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The Latest Breaking News from Inflation

Concerns grow as Nigeria's inflation surges to 17-year high

Nigeria’s consumer inflation surged to 20.5% in August, its statistics agency said Thursday, signalling more hardship for citizens and businesses in Africa’s largest economy

The Independent UK

Biden's approval rating rebounds ahead of midterms

The public's perception of his handling of the economy and inflation still remains low.

Axios

German government tasks experts with proposing inflation-busting ideas

The German government will establish a committee of experts and task them with coming up with policy proposals to combat the soaring cost of heating and gas, Chancellor Olaf Scholz said on Thursday.

Reuters

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Germany urges firms to make tax-free payments to employees

The German government is urging companies to make a one-off payment to their employees of up to 3,000 euros (dollars) as a way of addressing the impact of rising prices while preventing a spiral of inflation in Europe’s biggest economy

The Independent UK

1 ETF That's a Great Idea to Tap Into Right Now

Elevated inflation and the Fed’s upcoming interest rate hikes are expected to keep the stock market under pressure. So, to benefit from the declines in the stock market, it could be wise to invest in ProShares Short QQQ ETF (PSQ), which employs a short strategy and seeks to benefit from…

StockNews.com

Mortgage rates hit 6%, first time since 2008 housing crash

Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market

The Independent UK

Legal fights and loopholes could blunt Medicare's new power to control drug prices

The Inflation Reduction Act gives Medicare historic new powers to limit prescription drug prices. But the pharmaceutical industry is already lobbying to dull their impact.

WEKU

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Biden announces deal to avert crippling railroad strike: ‘A win for tens of thousands of rail workers’

A strike by railroad workers would have crippled large swaths of the US economy and fanned the flames of inflation

The Independent UK

William Ruto is now in charge of Kenya’s shaky economy: where to start

Kenya’s President William Ruto, sworn in as new President on 13 September 2022, has inherited an economy saddled with debt, inflation, joblessness and national pessimism. The International Monetary Fund has also added to his pain: it recently asked Kenya to broaden its tax base and scrap the fuel subsidy.

The Conversation

Kenya scraps petrol subsidy after president warned it was unsustainable

Kenya scrapped a subsidy on petrol a day after new President William Ruto said subsidies were unsustainable, in a move that could add to upward pressure on inflation.

Reuters

Biden's swagger: He thinks they'll win

A puzzling White House event this week sent a clear signal under the surface: Democratic confidence is soaring

Salon

Retail sales up 0.3% in Aug. from July amid inflation

Americans picked up their spending a bit in August from July even as surging inflation on household necessities like rent and food take a toll on household budgets

The Independent UK

Fewer Americans file for jobless benefits again last week

The number of Americans applying for unemployment benefits fell again last week to a four-month low even as the Federal Reserve continues its aggressive interest rate cuts to bring inflation under control

The Independent UK

Residents of a deprived London borough remember queen fondly

But some question the cost of a state funeral at a time of rising inflation.

Al Jazeera

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The New Daily

ASX ’outperforms’ amid fallout from Wall Street carnage

The Australian market was not immune from the sell-off on Wall Street but was able to 'outperform' relatively, falling by only 2.6 per cent.

The Conversation

Why Black Wednesday still matters – it was the start of markets telling politicians what to do

I spent Black Wednesday – the day the markets successfully bet against the power of the British government to prop up the pound sterling – on the 28th floor of Dresdner Bank’s headquarters in Frankfurt. I had just been hired as an exchange-student intern in the back office for currency…

France 24

California sues Amazon for anti-competitive practices

The US state of California has filed a lawsuit against Amazon, accusing the e-commerce giant of violating its antitrust law by blocking price competition and making online shopping more expensive for consumers. The lawsuit is limited to California, but, if successful, could trigger similar action in other states. Plus, inflation…

The Independent UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

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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

Asharq Al-Awsat

Saudi Consumer Prices up 3% in August

Saudi Arabia’s consumer price index rose 3% in August from a year earlier, official data showed on Thursday, accelerating from a 2.7% pace in July. Food and beverages and transport prices were again the main driver of inflation in August, both rising 4%, the General Authority for Statistics said in…

Chronicle Live

Cash-strapped Durham County Council pleas for help from government to deal with £15m overspend

Senior figures at Durham County Council say the government must step in to help it cope with soaring inflation, and energy costs

Chicago Tribune

Editorial: Real problems with Biden’s student loan forgiveness

It’s reassuring to see an honest debate unfold about a federal initiative as sweeping as President Joe Biden’s decision to cancel billions of dollars in student loans. There’s plenty of room for disagreement about whether the initiative helps those who deserve it the most, needlessly stokes inflation, favors the wealthy…

Daily Record

State Pension payments on track for record-breaking rise next April for 12.5m older people under triple lock

New State Pension payments could increase to more than £200 per week from next year.

Evening Standard

John Lewis plunges to £99m loss as inflation bites

JOHN Lewis plunged to a £99 million loss in the first half of the year and pledged a £500 payment to full-time staff to help ease the cost-of-living crisis.

WEKU

High rents outpace federal disability payments, leaving many homeless

Supplemental Security Income, a federal program meant to be a financial floor for people unable to work, hasn't kept pace with inflation. Many recipients are homeless, unable to save for an apartment.

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