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The Latest Breaking News from Inflation

Why the focus on energy prices? Inflation is more likely to be driven by surging housing, transport and food costs

Increases in electricity and gas prices are less to blame for the cost-of-living squeeze than many other components. Here’s why

The Guardian - AU

Millennial Money: Maximize your benefits to offset inflation

Once people land a job with a competitive benefits package, it’s easy for some to forget to make the most of it

The Independent UK

UK manufacturing faces deep recession as output slumps

Factory output likely to fall further as consumers’ real incomes are hit by inflation, economists say

The Guardian - UK

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Karl W. Smith: The Fed has a secret weapon in households

It’s generally accepted among economists and investors that the Federal Reserve has an impossible task of getting inflation under control without damage widespread and lasting damage to the economy. It’s time for a reality check. In fact, it’s looking more and more like the central bank may have a far…

Tribune News Service

Men don't trust female central bankers on inflation or the economy, survey data shows

The Research Brief is a short take about interesting academic work.

The Conversation

Nestle hiking chocolate prices of brand favourites in time for Christmas

It could mean price increase for favourites such as Quality Street and After Eight

Nottingham Post

General Mills CEO: 'Brands need to stand for something'

At the end of the last decade, General Mills and its competitors were fighting for every penny as many consumers abandoned legacy packaged food brands.

Tribune News Service

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‘A lot of uncertainty’: RBA warning on rate hikes as inflation soars and jobs set to fall

Australia's inflation problem is going to get worse and last longer than it was previously feared, new RBA forecasts suggest.

The New Daily

ASOS to axe 100 jobs as part of huge cost-cutting plan - after making £32million loss

Online fashion retailer ASOS is axeing more than 100 roles after the cost of living crisis meant the firm made a £32million loss, with affected staff now in a 45-day consultation period

Daily Mirror

Execs get $500 for each $1 raise you got

The executive class gobbles up much more of total pay

Salon

RBA boss does not rule out bigger interest rate rises if inflation stays hot over summer

Borrowers are being left on tenterhooks over summer, with the RBA boss warning the bank is prepared to hike rates aggressively again in the new year if it needs to.

ABC News

Interest rates to keep rising as RBA warns it will do ‘what is necessary’ to curb inflation

Reserve Bank governor Philip Lowe says half percentage point increases to cash rate possible if economic conditions do not improve

The Guardian - AU

RBA sees the pain but says rates must rise

Reserve Bank of Australia Governor Philip Lowe has underlined his case for raising interest rates, warning that not doing so could have dire consequences.

AAP

Asian shares advance, shrugging off Wall Street retreat

Asian stock markets are higher after Wall Street declined and a survey of Chinese manufacturing showed activity improved

The Independent UK

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The Independent UK

Oil giant Saudi Aramco has $42.4B profit in third quarter

Oil giant Saudi Aramco is reporting a $42.4 billion profit in the third quarter of this year, buoyed by higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide

The Guardian - UK

Extend UK energy price cap to hold inflation back, thinktank says

IPPR says cap for longer than six months would aid growth and allow more to be spent on public services

The Guardian - AU

Afternoon Update: More rate pain for borrowers; Gold Trip wins Melbourne Cup; and China unhappy with B-52 plan

The Reserve Bank makes its inevitable inflation response. And most Australians don’t care about the cup

The Conversation

Why has the RBA raised interest rates for a record 7th straight month? High inflation – and worse is on the way

Pushing up interest rates isn’t something the Reserve Bank does lightly.

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The Guardian - AU

Australian borrowers hit again as RBA raises interest rates by 25 basis points to 2.85%

Reserve Bank raises rates for seventh time in attempt to bring inflation under control

The New Daily

Interest rates rise to nine-year high as RBA hikes for seventh straight month

The RBA has unveiled its seventh hike in interest rates since May as it battles rising inflation, lifting its target 0.25 percentage points.

ABC News

Interest rate updates: RBA lifts cash rate by 0.25 of a percentage point to nine-year high of 2.85pc, NAB first to pass on — as it happened

The Reserve Bank lifted interest rates for the seventh month in a row, taking the cash rate to 2.85 per cent — as it happened.

Benzinga

Larry Summers Says US Facing Complex Challenges: 'Curbing Inflation Comes First, But We Can't Stop There'

Former Treasury Secretary Lawrence H. Summers believes the United States is facing a very complex set of macroeconomic challenges but said the current situation does not include low unemployment and is not as grave as the 2009 financial crisis or inflation during the 1970s.

Reuters

Danes vote in battle for centre ground as political, economic crises loom

Danes went the polls on Tuesday with Prime Minister Mette Frederiksen hoping for a vote of confidence in her handling of the pandemic and for her leadership to overcome soaring inflation and geopolitical insecurity.

The Independent UK

Rishi Sunak warned against return to austerity with public spending cuts at next mini-Budget OLD

Think tank finds PM has ‘fiscal space’ to deliver support totalling billions in cost of living crisis

AAP

Inflation surge dents consumer confidence

Consumer confidence is likely to fall further after Tuesday's rate hike, having already slumped to levels last seen during the early stages of COVID lockdowns.

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