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The Latest Breaking News from Inflation

Back to the bad old days of the 1990s as recession looms for UK

Inflation is set to jump to 9% this week when official figures are released, and fears of a slump are growing

The Guardian - UK

NHS prescription charge frozen as desperate Tories scramble for cost of living help

This will be the first time in 12 years the cost of medicines has not gone up in line with inflation and will save around 58p on each prescribed item

Daily Mirror

Prescription charges frozen as ministers grapple with cost-of-living crisis

Health Secretary Sajd Javid said the Government is ‘putting money back in people’s pockets’.

The Independent UK

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Cabinet ministers ‘criticise Bank of England over rising inflation’

A senior minister said the Bank of England’s job is to keep inflation at two per cent

The Independent UK

Demand for food relief soars as COVID, inflation and natural disasters pile pressure on the vulnerable

Australia’s major food banks are reporting huge need, with many who have never needed their services before reaching out for help

The Guardian - AU

At Chintan Shivir, Congress talks about a ‘reset’ of economic policies

Questions of rising inequalities, extreme poverty among the bottom 10% of the population need to be addressed: Chidambaram

The Hindu

Bezos Slams Biden Over Inflation Tweet, Says Disinformation Board Should Fact Check President's Tweet

Amazon.com, Inc (NASDAQ: AMZN) Executive Chairman Jeff Bezos on Friday attacked President Joe Biden for his recent tweet on inflation and corporate taxation. On Friday, Biden tweeted about curtailing inflation by taxing large corporations in the U.S.

Benzinga

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Ramesh Ponnuru: Republicans can extend their midterm inflation advantage

Inflation is likely to be the most powerful issue working for Republicans in this year’s congressional elections. Public concern over it has been rising fast. Republicans can plausibly blame the administration of President Joe Biden for making the problem worse by spending too much money on a pandemic stimulus program…

Tribune News Service

India bans wheat exports as heat wave hurts crop, domestic prices soar

India banned wheat exports on Saturday days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices hit a record high.

Reuters

Sonia Gandhi chairs meeting of AICC top brass on next phase of Jan Jagran Abhiyan

The mass agitation programme Jan Jagran Abhiyan is to highlight issues like inflation, recession, unemployment rate, and farm distress

The Hindu

4 things to know as cryptocurrencies such as Bitcoin (and stablecoins) melt down

Bitcoin and other cryptocurrencies are being caught up in the storm impacting all kinds of markets, including stocks. The plunge in a type of crypto called TerraUSD is raising special concern.

WEKU

As Turkey’s economic crisis grows, politicians spar over refugees

As tensions rise over Turkey’s millions of refugees, politicians are seeking to capitalise on the resentment.

Al Jazeera

Bezos, Biden spar about inflation on Twitter

Amazon.com Inc founder Jeff Bezos on Friday accused United States President Joe Biden of “misdirection” on Twitter in response to the US leader’s tweet saying inflation could be tamed by making wealthy corporations “pay their fair share.”

Bangkok Post

‘This is about survival’: will Cop27 bring action on Glasgow climate pact?

Six months from Cop27, climate advisors warn talks must follow through on plans made in Glasgow to limit global heating to 1.5C

The Guardian - UK

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The Independent UK

GOP's new midterm attack: Blaming Biden for formula shortage

The nationwide shortage of baby formula is quickly becoming the GOP's latest election-year attack on President Joe Biden

Tribune News Service

Gavin Newsom’s $300 billion budget funds tax rebates, abortion care, nurse bonuses and more

SACRAMENTO, Calif. — California Gov. Gavin Newsom on Friday released a $300.6 billion spending plan that would fund tax rebates, abortion care, bonuses for health care workers and more, fueled by a $97.5 billion surplus.

Newcastle Herald

One week out and our Pub Test panel is still searching for campaign answers

"Both leaders are playing the man not the ball. I find that very poor in an election process."

inkl Originals

The Weekly Wrap for Saturday, 14 May 2022

It's been a bad week (month, year) to be a Web3 booster. Coinbase conceded that it may not be able to protect all the deposits it holds if it goes under. NFT's are evaporating and not even a CGI model of Madonna's vagina can save them. But in this edition…

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The Guardian - UK

Older UK renters forced to cut back on spending as living costs soar

Exclusive: Many tenants aged over 65 are already struggling, Independent Age research finds

Tribune News Service

Stocks roar back at end of nerve-racking week: Markets wrap

Stocks rallied at the end of a chaotic week in financial markets, with a little help from Federal Reserve Chair Jerome Powell’s reassurance that bigger rate hikes would be off the table for now even after the hot inflation readings of the past few days.

Bangkok Post

Equities steady after a week of inflation-fed worries

Recap: Global stocks regained some ground on Friday after a turbulent week triggered by concerns over surging inflation, aggressive rate hikes and slowing economies.

Bangkok Post

Stick with firms that gain from reopening

April typically is the weakest month for share trading activity given the large number of holidays and the low number of trading days. It's not surprising, then, that average trading turnover for the month was just 72 billion baht, down almost 20% from 89 billion baht in March.

The Hindu

Full circle: On cutting fuel taxes

Cutting fuel taxes is a must to ensure overall macroeconomic stability

Benzinga

Markets Finish Sharply Higher Amid Ongoing Macro Concerns

U.S. indices traded sharply higher Friday following recent weakness. Markets were highly volatile this week, selling off following the April CPI report, which showed worse-than-expected inflation.

The New Daily

Michael Pascoe: Everyone is wrong about a 5.1 per cent minimum wage rise

The government knows how miserable the real-world outcome is for people on low wages suffering excruciating effective marginal tax rates.

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