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The Latest Breaking News from Inflation

Liz Truss makes multibillion-pound pledges for Tory leadership in Zoom hustings

The Foreign Secretary vowed to axe the corporation tax hike, which would cost around £16 billion per year.

The Independent UK

Odds of US recession within next year near 50%, survey shows

Odds are now close to even that the U.S. economy will slip into a recession within the next year as persistent and rapid inflation emboldens the Federal Reserve to pursue larger interest-rate hikes.

Tribune News Service

Did Joe Manchin Just Sink Biden's 'Build Back Better' Plan Again?

Plus: Why government responses to risk can create more harm than good, why Denver will no longer block illegal immigrants from starting businesses, and more...

Reason

From analysis to the latest developments in health,
read the most diverse news in one place.

Conservative leadership election: why tax cuts are an economic gamble

Always keen to be identified as the party of low taxation, the Conservatives won the 2019 general election on a promise not to raise income tax, VAT or national insurance. So last year’s national insurance increase was bound to rankle, even though it could feasibly be blamed on the huge…

The Conversation

Biden pledges executive action after Joe Manchin scuppers climate agenda

West Virginia senator refuses to support funding for climate crisis and says he will not back tax raises for wealthy Americans

The Guardian - US

Manchin upends effort for a downsized 'Build Back Better’

WASHINGTON — West Virginia Democrat Joe Manchin III is yet again upending his party’s priority economic package, jettisoning climate measures and tax increases he previously favored and leaving only provisions focused on lowering health care costs.

Tribune News Service

Dock workers' strike hits cargo handling at German ports

Dock workers at Germany’s North Sea ports are on strike in the latest of several walkouts that have added to pressures on shipping as their union demands a hefty pay rise to counter high inflation

The Independent UK

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Retail sales rebounded in June as inflation soared

Retail sales, which aren't adjusted for inflation, rose 1%.

Axios

Copper price at lowest level since 2020 as fears over global economy grow

Fall comes amid concerns that soaring inflation will curb spending by large manufacturers

The Guardian - UK

Spain's PM tightens grip on power with bank tax pledge, approved bills

After several setbacks in regional elections, Spanish Prime Minister Pedro Sanchez scored a rare legislative success as parliament passed three key bills late on Thursday, reinforcing his political strength despite galloping inflation, analysts said.

Reuters

Biden OKs health care-focused budget pact struck in Senate - Roll Call

President Joe Biden on Friday endorsed a plan to pass a bill intended to lower the cost of prescription drugs and pay for health insurance.

Roll Call

Manchin says wait until July before resuming talks on scaled-back climate and tax bill

A spokesperson for Mr Manchin says Democrats must ‘adjust to the economic realities the country faces to avoid taking steps that add fuel to the inflation fire’

The Independent UK

50 ways the Tories have clobbered British workers over 12 years in power

12 years of Tory rule have also shredded the safety nets on which people used to rely. At the same time they have turned the screws on the unions and failed to deliver on their promises to improve employment rights. Here's 50 reasons the patience of workers has finally snapped

Daily Mirror

3 Stocks With Upside Potential in the Near Term

The record-high inflation, the Federal Reserve’s hawkish tilt, and growing recession fears have led to heightened volatility in the market. However, despite the concerning macro environment, Wall Street analysts see upside potential in VEON (VEON), Lumen Technologies (LUMN), and AbCellera Biologics (ABCL). So, these stocks could be worth adding to…

StockNews.com

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Salon

Ali Velshi: Biden can't fix the economy

From sky-high food prices to rising interest rates, here's why we're heading into recession — and what happens next

Axios

3 reasons many will be stuck renting forever in this tight real estate market

Inflation is making it even harder to buy a home.

The Independent UK

Where food is a luxury: Turkey struggles to survive as inflation rises to over 74 per cent

One subsidised restaurant seeks to help Turks facing escalating living costs. But such acts do little against a soaring inflation rate

Asharq Al-Awsat

Oil Rises on Prospects of Less Aggressive US Rate Hike

Oil prices rose on Friday amid prospects of a less aggressive US rate hike, although worries about a recovery in demand capped gains. Brent crude futures for September delivery rose 94 cents, or 1.0%, to $100.04 a barrel by 0630 GMT, while WTI crude rose 63 cents, or 0.7%, to…

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news in one place.

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Tribune News Service

Editorial: The political price: Biden, inflation and the coming election

Inflation this high is very bad for Americans, and especially the Americans who have to pinch pennies to feed their families, write the rent check and fill their gas tanks. And while it’s axiomatic that the economy a president oversees is the economy for which he’s held accountable, it’s also…

The Times of India

Chidambaram says Nirmala Sitharaman should appoint chief economic astrologer, BJP calls it ‘obnoxious’ comment

NEW DELHI: Under attack from its rivals over the economy, the BJP has launched a counter-offensive in order to defend the Narendra Modi government at the Centre.

The Independent UK

Asian shares mixed after China says growth weakened in 2Q

Asian share prices are mixed after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home

The Independent UK

G20 finance leaders in Bali to tackle Ukraine, inflation

Top financial officials from the Group of 20 leading rich and developing nations are meeting on the Indonesian island of Bali seeking strategies to counter the repercussions from the war in Ukraine, inflation and other global crises

Manchester Evening News

Cost of living crisis deepens north-south divide - with Mancunians left £130 worse off

As inflation continues to soar across the country it is towns and cities located in the North that are bearing the brunt

Al Jazeera

G20 finance leaders meet in Bali as Ukraine, inflation top agenda

Host Indonesia hopes meeting can serve as forum for dialogue between Russia and Ukraine.

StockNews.com

Is the Fed Engineering a Recession to Crush Inflation?

The S&P 500 (SPY) declined more following the June CPI report which showed that inflation was worse than expected at 9.1% vs 8.8%. As a result, the odds of a 100 basis point hike at the July meeting and a 75 basis point hike at the September meeting increased. Ironically,…

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