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The Latest Breaking News from Inflation

Conservative leadership race: ‘Next PM must find billions to help out struggling households’

Carrying on with the current economic policy is ‘not going to cut it’, IFS chief says

Evening Standard

Ron Bailey: Will $370 Billion in Green Energy Subsidies Make Any Difference?

Science Correspondent Ronald Bailey surveys the provisions within the recent Inflation Reduction Act aimed at curbing U.S. greenhouse gas emissions.

Reason

Pacific rim economies in doldrums, sapped by inflation, war

Economies in the Asia-Pacific are forecast to hit the doldrums this year as decades-high inflation and the war in Ukraine add to uncertainty and the aftereffects of the pandemic

The Independent UK

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EXPLAINER: How do we know when a recession has begun?

The U.S. economy has contracted for two straight quarters, intensifying fears that it is on the cusp of a recession, if not already in one, barely two years after the pandemic downturn officially ended

The Independent UK

Climate bill could slash US emissions by 40% after historic Senate vote

Inflation Reduction Act could put US within striking distance of Biden’s goal of halving emissions by 2030, analysis suggests

The Guardian - US

Companies must rein in profits rather than workers limit pay demands, unions tell Bank of England

Companies should be asked to rein in profits instead of workers urged to limit pay demands, angry union leaders have told the Bank of England.

The Independent UK

Recession - live: Bank of England governor defends delay in hiking interest rates

Inflation will reach 13 per cent by the end of the year, the Bank predicts

The Independent UK

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Soaring inflation stokes sharp rise in companies suffering critical financial distress

Over 500,000 companies in distress as Repayment of Covid-support loans adds to pressure

Evening Standard

Interest rates – live: Bank of England confirms rise to 1.75% as inflation to hit 13%

UK to enter ‘deep and protracted’ recession, Bank warns

The Independent UK

Tax remains key divide as leadership campaigns respond to economic outlook

Liz Truss’s campaign has argued for implementing tax cuts quickly, while the Sunak campaign has warned against too much borrowing.

The Independent UK

Workers asking for pay rises risk embedding inflation, says Bank boss

'If everybody tries to beat inflation – in price-setting and wage-setting – it gets worse,’ warns Andrew Bailey

The Guardian - UK

Bank of England governor urges workers to limit pay rise demands to help others without ‘bargaining power’

Andrew Bailey also rejected criticism bank should have raised interest rates sooner

The Independent UK

No emergency cost of living help for at least a month, says minister

Business secretary Kwasi Kwarteng says support will not be introduced until ministers return to work

The Guardian - UK

Ramesh Ponnuru: The Democrats are taking Joe Manchin for a ride

In the week since he reached a deal with Senate majority leader Chuck Schumer on the “Inflation Reduction Act,” Sen. Joe Manchin has been everywhere promoting it. One of the West Virginia Democrat’s top selling points is the promise to speed up permitting for U.S. energy production.

Tribune News Service

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Tribune News Service

New York nonprofits serving disabled adults struggling with food, fuel costs as inflation surges

NEW YORK — A nationwide surge in food and gas prices has hit particularly hard for some nonprofits serving vulnerable New Yorkers.

Birmingham Post

Northern Ireland consumer confidence slashed by runaway inflation

More than half of those surveyed expect their financial position to worsen in the next year

The Independent UK

As recession fears grow, strong US hiring is likely slowing

The American job market has defied raging inflation, rising interest rates, growing recession fears

Dublin Live

Fuel prices Ireland: Cheapest petrol and diesel in Dublin today as prices plummet in three stations

Global inflation and the war in Ukraine have led to skyrocketing prices as tens of thousands are struggling to make ends meet

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The Independent UK

Average UK house price falls month on month for first time since June 2021

Following a year of exceptionally strong growth, house prices fell by 0.1% month on month in July, Halifax said.

The Guardian - UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Independent UK

Asian stock markets rise ahead of US jobs data

Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation

The Independent UK

India raises interest rate to 5.4%, in 3rd hike since May

India’s central bank has raised its key interest rate by a half percentage point to 5.4% in its third such hike since May as it focuses on containing inflation

WEKU

The Bank of England predicts a lengthy recession at the end of the year

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

The Guardian - UK

Friday briefing: What the interest rate spike means for the country – and for you

In today’s newsletter: The biggest rate rise in nearly 30 years comes amid forecasts of economic decline. How bad might it be?

Reuters

Analysis-Global rice supplies at risk as harsh weather hits top exporters

Adverse weather across top rice suppliers in Asia, including the biggest exporter India, is threatening to reduce the output of the world's most important food staple and stoke food inflation that is already near record highs.

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