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The Latest Breaking News from Inflation

UK on brink of recession and will fall behind all major economies except Russia, OECD warns

Zero growth forecast for Britain next year and global average slashed to 2.8 per cent

The Independent UK

How Chicken Became the Only Meat Everyone Agrees On

As inflation puts beef and pork out of reach for many, poultry’s lower cost is making it the world’s No. 1 protein source.

Businessweek

OECD slashes global growth forecasts, urges Australia to keep shifting to renewable energy as Ukraine war continues

The OECD says the war in Ukraine is a humanitarian disaster, and the economic shock will make inflation higher and more persistent

ABC News

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Average UK house price hits record of £289,099 but market starts to cool

Annual growth remains at 10.5%, the slowest rate since start of year, says Halifax

The Guardian - UK

UK to be major economy worst hit by Ukraine war, says OECD

Thinktank forecasts UK growth to slow to standstill in 2023, as impact of conflict felt

The Guardian - UK

World Bank Projects Slow Growth, Warns of ‘Stagflation’ Risk

The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and many countries now faced recession. The bank forecast a slump in global growth to 2.9% in 2022…

Asharq Al-Awsat

Scottish house price growth continues to 'underperform'

Only Scotland, London, Yorkshire and the Humber recorded annual house price inflation below 10% in May

Insider UK

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War led to globalisation of inflation, says RBI governor raising FY23 inflation projection to 6.7%

MUMBAI: RBI governor Shaktikanta Das on Wednesday said the Ukraine-Russia war has led to globalisation of inflation and is posing new challenges, as the central bank upped the inflation projection to 6.7 per cent for current fiscal year.

The Times of India

India's central bank raises interest rate to fight inflation

India’s central bank has raised its key interest rate to 4.9% from 4.4% to contain fast-rising inflation

The Independent UK

UK house prices: These are the average cost of homes in each area of the country

A new report from Halifax shows average property prices in Britain hit new record highs in May

Birmingham Post

America’s Inequality Problem Just Improved for the First Time in a Generation

The collective wealth of the bottom 50% of households has nearly doubled in two years. Can the fragile gains continue?

Businessweek

Bank of Thailand signals rate hikes after opting for hawkish pause

The Bank of Thailand (BoT) kept its benchmark interest rate steady in a split decision on Wednesday, as it flagged mounting inflation risks, and signalled its next move may be an increase.

Bangkok Post

Turkey’s Lira Dips Again, Down 22% So Far This Year

The Turkish lira slid 0.9% against the dollar on Wednesday, bringing its losses to 22% this year, after worries about a surge in inflation were fueled by President Tayyip Erdogan's pledge to keep cutting interest rates. The lira stood at 16.93 against the US currency at 0611 GMT, weakening from…

Asharq Al-Awsat

Asian shares mostly higher after wobbly rally on Wall St

Shares are mostly higher in Asia after U.S. stocks rallied

The Independent UK

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The Independent UK

House prices hit record high in May but market shows signs of cooling

An imbalance between supply and demand for properties remains the primary reason driving the climb in house prices, Halifax said.

Wales Online

Housing ladder warning as average UK house price hits record high

You'll need up to £10,000 more for a flat but a huge £50,000 more for a detached home

The Independent UK

Covid savers leave cash exposed as millions fail to recognise inflation threat

Official figures reveal true extent of pandemic savings

The Guardian - AU

Bowen says ‘no silver bullet’ to lower prices as energy market operator given power to buy and store gas

Increasing spare electricity capacity and the development of a transition plan to reduce emissions among decisions at ‘very collegiate’ energy ministers meeting

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The Independent UK

No, you're not going crazy - package sizes are shrinking

It’s the inflation you’re not supposed to see

The Times of India

EMIs to go up: RBI hikes repo rate by 50 bps to check soaring inflation

NEW DELHI: The Reserve Bank of India (RBI) on Wednesday hiked key repo rate by 50 basis points (bps) to 4.90 per cent in a bid to tame the soaring inflation in the country.

Sports Illustrated

Williams Racing Fined for ‘Procedural Breach’ of F1’s Cost Cap Rules

The larger teams have already said it’ll be a struggle keeping within the limits this season due to inflation and freight costs.

The Guardian - AU

Super fund returns set to fall amid rising inflation and interest rates

But economists say pulling money out of retirement savings to try to pick the market can result in further losses

Bangkok Post

Prayut urges steady interest rates

Prime Minister Prayut Chan-o-cha called on the central bank to maintain its policy interest rate on Tuesday to curb a capital flight and support the domestic economy.

ABC News

Janet Yellen says US inflation at 'unacceptable levels', ASX rises but banks make big losses on rate hikes

The US Treasury secretary says North America is facing unacceptable levels of inflation. Meanwhile, the ASX regains some ground lost in yesterday's super-sized interest-rate-rise-fuelled rout, but the banks see their worst day in a year. Australian dollar rises on the RBA's super-sized interest rate increase.

Tribune News Service

Janet Yellen warns inflation is likely to stay high

Treasury Secretary Janet Yellen told US lawmakers peppering her Tuesday with questions about the surge in the cost of living that inflation is likely to stay high and that she ought not to have termed big price increases as “transitory” last year.

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