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The Latest Breaking News from Inflation

With tax cuts pledges galore, the Tories are out of touch with economic reality

Labour would never be allowed to get away with the fantastical rhetoric of these Conservative leadership contenders, says Guardian economics editor Larry Elliott

The Guardian - UK

Oil Prices Rise Ahead of Potential Large US Rate Hike

Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large US rate hike that would stem inflation and curb crude demand. Brent crude futures for September climbed 68 cents, or 0.7%, to $100.25 a barrel by 0400…

Asharq Al-Awsat

Global recession risk rising as economic outlook ‘darkens significantly’, IMF says

Cost-of-living crisis ‘only getting worse’ says IMF chief Kristalina Georgieva, predicting a tough 2022, and ‘even tougher 2023’

The Guardian - AU

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Philippines surprises with big rate hike to cool inflation

The Philippine central bank unexpectedly raised its key interest rate by 75 basis points, after policy makers previously downplayed the need for large hikes to quell the fastest inflation in nearly four years.

Bangkok Post

Rupee hits fresh low of 79.64/$ at close as FIIs continue to exit

MUMBAI: The rupee weakened by four paise to close at a new low of 79.63 in the foreign exchange market on Wednesday. The currency opened strong at 79.55. Dealers said that June inflation numbers coming in at 7.01%, which was better than expected, was a positive.

The Times of India

Reconciliation talks complicated by ‘SALT’ tax hurdle

WASHINGTON — Democrats’ demands for changes to the tax code are threatening to complicate efforts to pass a slimmed-down budget reconciliation package by the August recess, as warring positions on a deduction for state and local taxes reemerge as a potential roadblock.

Tribune News Service

Mumbai: Auto union for fuel subsidy, not fare hike

MUMBAI: The biggest autorickshaw union of Mumbai, Mumbai Autorickshaw men's Union, on Wednesday announced that it was against a hike in autorickshaw or taxi fares as citizens were already burdened with inflation.

The Times of India

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A recession is not inevitable in Australia – and certainly not necessary

The level of inflation we have and its causes do not require a recession to reduce them. Such talk is foolish

The Guardian - AU

Bitcoin, Ethereum, Dogecoin Surge Despite Red Hot Inflation: Is Apex Crypto Showing Signs Of Stabilizing?

Bitcoin and other major cryptocurrencies rose Wednesday, brushing off hotter than expected inflation, as the global cryptocurrency market cap rose 4.6% to $902.7 billion.

Benzinga

US inflation rises again, squeezing wallets and dogging Biden

U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively—trends that raise the risk of a recession.

France 24

Brazil Congress approves major spending bill, lifting Bolsonaro re-election hopes

Brazil's Congress on Wednesday approved a major spending package that President Jair Bolsonaro is banking on to lift his flagging re-election hopes, despite expectations it will fan double-digit inflation and hurt Brazil's exchange rate.

Reuters

Brits tighten their belts as inflation erodes household budgets

Brits are cutting back their spending as soaring inflation takes its toll on household budgets.

Evening Standard

Cost of living crisis widens north-south divide in England and Wales by 30%

Inflation gap highlights need for Boris Johnson’s successor to stick to levelling up agenda – thinktank

The Guardian - UK

Share of children in material deprivation ‘fell by a quarter before pandemic’

Relative child poverty rose over the same period, the Institute for Fiscal Studies found.

The Independent UK

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Bangkok Post

TAT cautiously upbeat on domestic trips

Inflation and volatile oil prices remain the key factors hitting domestic trips, despite positive travel sentiment during the five-day weekend for government employees, according to the Tourism Authority of Thailand (TAT).

Bangkok Post

Subdued spending in second half

Most industry chiefs believe private consumption in the second half is expected to remain flat, limited by pressure from high energy prices and the prolonged pandemic.

ABC News

ASX rises; US annual inflation rises 9.1 per cent, posting largest increase since 1981

Australian shares have risen on Thursday, lifted by mining and gold companies after a sharp rebound in commodity prices, although worries over hot US inflation data and an impending rate hike capped gains.

Bangkok Post

BoT can't afford to hold interest rates

Like all countries in the world, the Bank of Thailand (and Monetary Policy Committee, or MPC) believes they can run monetary policy independently based on local economic conditions.

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The Independent UK

Manchin cites inflation concerns, roiling budget talks anew

Sen. Joe Manchin is roiling budget talks with Democratic leaders anew

The Independent UK

LOCALIZE IT: Ideas for covering soaring US inflation

Consumer prices shot up 9.1% last month from a year earlier — the biggest year-over-year jump since November 1981.

Benzinga

Where's The S&P 500 Headed As Earnings Season Nears? A Look At The SPY On A Long-Term Time Frame

The SPDR S&P 500 (NYSE: SPY) saw dip buyers come in on Wednesday when the ETF gapped down 1.5% to start the trading day after the Bureau of Labor and Statistics released data that showed inflation soared 9.1% year-ove

StockNews.com

Who Wins the Battle of Costco vs. Target?

Although high inflation and supply chain issues affect the retail industry, resilient consumer spending for general merchandise at relatively low prices from discount stores should benefit discount retailers Costco Wholesale (COST) and Target (TGT). But which of these stocks is a better buy now? Read more to find out….

Benzinga

Is Nio Looking Bullish Or Bearish? A Look At Two Timeframes

Nio, Inc (NYSE: NIO) was trading up about 2.4% on Wednesday after opening lower, a move that was triggered by inflation data, which came in higher than what was expected, at 9.1%.

Roll Call

Reconciliation talks complicated by 'SALT' tax hurdle - Roll Call

Democrats’ demands for changes to the tax code threaten to complicate efforts to pass a budget reconciliation package by the August recess.

Benzinga

Dow Drops 100 Points; US Budget Deficit Narrows Sharply In June

U.S. stocks traded mixed toward the end of trading, with the S&P 500 and Nasdaq Composite moving higher on Wednesday. The annual inflation rate in the US increased to 9.1% in June, the highest level since November 1981.

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