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The Latest Breaking News from Inflation

Biden pushes for three-month suspension of US gasoline tax

US President Joe Biden has asked Congress to approve a three-month suspension of a federal tax on gasoline, as soaring energy prices weigh on households and businesses. But the 18 cent per gallon tax represents just a fraction of what's paid at the pump, so will it really help? Also…

France 24

Interest rates, energy prices and inflation are all rising. Here's how our readers are dealing with the cost of living

From being smart about shopping for everyday items to making lifestyle changes to save on power, here are some tips from our readers on ways you can cut the cost of living.

ABC News

Biden asks Congress to suspend gas tax for 3 months

WASHINGTON — President Joe Biden on Wednesday asked Congress to suspend the federal gas tax through September, a move he said could shave off 18 cents per gallon and "give families just a little bit of relief."

Los Angeles Times

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Wells Fargo Upgrades Enerpac Tool - Read Why

Wells Fargo analyst Michael McGinn upgraded Enerpac Tool Group Corp (NYSE:EPAC) to Overweight from Equal-weight and raised the price target to $23 (an upside of 21%) from $22. Although market conditions are less than ideal, the analyst has been surprised EPAC shares have continued to melt from their weakened year-end starting point as Industrial with…

Benzinga

Read Why Cowen Downgraded This Fast-Food Restaurant Chain

Cowen analyst Andrew M. Charles has downgraded Jack In The Box Inc (NASDAQ:JACK) to Market Perform from Outperform and lowered the price target to $68 (17% upside) from $115. Andrew thinks the challenging quick-service restaurant industry sales backdrop and Jack's above-industry levels of pricing & inflation present headwinds for the company's development. Related: Jack In The…

Benzinga

All is forgiven? Saudi leader on first Turkey visit since Khashoggi murder

Saudi Arabia's Mohammed bin Salman is visiting Turkey, less than four years after dissident Saudi journalist Jamal Khashoggi entered his consulate in Istanbul, never to reemerge. Does President Recep Tayyip Erdogan burying the hatchet with the Gulf oil giant have anything to do with Turkey's skyrocketing inflation and soaring energy…

France 24

3 Worst-Performing Dow Jones Stocks In June

Worries over surging inflation, the Fed’s hawkish tilt, and growing odds of a recession weighed on investor sentiment, pushing the Dow Jones Industrial Average index into bear territory. Amid the risk-off environment, Dow Jones stocks Dow Inc. (DOW), Intel (INTC), and Chevron (CVX) are the worst performers so far this…

StockNews.com

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NHS workers should get fair pay with inflation considered – Sajid Javid

The Health Secretary defended pay rises in line with double-digit inflation for pensioners but not for workers.

The Independent UK

Powell says recession 'a possibility' but not likely

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.

WEKU

Mexico, Brazil fall behind in anti-corruption efforts, ranking shows

Brazil and Mexico were among the countries registering the biggest declines in anti-corruption efforts as the pandemic and inflation pushed fighting graft lower on public agendas in Latin America, according to a ranking released Wednesday.

Reuters

BBC accused of trying to 'hide' impact of Brexit on inflation

THE BBC has come under fire for its coverage of inflation with critics accusing the broadcaster of failing to properly identify Brexit's impact…

The National (Scotland)

Argentine truck drivers block roads at harvest peak, protest lack of diesel

Angry Argentine truck drivers blocked highways on Wednesday, protesting shortages and rising prices for diesel fuel, just as the country's crucial grains harvest requires transport amid surging inflation.

Reuters

What is inflation and what does it mean for your pension?

What inflation means for your pension: everything you need to know

Evening Standard

Powell says soft landing ‘very challenging,’ recession possible

Federal Reserve Chair Jerome Powell gave his most explicit acknowledgment to date that steep rate hikes could tip the US economy into recession, saying one is possible and calling a soft landing “very challenging.”

Tribune News Service

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Manchester Evening News

ASDA customers ask staff to stop scanning food as supermarket boss issues warning

It comes after Tesco's boss said shoppers were also asking for items to stop being scanned

Chronicle Live

What a 9.1% inflation rate means for your money - and what happens next

As the UK inflation rate hits a 40-year high the cost of living crisis deepens, we look at what this means to people in this country

Axios

Fed chair says recession a "possibility" amid inflation battle

"It is not our intended outcome at all," Powell told lawmakers on Wednesday.

The National (Scotland)

Economics expert explains why inflation has reached a 40-year high

PRICES are continuing to rise at the fastest rate in 40 years, latest figures show.

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Los Angeles Times

Yes, a recession looks inevitable. But it may not be that bad. Here’s why

WASHINGTON — Whether it’s President Joe Biden insisting a recession is avoidable or his critics arguing that the wolf is at the door, both sides are acting as though the nation faces an unprecedented catastrophe.

The Independent UK

Jacob Rees-Mogg says EU red tape ‘revolution’ will not create Wild West

The Cabinet Office Minister has not set a target for how much remaining EU law on UK statute books would end up being removed or reformed.

Daily Record

Jacob Rees-Mogg boasts his banker pals are 'jogging along' as inflation causes misery for millions

The Brexit minister made the boast as he pledged to hack away at swathes of laws and regulations from the European Union.

The Independent UK

Royal Mail could be next workers to go on strike amid calls for ‘no strings’ pay rise

Communication Workers Union seeking inflation-based wages increase for its members

The Guardian - US

Fed chief vows to keep raising rates until ‘compelling evidence’ of falling inflation

Senator Elizabeth Warren criticizes the Fed’s rate moves, expressing fear that rate hikes will ‘drive this economy off a cliff’

Daily Mirror

Join us LIVE as we explain what record 9.1% inflation means for you and your money

Mirror money experts Sam Barker and Graham Hiscott will be live on the Daily Mirror Facebook page from 1pm this afternoon to discuss how rising costs are affecting your wallet - and what to do about it

Evening Standard

Jacob Rees-Mogg: My City friends not finding it too difficult to jog along - as inflation hits 9.1%

Brexit minister Jacob Rees-Mogg said on Wednesday that his friends in the City were not finding it “too difficult to jog along” - as inflation hit 9.1 per cent inflicting economic pain on millions of families across Britain.

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