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The Latest Breaking News from Inflation

Asian shares, oil prices mostly higher after Fed rate hike

Shares are mostly higher in Asia after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate three-quarters of a point

The Independent UK

Asia Cup Moved Out of Sri Lanka to UAE

The Asia Cup Twenty20 tournament will be staged in the United Arab Emirates after the tournament was moved from Sri Lanka due to political turmoil in the island nation, the Asian Cricket Council said Wednesday. Sri Lanka has witnessed months of food and fuel shortages, blackouts and runaway inflation in…

Asharq Al-Awsat

Australia forecasts high inflation for another 2 years

New forecasts by Australia’s government say runaway inflation will remain unacceptably high for the next two years and economic growth will slow without falling into recession

The Independent UK

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Inflation, price rise could dent India's gold demand in July-December: World Gold Council

"Inflation is making it difficult for people, especially in rural areas, to save more and allocate to gold," Somasundaram P. R., regional chief executive officer of WGC's Indian operations, said.

The Hindu

Thursday briefing: What the end of the McDonald’s 99p cheeseburger tells us about the economy

In today’s newsletter: Inflation is raising prices in every part of our lives – but McDonald’s price rises tell a deeper story

The Guardian - UK

The ‘harsh truth’ Australian workers will have to face for at least a year

Australians’ wages will continue to decline for at least a year as inflation rises at twice the rate of workers' pay, Treasurer Jim Chalmers has warned.

The New Daily

US not yet in recession and 4 other takeaways from the Fed

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

The Independent UK

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Treasurer warns Australians to brace for pain to escape recession in confronting economic statement to parliament

Forecasting a peak in inflation to 7.75 per cent by the year's end, the Treasurer says Australians must brace to take some "tough medicine" if the nation is to escape a recession.

ABC News

Australia’s inflation rate to peak at 7.75% in December quarter, economic update predicts

Treasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year

The Guardian - AU

Households warned food costs still rising

Australian Food and Grocery Council CEO Tanya Barden has urged the federal government to focus on supporting people with low incomes in the months ahead.

AAP

Manchin reaches health, energy, tax deal with Senate Majority Leader Schumer

WASHINGTON — Sen. Joe Manchin III and Senate Majority Leader Charles E. Schumer said Wednesday they had cut a surprise agreement on an expansive plan to reduce healthcare and energy costs, cut down on carbon emissions, fight inflation and allow Medicare to negotiate drug prices.

Los Angeles Times

Jim Chalmers delivers 'confronting' economic update following latest inflation hike — as it happened

The Federal Treasurer backs long-term wages growth, untangling supply chain issues and helping with childcare costs to help lift Australia's economy as the nation grapples with the largest increase in cost-of-living pressures in two decades — as it happened.

ABC News

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

The Conversation

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Tribune News Service

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ABC News

Cost-of-living squeeze forces families to adapt as Perth struggles with Australia's worst inflation

A Mandurah family has found a creative way to combat cost-of-living hikes, gathering three generations under one roof as Australia's inflation figure surges to a 20-year-high.

Reason

Schumer, Manchin Strike Deal To Raise Taxes, Cut the Deficit, Spend Billions on Climate Change

The proposal reportedly hikes taxes by over $730 billion, with $300 billion of that money to be used for reducing the federal budget deficit.

ABC News

Federal Treasurer to warn cost of living 'heavy weather' coming in economic update

The Treasurer is painting a grim picture of the coming months, forecasting spiking inflation, rising unemployment and more interest rate hikes, ahead of a speech to parliament later today.

ABC News

US hikes rates 0.75pc again amid ongoing inflation surge 'surprise'

Wall Street has surged after Federal Reserve chair Jerome Powell hinted rate hikes could ease, with the Australian share market following.

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The Guardian - AU

Bill Shorten says robodebt royal commission set to start this year – as it happened

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WEKU

After spiking earlier talks, Manchin agrees to a new deal on climate and taxes

The agreement is a major reversal for Democrats who had narrowed their ambitions for the package to addressing looming lapses in the Affordable Care Act and changes to prescription drug prices.

The Independent UK

Build Back Manchin: Democrats reach deal on major climate and health care bill

Manchin billed the legislation as the Inflation Reduction Act.

Glasgow Live

McDonald's prices rise for first time in 14 years including burgers and McFlurry

McDonald's has confirmed that it will be increasing the cost of products from across its menu, including burgers and nuggets, with some not seeing a price rise in 14 years

ABC News

The Loop: 'Incredibly disturbing' Closing the Gap data, more bad inflation news, and how much for biggest pink diamond in 300 years?

Here's your quick catch-up for this morning's news.

Bangkok Post

Fed's rate rises might have way to go yet

By the time this article is published, readers will know how much the US Fed funds rate has been raised for the fourth time this year. It does not really matter whether the rate is raised by 0.75% or 1% this time because the Fed will need to keep raising…

The Guardian - AU

Morning mail: challenges ahead amid soaring inflation, US lifts interest rate, farewell to Ramsay Street

Thursday: Treasurer trims economic growth prediction amid warnings the world is ‘on the edge’ of global recession. Plus: a deep dive into colonic irrigation clinics

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