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The Latest Breaking News from Inflation

UK inflation stuck at 8.7% in another cost-of-living shock

The higher-than-expected figure likely means more interest rate rises

Evening Standard

Bank of England must ‘create recession’ to fight high inflation, Hunt advisor says, as mortgage rates rise again – as it happened

Member of Jeremy Hunt’s economic advisory council says BoE must create “uncertainty and frailty”, after UK headline inflation was unchanged at 8.7% in May

The Guardian - UK

FTSE 100 Live: ‘Inflation has become entrenched’ — blue-chips close at 7559 after prices shock; gilts surge

The Office for National Statistics published May’s inflation figures this morning, confounding experts in the City again as inflation remained stuck at 8.7%. Core inflation, which hit a 30-year high in April, rose even higher to 7.1%.

Evening Standard

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Powell To Face Congress Amid Criticism Over Fed’s Policy Stance

Questions on interest rates, banking regulation, and inflation to be raised during Powell's testimony.

Zenger

Will the Taylor tour spur inflation? No, but a Swift spending spree might just save us from a recession

The pop star’s February visit will mean that for the hospitality and travel industries, the summer boom will last a little longer

The Guardian - AU

Powell to face Capitol Hill hearing at a time of rising uncertainty over Fed's interest-rate plans

Federal Reserve Chair Jerome Powell will begin two days of hearings before Congress on Wednesday that will likely focus on the question that consumed the central bank last week: How far and how fast will the Fed raise its key interest rate from here

The Independent UK

Investing with Occam’s Razor

Time to get philosophical about the outlook for the market with the help of Occam’s Razor. This tool tells us to assume that the simplest explanation is the most likely. Now lets apply that to recent Fed statements for what that tells us about the next move for the stock…

StockNews.com

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Michael Pascoe: Speech shows RBA clueless on employment

You can rely on the Reserve Bank to miss or downplay a major factor or two when it strays into what’s actually happening in Australia.

The New Daily

3 Stocks to Play US Manufacturing Boom

From late 2021 to August 2022, Congress passed the Bipartisan Infrastructure Law, the Chips and Science Act, and the Inflation Reduction Act (IRA). This is somewhat reminiscent of Franklin Roosevelt's New Deal in the 1930s. Except that the sheer numbers are much larger. The U.S. government is putting a whopping…

StockNews.com

Tory MPs split on whether to intervene to help mortgage holders

Figures released on Wednesday expected to confirm UK stuck with highest inflation rate in G7

The Guardian - UK

What is the difference between core inflation and headline inflation?

Inflation rates are continuing to rise despite the Government’s and Bank of England’s efforts

Evening Standard

Why is inflation in the UK worse than in other major economies?

While the rate has fallen from its October peak of 11.1%, the figure for May remains stubbornly high

The Guardian - UK

Does raising interest rates help inflation and how does this affect mortgages?

THE average mortgage rate for a two-year fixed deal has risen to a figure that has not been seen since the market reeled from Liz Truss’s…

The National (Scotland)

US charitable donations fell to $499 billion in 2022 as stocks slumped and inflation surged

Charitable giving in the U.S. fell to US$499 billion in 2022, as donors dealt with their losses in the stock market and coped with 40-year high inflation rates.

The Conversation

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The Independent UK

Chancellor to meet lenders later this week over mortgage rates crunch

Jeremy Hunt told the House of Commons he would be asking what flexibilities might be possible.

StockNews.com

Buy, Sell or Hold? AMC Entertainment (AMC) and Imax (IMAX)

While inflationary and recessionary pressures have weakened discretionary consumer spending lately, the entertainment industry’s long-term growth prospects look promising with the growing demand for online entertainment. So, let’s find out if you should buy, sell or hold AMC Entertainment (AMC) and IMAX (IMAX). Read on….

The Independent UK

Charitable giving in 2022 drops for only the third time in 40 years: Giving USA report

Charitable giving in the United States declined in 2022 -- only the third time in four decades that donations did not increase year over year -- according to the Giving USA report released Tuesday

The New Daily

‘Per capita recession’: Banks forecast longer downturn as more interest rate rises loom

Australia facing a multi-year per capita recession and even a quarter of negative economic growth in early 2024 with higher interest rates.

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Manchester Evening News

Fewer ingredients, simpler meals, more microwaves: Sky-high food prices are changing how people eat and cook

Supermarket inflation has fallen to the lowest rate this year, but household budgets are still under enormous pressure

Barchart

Stocks Set to Open Lower as Investors Await Powell Testimony, China’s Rate Cut Disappoints

September S&P 500 futures (ESU23) are down -0.48%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.53% this morning as concerns over the Chinese economy weighed on risk appetite, while investors looked ahead to testimony from Federal Reserve Chair Jerome Powell for more cues on the U.S. central bank’s…

Los Angeles Times

Record inflation has hit even Lebanon's garbage. 'Trash just isn't like it used to be'

BEIRUT — Rolling to a stop on his overladen scooter, Shaher Hassan awkwardly balanced five bags and a carton full of cans, plastic bottles and other recyclables mined from the trash that day.

Daily Mirror

Grocery price inflation falls to lowest monthly rate this year - but still remains high

Inflation dropped to 16.5% for the four weeks to June 11, according to Kantar - this is down from 17.2% the previous month and a further decline from the record 17.5% recorded in March

The Guardian - UK

Inflation forces supermarkets to up £1 items to £1.25, data shows

Kantar survey is released day before official figures expected to show a slight easing in UK inflation rate

The Guardian - UK

Hunt rules out mortgage support or food price caps; Mortgage ticking time bomb is ‘now exploding’ – as it happened

Jeremy Hunt faces calls to introduce mortgage interest tax relielf from Conservative MPs at Treasury Questions, and rules out price caps on food

The Conversation

Deadly tragedy off the coast of Greece exposes how human traffickers are exploiting Pakistan's economic meltdown

Pakistan is experiencing a confluence of crises attributed to a decline in governance standards. Security challenges, chiefly posed by terrorism, have exacerbated the country’s economic deterioration, which in turn has given rise to energy shortages, rampant unemployment and soaring inflation rates.

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