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The Latest Breaking News from Inflation

Egypt's Pound Slides as IMF Deal Triggers New Exchange Rate

Egypt's pound slid about 14.5% to a record low against the dollar on Thursday as authorities announced a $3 billion International Monetary Fund deal with a commitment to a "durably flexible exchange rate regime". The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting, saying…

Asharq Al-Awsat

ECB warns of 'looming recession'

FRANKFURT: The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming.

Bangkok Post

Average long term mortgage rates jump above 7% this week

Average long-term U.S. mortgage rates topped 7% for the first time in more than two decades this week, a direct result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years

The Independent UK

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ECB's interest rate rise could help 'contain' house prices and inflation, says Leo Varadkar

The Tanaiste said that while the rise will not be welcomed by mortgage holders or borrowers, it will help bring down inflation and could bring down house prices

Irish Mirror

US economy returned to growth last quarter, expanding 2.6%

The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of economic contraction and overcoming punishingly high inflation and interest rates.

Chicago Sun-Times

US economy rebounds amid resilient consumers, businesses

The U.S. economy grew at a solid pace in the third quarter, marking the first advance this year as consumers proved resilient in the face of widespread inflation and the Federal Reserve’s rapid interest-rate hikes.

Tribune News Service

Brazil's universities hit by massive budget cuts under Bolsonaro

There are just a few days to go until the second round of the presidential run-off in Brazil. Both incumbent Jair Bolsonaro and his left-wing rival Lula da Silva are leaving no stone unturned in trying to convince voters that they've got what it takes to lead the country going…

France 24

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RBI to hold special MPC meet on November 3 on preparing inflation report

MUMBAI: The Reserve Bank has called a special meeting of the Monetary Policy Committee (MPC) on November 3 to prepare a report on its failure to keep retail inflation below 6 per cent for three consecutive quarters.

The Times of India

Magnum and Marmite owner Unilever warns of even more price rises

Group reports 10% growth in sales revenue driven by highest price rises in its history

The Guardian - UK

European Central Bank delivers another supersized interest rate increase as it battles inflation

The move risks further crushing the euro-area economy, which is already feared to be on the brink of a recession.

Axios

Finance Minister Katy Gallagher and federal budget criticised for ignoring youth and cost of living on Q+A

The government is criticised for not doing enough to ease cost-of-living pressures for Australia's most vulnerable and youth as the impact of rising inflation bites.

ABC News

ECB lift its interest rates by 0.75% in the battle to curb inflation

The move makes it even more likely that the Bank of England will follow suit next week

Evening Standard

Grattan on Friday: Cost of living goes from a winner for Albanese in May to a weapon for Dutton in October

An opposition leader has a tricky task when delivering a first budget reply after an election rout. But circumstances played into the hands of Peter Dutton for his big parliamentary occasion on Thursday night.

The Conversation

FM lists four things Rishi Sunak must do in first letter to PM – read it in full

IT would be “folly” to reimpose austerity on the UK – and Scotland public services could not “withstand it”, Nicola Sturgeon has told…

The National (Scotland)

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The Independent UK

Inflation, gas prices looming over sports biz, concessions

Persistently high inflation and gas prices are looming over sports and the monetary pipeline that resumed when fans returned to games amid the pandemic

Tribune News Service

A look at 8 House races in New York that could determine control of Congress

NEW YORK — New York is widely viewed as one of the nation’s most deeply Democratic states.

The Independent UK

Global stocks mixed ahead of US GDP, Europe rates decision

Global stock markets are mixed ahead of an update on the U.S. economy and a European Central Bank meeting that is expected to raise its key interest rate to a 13-year high to fight stubbornly high inflation

Tribune News Service

Editorial: Biden’s economic record an albatross for Democrats

As the November election looms, Democrats are in desperation mode, particularly as inflation and high gasoline prices dog voters as they cast their ballots. The president’s response has been to deny reality.

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The Independent UK

Biden zeroes in on economic message as campaign winds down

President Joe Biden is zeroing in on a largely economic-focused message amid raging inflation and recession risks as he makes his closing argument for the November midterm elections

The Independent UK

Sturgeon calls for more action on costs crisis in first letter to PM

The First Minister said ‘much more needs to be done’.

Nottingham Post

DWP refuses to rule out benefit or state pension cuts in April

It comes after a Rishi Sunak was appointed to replace Liz Truss

The Independent UK

Europe likely to see another jumbo interest rate increase

The European Central Bank is getting ready to go big again

Birmingham Post

Unilever warns of high inflation in 2023 after reporting sales growth

The consumer goods giant said cost pressures are likely to also be carried forward next year

Tribune News Service

Housing market predictions for 2023

We’re rounding the corner on 2022 and quickly heading toward a new year. That makes this a perfect time to prognosticate real estate matters for 2023. With mortgage rates escalating higher, home sales — and, in some areas, home prices — hitting the brakes, and increased uncertainty felt throughout the…

Birmingham Post

Hargreaves Services reports strong start to the year despite inflation

The County Durham-based group gave a short update on trading, ahead of its annual general meeting

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