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The Latest Breaking News from Inflation

Fed's Brainard: Rates to rise higher, stay elevated longer

A top Fed official says the Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period

The Independent UK

New UK leader Liz Truss finalises huge power subsidy plan

Britain's new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country's borrowing.

Reuters

SNP government slashes £500m from Holyrood budget - here's where cuts will be made

Finance secretary John Swinney warned MSPs that further cuts to public spending would be required if inflation continues to rise.

Daily Record

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£5m budget overspend raises alarm bells for Dumfries and Galloway Council

Sky high inflation is to blame for the council struggling to balance the books

Daily Record

Government moves to calm markets as pound falls to lowest level against dollar since 1985

New chancellor on charm offensive in Square Mile says Bank of England independence ‘is sacrosanct’

The Guardian - UK

New UK Prime Minister Liz Truss inherits an economic storm

Britain’s new prime minister has pledged to rebuild the economy and “ride out the storm” gathering over the country, but Liz Truss faces a daunting job

The Independent UK

Cost of living crisis: why plans to reform the Bank of England won't help it stop spiralling inflation

The UK cost of living crisis has been building since early 2021. At 10.1%, the current rate of consumer price inflation is the highest in 40 years and the Bank of England believes it could pass 13% in October.

The Conversation

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3 Falling Stock to Think About Selling Short Right Now

Worries about sky-high inflation, the Federal Reserve’s hawkish stance, and recession prospects have spurred market sell-off lately. Moreover, investors expect increased market volatility as analysts cut down their earnings estimates. Given the uncertain market conditions, fundamentally weak and losing stocks Snap (SNAP), Allegiant Travel (ALGT), and Cardiff Oncology (CRDF) could…

StockNews.com

Consumers drive the economy by spending savings, but inflation is set to hit hard

A massive number of Australians spending their lockdown savings on holidays and eating out drove above-trend economic growth over the June quarter.

The New Daily

15 City Council members decline 9.62% pay raise tied to inflation

Ald. Ray Lopez (15th) wants to cut the top pay for alderpersons and cap future pay raises at 3% a year.

Chicago Sun-Times

We need to be prepared for what Trussonomics will mean

What we are about to get is the exact opposite of Thatcherism: an inflationary boom where we try to live beyond our means, but delivered with Thatcheresque determination, writes Sean O’Grady

The Independent UK

The U.K.'s new prime minister inherits an economic nightmare

Britain's economy, already rendered fragile by Brexit, now faces double-digit inflation and negative economic growth.

Axios

Firefighters could strike as union holds ballot on industrial action amid 'real terms pay cut'

Firefighters and control room staff were offered a two per cent pay rise in June, way below the inflation rate of 10.1% recorded in July

Chronicle Live

Bank of England chief says recession still ‘likely’ – but welcomes ‘clarity’ on energy bills

‘It’s important that there is clear way forward on policy’, says governor Andrew Bailey on Liz Truss plan

The Independent UK

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Evening Standard

Four in 10 families forced to cut back on food in cost of living crisis, says report

Soaring energy bills and the effect of inflation are affecting families as well as those without children

Asharq Al-Awsat

Apple's New iPhones, Watches Are Coming at a Tough Time for Consumers

Apple Inc on Wednesday is expected to unveil a new range of iPhone 14 models and Apple Watches that will test how willing consumers are to upgrade gadgets in the face of inflation and economic gloom. Analysts expect Apple to announce that the latest iPhones can send emergency messages using…

The Times of India

Bill on data privacy will be ready 'soon', says Nirmala Sitharaman

NEW DELHI: Union finance minister Nirmala Sitharaman on Wednesday assured that the new bill on data privacy will be ready "soon" and the Information Technology minister has been diligently working on it.

The Guardian - UK

UK’s broadband firms set for £1.7bn windfall with above-inflation price rises

Exclusive: annual bill increases are often several percentage points higher than the January CPI or RPI rate

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Manchester Evening News

Plea for new Prime Minister to plug council’s £20m budget gap

The town hall has blamed Covid and inflation

The Independent UK

Asian shares decline on Wall Street losses, rate worries

Asian shares are mostly lower, as pessimism prevailed about higher interest rates ahead and Wall Street continued a slump

The Independent UK

Utah's Evan McMullin upends two-party fight for US Senate

Utah's Evan McMullin is emerging as the nation’s most competitive independent candidate running for U.S. Senate in the 2022 midterm elections

The Independent UK

China's export growth sinks in August, imports shrink

China’s export growth weakened in August and imports shrank as high energy prices, inflation and anti-virus restrictions weighed on global and Chinese consumer demand

The Times of India

With inflation soaring, reliance on credit to meet monthly expenses has increased for 62% in India: Survey

NEW DELHI: Soaring inflation in India has pushed up expenses sharply. A survey by fintech major BankBazaar said nearly 62% of people have been relying on credit to meet their daily expenses, while savings have gone down for almost 80% of India's salaried class.

Bangkok Post

Bank of Thailand to hike rates gradually to contain inflation

The Bank of Thailand (BoT) will raise interest rates gradually to curb inflation risks and ensure a smooth recovery as the economy is expected to return to pre-coronavirus-pandemic levels late this year or early next year, BoT governor Sethaput Suthiwartnarueput said.

Reuters

No kerosene, no food, Sri Lanka's fishermen say

As the sun rose over Sri Lanka one morning in late August, around a dozen fishermen were laying out their nets on a beach in Mannar, a small island just off the country's northwestern coast, the start of the day's work.

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