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The Latest Breaking News from Inflation

Retail sales in May fall 0.3% amid surging inflation

Americans cut their spending unexpectedly in May compared with the month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items

The Independent UK

Home sellers are cutting list prices as more buyers take pause: 'The market is not the same'

Home sellers are increasingly cutting their asking prices as buyers, constrained by higher mortgage rates and overall inflation, have become less willing to jump into the housing market at any cost.

Los Angeles Times

Biggest rate hike in years expected as Fed tackles inflation

The Federal Reserve is expected to announce its largest interest rate hike since 1994 — a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation

The Independent UK

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Analysis-Brazil likely to waive over $20 billion in tax revenue as Bolsonaro tries to spur economy

Tax cuts are likely to cost over 110 billion reais ($21.5 billion) in Brazilian tax revenue this year, as President Jair Bolsonaro tries to ease inflation and spur the economy in an election year despite economists' warnings of blowback in 2023.

Reuters

Don’t panic: How to protect your super from global instability

Rising inflation and plunging share market values could leave you worried about your super, but experts say there is no need to panic.

The New Daily

Markets brace for sharpest rise in US interest rates in almost 30 years

Federal Reserve expected to increase cost of borrowing by 0.75 percentage points to curb rising inflation

The Guardian - UK

Warner Bros Discovery To Undergo Major Global Ad Sales Team Restructuring

Warner Bros. Discovery, Inc (NASDAQ:WBD) could downsize up to 30% or nearly 1,000 jobs in its global advertising sales team, Reuters reports. Warner offered members of its U.S. advertising sales team an option to leave the company voluntarily. The global advertising sales team has ~3,000 members. Also Read: Warner Bros. Discovery Registers 15%…

Benzinga

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Pakistanis urged to cut down on tea consumption to fix ailing economy

If rising fuel prices, inflation and political turmoil weren't enough, Pakistanis have now been asked to cut down on their daily tea intake.

ABC News

Cost of living crisis 2022: How to cope with the rise in prices

Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all

The Independent UK

Health care consumers feeling economic sting

During the pandemic, Americans aged 50 to 64 said they've been skipping medications, cutting back on food and utilities to cover their medical needs. And they're increasingly worried about covering their future bills, according to newly released Gallup polling.

Axios

What workers really want: raises that beat inflation

Crunchbase employees got a 7% raise, outside of their regular review cycle, just to keep up with inflation

Axios

Joe Biden Could Ease Trump-Era Tariffs On China To Tame Inflation

President Joe Biden is considering rolling back some tariffs imposed on Chinese goods during the term of former President Donald Trump as the United States grapples with inflation.

Benzinga

Govt at odds with Bank of Thailand over raising rates

Government leaders are publicly making a case for keeping interest rates lower for longer, a call that is putting them at odds with the nation’s monetary policy makers who are keen to raise borrowing costs sooner to keep inflation from overheating.

Bangkok Post

Consumer confidence plunges to worst level since peak of pandemic, Westpac survey shows

Experts say stretched businesses could face further pain as people cut spending and award wages rise

The Guardian - AU

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The Independent UK

Asian stocks mixed ahead of Fed rate hike decision

Asian stock markets are mixed ahead of the Federal Reserve’s announcement of how sharply it will raise interest rates to cool U.S. inflation

ABC News

National minimum wage to rise in July, but inflation rate leads to cut in real wages for workers on awards

The national minimum wage will be increased by 5.2 per cent, while those on award rates will see a 4.6 per cent rise. But because inflation is at 5.1 per cent, the wage hike means less to some workers.

The New Daily

Albanese welcomes pay rise for pandemic ‘heroes’

Prime Minister Anthony Albanese has welcomed the Fair Work Commission's decision to raise the minimum wage by 5.2 per cent amid concerns about inflation.

The Guardian - AU

Lucky dollar: 5.2% minimum wage increase is a significant early political win for the Albanese government

Backing the wage rise shows Labor is on the side of workers at a time when many are doing it tough

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ABC News

WA public sector unions step up fight for pay rises as Australian minimum wage boosted

A major headache is brewing for the West Australian Labor government as unions prepare to ramp up their battle for public sector wage rises that are in line with skyrocketing inflation and cost of living pressures.

Reuters

Australia wants 'broad, deep' security ties with Japan, minister says

Australia wants "broad and deep" cooperation with Japan as the two U.S. allies face complex security circumstances in Asia as a result of Russia's invasion of Ukraine, rising inflation and COVID-19 disruption, its defence minister said on Wednesday.

The Guardian - AU

Stagflation: what is it and is it really happening in Australia?

Australians are feeling the pinch from rising inflation, but experts are divided on whether the 1970s economic phenomenon is back

The New Daily

Woolworths freezes prices on essentials amid cost-of-living alarm

Woolworths will freeze prices on hundreds of household essentials for six months, as shoppers battle with surging inflation.

Bangkok Post

Looming debt crunch positions Laos as next possible Asia default

Laos, with dwindling cash reserves and surging inflation, is facing some of the same strains that pushed Sri Lanka to default and threatens Pakistan’s balance of payments.

The Conversation

Fair Work Commission gives a 5.2% – $40 a week – increase in the minimum wage

The Fair Work Commission has announced a rise in the minimum wage of 5.2% or $40 a week, taking it to $812.60 a week or $21.38 an hour.

The Guardian - AU

Australia’s minimum wage earners to get $40 a week pay rise, Fair Work Commission rules

The national minimum wage will lift by 5.2%, with the commission noting a ‘sharp increase in the cost of living’

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Supattanapong Punmeechaow

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