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The Latest Breaking News from Inflation

May Jobs Report Keeps Fed on Track for Half-Point Rate Rises

The strong employment figures released Friday keep the Federal Reserve firmly on track to raise interest rates by a half-percentage point at its meeting in two weeks and again in late July to cool high inflation.

Bangkok Post

Soaring inflation ‘worse than Covid’, 1 in 5 businesses say

Almost a third of businesses said they had stopped hiring new staff

Evening Standard

Alan Kohler: It’s 1973 all over again, but with a greater energy cost for Australia

After a century of gearing the entire global economy to burning fossil fuels, it was never going to be easy or cheap to switch to sunshine and wind.

The New Daily

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Yellen denies urging smaller Biden relief plan in early 2021

WASHINGTON — Janet Yellen denied advocating for a smaller American Rescue Plan than the $1.9 trillion package proposed by the Biden administration and passed by Congress in early 2021, after an advance copy of a book about the Treasury secretary showed she initially urged scaling it back by a third.

Tribune News Service

Biden commerce secretary shifts blame for inflation on to Russia’s war in Ukraine

Gina Raimondo’s comments seen as part of a White House push to deflect blame for nation’s economic troubles away from Biden

The Guardian - US

Australian grocery delivery startups face funding difficulties as venture capital checks out

Supply chain issues and inflation dampen investor enthusiasm for ‘disruptive’ businesses as two companies collapse from unsustainable costs

The Guardian - AU

US Mulls Lifting Some China Tariffs to Fight Inflation

US Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has asked his team to look at the option of lifting some tariffs on China that were put into place by former President Donald Trump, to combat the current high inflation. "We are looking at it. In fact,…

Asharq Al-Awsat

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Home expensive home

Many homebuyers are feeling the pinch as inflation in construction sector makes their dream homes costlier

The Hindu

Biden scrambles to avoid Americas Summit flop in Los Angeles

When leaders gather this week in Los Angeles at the Summit of the Americas, the focus is likely to veer from policy issues like migration, climate change and inflation and instead shift to something Hollywood thrives on: the drama of the red carpet

The Independent UK

How can F1 break the deadlock over competing cost cap desires?

We’re already in June with seven races of the 2022 Formula 1 season completed and there's still no sign of any agreement on an upward adjustment to the cost cap.

Autosport

Soaring inflation divides spending for haves and have-nots

Americans at the low end of the income rung are once again struggling to make ends meet

The Independent UK

Nigeria has just hiked interest rates: why it's the wrong recipe for curbing inflation

The Central Bank of Nigeria recently announced an increase in the interest rate, from 11.5% to 13%, a 1.5 percentage point hike that took effect immediately.

The Conversation

‘We’re still struggling’: low unemployment can’t hide impact of low wages and rising inflation

Workers in Las Vegas are still feeling the effects of employers’ pandemic cuts – all made worse by rising inflation and low wages

The Guardian - US

Yellen wanted Biden relief plan scaled back, biographer says

WASHINGTON — Janet Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy of a biography on the Treasury secretary.

Tribune News Service

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AAP

Union welcomes NSW paramedics boost

NSW paramedics ranks will be boosted by 2000 new recruits as unions warn frontline workers could lose thousands of dollars under wage caps and inflation.

AAP

NSW public servants to be $6000 worse off

Rising inflation and a pay freeze on public sector wages in NSW could leave state government workers more than $6000 worse off over the next three years.

Evening Standard

Dawn of the £8 pint in London for first time as inflation bites

The price of a pint has passed £8 in London for the first time as pubs are hit by spiralling inflation.

The Guardian - UK

Crypto has crashed – can it bounce back?

Plummeting prices and lost life savings confirmed for many that the blockchain dream was too good to be true – and it may now struggle to hit past highs

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The Guardian - UK

UK beer costs soar as average price of pint tops £8 in one London pub

Price hikes driven by combination of factors, including inflation and the war in Ukraine

The Guardian - US

To avoid ‘historic shellacking’ in midterms, Biden is promoting a sunny view of US economy

Much of America does not seem to be buying the optimistic vision that Biden and his team are selling

Leeds Live

Leeds residents hit out at Queen's Jubilee spending as some celebrate and others 'hibernate' for the weekend

The celebration comes at a time when the UK is experiencing a cost of living crisis, propelled by the war in Ukraine, with gas, energy bills and inflation higher than ever before

The Independent UK

Price of a pint as high as £8 for first time

Beer costs 70 per cent more today than before 2008 crash

Al Jazeera

Vladimir Putin made ‘historic’ error in Ukraine: France

Putin, meanwhile, says global inflation stemmed from the unprecedented dollar ‘printing press’ during the pandemic.

Benzinga

Markets Fall Following Key Economic Data

U.S. indices traded lower Friday following the release of key economic data. While nonfarm payrolls came in higher than expected, concerns over Fed rate hikes, inflation and economic health continue to weigh on stocks.

The Guardian - AU

Skilful economic measures are needed to fight the inflation stalking Australia’s households

Tight labour markets, geopolitical uncertainty and the climate crisis all present gnarly challenges. Three experts explain the solutions

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