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The Latest Breaking News from Inflation

The Loop: Australia's inflation hits a 21-year high, the Ben Roberts-Smith trial comes to an end, and a man builds a Bluey ute

Get up to speed on today's headlines with The Loop.

ABC News

Unite Students eyes growth despite cost of living crisis as profits soar

The UK’s biggest university accommodation provider said its business model would offer protection from inflation but it was “not immune” from rising costs and interest rates

Birmingham Post

Lufthansa strike: More than 1,000 flights cancelled in Germany

Airline dismisses ground staff’s demands for above-inflation pay rise

The Independent UK

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Exclusive: 57 South West companies go bust as rising inflation hits business

The figure is down from the same period in 2021, but the region's retail and services sectors have seen a surge in insolvencies - and greater than across the rest of the UK

Birmingham Post

McDonald's hikes menu prices as burger costs go up for first time in 14 years

Fast food chain McDonald's said it will have to put its prices up due to soaring inflation, with some of its menu increasing in cost for the first time since 2008

Daily Mirror

McDonald's will increase price of some menu items due to 'incredibly challenging times'

The cheeseburger will increase in price for the first time in 14 years

Manchester Evening News

Cost of living: McDonald’s, Kraft Heinz and Reckitt raise prices, as gas soars – as it happened

End of the 99p cheeseburger as fast food chain warns ‘we’re living through incredibly challenging times’

The Guardian - UK

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Inflation hasn't been higher for 32 years. What now?

Inflation jumped from 5.1% to a new long-term high of 6.1% in the June quarter, a rate matched only by short-lived jump caused by the introduction of the goods and services tax, and not exceeded since 1990.

The Conversation

Lloyds lays bare impact of soaring inflation on everyday customers

Families spending on average £89 more a month on energy, food and fuel than before pandemic, says bank

The Guardian - UK

Cost of living 2022: see how inflation has changed prices in Australia in the June quarter – interactive

Use this data explorer to see which goods and services are getting cheaper or more expensive in different Australian cities

The Guardian - AU

Asian stocks follow Wall St lower before likely US rate hike

Asian stock markets have followed Wall Street lower as traders prepare for a possible sharp interest rate hike by the Federal Reserve to cool inflation

The Independent UK

Conservative leadership race: Rishi Sunak accused of U-turn on tax cuts

The former chancellor unveiled a new ‘winter plan’ to tackle inflation and the cost-of-living crisis

Evening Standard

Inflation hits NYC's bodega favorite: Bacon, egg and cheese

The bacon, egg and cheese sandwich is a staple in many a New Yorker's diet

The Independent UK

Treasurer warns inflation will only get worse after startling new price data

Treasurer Jim Chalmers has warned that Wednesday's alarming inflation figures and associated cost of living crisis will get worse before they get better.

The New Daily

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Bangkok Post

Cost of data breaches hits an all-time high

Asean has seen the average cost of a data breach hit all-time high of US$2.87 million in 2022, up 8% from a year before, according to the latest report by American IT giant IBM, with the problem believed to be heaping pressure on already high inflation.

The Independent UK

Australia's rising inflation lifts risk of 4th rate hike

Australian inflation is rising farther, according to new data that increases the likelihood of the central bank next week hiking interest rates for a fourth consecutive month

AAP

WA unions warn government on inflation

An alliance of public sector unions in Western Australia could strike within weeks as the state's capital again recorded the nation's highest inflation rate.

Daily Record

Pause benefit deductions in face of cost of living crisis MPs demand

A powerful Commons committee has called on the DWP to 'pause' the automatic clawback of benefit overpayments which leaves families struggling with rising bills.

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AAP

Short-term wage growth unlikely: Chalmers

Jim Chalmers says wages are unlikely to keep up with rising inflation in the short term, as global factors impact on the economy and federal budget.

Benzinga

Alibaba, Nio Fall Over 3% As Hang Seng Tracks Weaker Wall Street Close: All Eyes Now On Aussie Inflation Data

Shares of Alibaba, Nio and Li Auto lost more than 3% on Wednesday morning with the Hong Kong’s benchmark index Hang Seng falling over 1%, ahead of the release of Australia’s inflation report.

ABC News

Inflation equals post-GST high with CPI rising 6.1 per cent, but perhaps 'moving past the peak'

Inflation jumps to equal the level seen after the introduction of the goods and services tax, but economists say there are early signs it is "moving past the peak".

The Guardian - AU

Australia’s inflation rate reaches 6.1% – the fastest annual increase in 21 years

Australians are paying more for food and fuel, according to data released on Wednesday by the Australian Bureau of Statistics

The New Daily

Inflation hits 21-year high of 6.1 per cent

Inflation 55.5 per cent over the June quarter as higher petrol and grocery bills continue to squeeze households, new official data reveals.

ABC News

Inflation updates: Annual figures hit 6.1 per cent, Anthony Albanese faces first Question Time as PM — as it happened

Anthony Albanese has fronted up to his first Question Time as Prime Minister as new inflation figures showed consumer prices are rising faster than wages — as it happened.

The Independent UK

Pause automatic benefit deductions to ease cost-of-living crisis, MPs urge

Deductions pushing some households into ‘destitution’, MPs says

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