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The Latest Breaking News from Inflation

US gasoline price hits record with driving season looming

U.S. retail gasoline and diesel prices rallied to a record just ahead of the nation’s summer driving season, a challenge for President Joe Biden and the Federal Reserve as they face the fastest inflation in decades.

Tribune News Service

Ministers have ‘buried their heads in the sand’ over the cost-of-living crisis

Groups have criticised the Government for failing to use the Queen’s Speech to deal with the cost-of-living crisis.

The Independent UK

Gas prices hit new all-time high

The new record comes as high inflation puts pressure on the Biden administration to help consumers.

Axios

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Joe Biden calls inflation his ‘top domestic priority’ but blames Covid and Putin – as it happened

President says he understands American’s frustration with Democrats, who control all three branches of government: ‘I don’t blame them’

The Guardian - US

Boost for Irish pubs and restaurants as hospitality VAT rate of 9% to be extended for six months

The rate is set to stay until at least February 28 2023

Irish Mirror

Five things that economists know, but sound wrong to most other people

Economists have shaped the modern world in many ways. Governments make policy choices in response to the data that we produce about things like GDP and inflation. Social media companies use our insights about human behaviour to create features that encourage people to use their platforms. And we’re at the…

The Conversation

Queen's Speech: 7 changes that affect your money including more rights for renters

More powers for renters, lower inflation and quicker benefits for the terminally ill were among the changes announced in this year's Queen's Speech, but there is no new help for the cost of living crisis

Daily Mirror

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Ukraine war fuels food crisis in distant Africa

Zimbabwean security guard Edwin Dapi was already struggling to provide for his wife and four children before a conflict 11,000 km (6,800 miles) away in Ukraine sent global prices for grains, cooking oils, fuel and fertilizer soaring.

Reuters

Martin Lewis' urgent warning to 2.6million people on benefits amid DWP switchover

More than 2.6million people on legacy benefits will start to be moved over to Universal Credit from this week in an automatic process that was previously halted due to the Covid-19 pandemic.

Edinburgh Live

Johnson warns Queen’s Speech cannot shield people from cost-of-living squeeze

The Prime Minister acknowledged people were ‘anxious’ and struggling with bills but he could not ‘completely shield’ them from global economic forces.

The Independent UK

View from The Hill: Albanese and Morrison caught on fly-papers of wages, gender

Both Anthony Albanese and Scott Morrison landed themselves onto the sticky paper on Tuesday, as they trudged through this campaign’s penultimate week.

The Conversation

Martin Lewis warns a new Universal Credit system is coming that will leave Brits worse off

The Money Saving Expert has warned the government is going to move people onto a new system where they willearn substantially less amid a cost of living crisis

Manchester Evening News

Don't expect the Fed to bail out the stock market this time

The days of the 'Fed put' are probably over

Axios

Tesco customers' heartbreaking requests to staff as boss demands tax on energy giants

John Allan, the chairman of Tesco said there is an “overwhelming need” for a windfall tax on energy companies after seeing the supermarket’s customers “extremely stretched”

Daily Mirror

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Evening Standard

Fears more High Street stores could collapse as spending falls

The BRC and KPMG warned that retailer will struggle to absorb rising costs

Los Angeles Times

George Skelton: Everyone wins in compromise to increase malpractice payouts — especially victims

SACRAMENTO, Calif. — It's being called the Sacramento equivalent of the Berlin Wall falling. Or a Middle East peace pact.

Daily Mirror

Martin Lewis issues warning to 2.6million people on benefits as DWP switchover begins

More than 2.6million people on legacy benefits will start to be moved over to Universal Credit from this week in an automatic process that was previously halted due to the Covid-19 pandemic

ABC News

Labor leader Anthony Albanese backs minimum wage increase in line with inflation

In an unusual move, Opposition Leader Anthony Albanese endorses a 5.1 per cent increase to the minimum wage as inflation skyrockets.

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ABC News

Northern Tasmania needs more people, and businesses want government help to get them

Businesses in the marginal Liberal seats of Bass and Braddon want help getting people to the island. They also need somewhere to live.

Asharq Al-Awsat

Bitcoin Falls Below $30,000, Lowest since July 2021

Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation. The world's largest cryptocurrency by market value fell as low as $29,764 in Tuesday trade, before recovering above $30,000, extending a…

The Guardian - UK

Tesco chairman calls for energy windfall tax; Markets rebound after ‘everything rout’ – as it happened

Rolling coverage of the latest economic and financial news

The Independent UK

Asian stocks follow Wall St down on rate hike, economy fears

Asian stocks have followed Wall Street lower as fears increased that U.S. rate hikes to fight inflation might stall economic growth

The Conversation

Stand by for the oddly designed Stage 3 tax cut that will send middle earners backwards and give high earners thousands

The Reserve Bank is pushing up interest rates to take money out of our hands.

The Independent UK

California Democratic supremacy tested by crime, inflation

With rising crime fears, a homelessness crisis and soaring prices, Republicans hope California's troubles will help create a pathway for some rare wins in the heavily Democratic state

Liverpool Echo

Martin Lewis' warning to anyone on Universal Credit

The MSE founder has also given advice on how people on Universal Credit could get up to £1,200

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