rate hikes, investors might want to avoid stocks that cannot withstand the current market conditions. We think fundamentally weak stocks Carvana (CVNA), Wayfair (W), and Nextdoor (KIND) are best avoided now. Read on….

StockNews.com

5 Reliable Stocks to Buy in a Volatile Market

Concerns over high inflation and the potential rate hikes are stoking recession fears and driving immense market volatility. So, dividend-paying stocks Coca-Cola (KO), Keurig Dr Pepper (KDP), Ennis (EBF), Constellation Brands (STZ), and Casey's General Stores (CASY) could be ideal picks now for ensuring a steady income stream. Read more….

The Independent UK

How the Federal Reserve's rate hikes affect your finances

Higher mortgage rates have sent home sales tumbling

The Guardian - US

Fed announces another three-quarter-point increase in interest rates

The move is intended to curb inflation though previous increases this year have had little effect so far

The Independent UK

Federal Reserve hikes interest rates 0.75 per cent for second time in two months

Another ‘unusually large’ hike possible to tackle inflation, depending on data, but increases will likely slow, says Fed Chair Powell

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