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The Latest Breaking News from Inflation

Rishi Sunak blames IT problems for not raising benefits in line with soaring inflation

The Tory chancellor left himself open to ridicule when he blamed the UK Government's IT systems for not raising benefits in line with the soaring cost of living.

Daily Record

City comment: Why getting a lunchtime restaurant booking in London is a struggle

Finding a lunch booking in London these days can feel like trying to get Glastonbury tickets.

Evening Standard

Boss to start paying staff in gold instead of cash as part of new wages trial

Cameron Parry, CEO of e-money provider TallyMoney, employs around 20 members of staff and says each person will have the option to be paid in gold as part of a new trial

Daily Mirror

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Rishi Sunak says technical problems stopped him raising benefits more

Chancellor blames DWP computers that allow uplift only once a year, in claims labelled ‘pathetic’ by Jonathan Ashworth

The Guardian - UK

Rick Scott has no regrets about calling for Biden to resign as both sides go bare knuckles - Roll Call

A key Republican senator has no regrets about calling for Joe Biden to resign as the president sharpens his midterms message.

Roll Call

Send in your questions: what do you want to know about UK inflation?

We want to hear about the questions you have around inflation but have been afraid to ask

The Guardian - UK

Rishi Sunak claims computer systems won't let Tory government raise benefits

PARALLELS have been drawn between Chancellor Rishi Sunak and a character from a popular comedy show after the top Tory claimed the Government’s…

The National (Scotland)

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Households falling into poverty isn’t inevitable. Here’s how we can prevent it

With inflation set to reach 10% and wages falling short, ministers can’t ignore the crisis affecting ever more voters, says the IPPR’s Carys Roberts

The Guardian - UK

Largest oil and gas producers made close to $100bn in first quarter of 2022

Shell made $9.1bn in profit, almost three times what it made in the same period last year, while Exxon raked in $8.8bn

The Guardian - US

Rishi Sunak blasted for using 'Computer Says No' excuse to cut benefits for millions

The Chancellor admitted 'it sounds like an excuse' after he blamed IT 'problems' for a real-terms benefit cut. Experts told the Mirror there were computer difficulties with some benefits - but they are no reason not to act

Daily Mirror

A Peek Into The Markets: US Stock Futures Higher; Crude Oil Surges Over 1%

Pre-open movers

Benzinga

Bitcoin Set for Record Losing Streak as ‘Stablecoin’ Collapse Crushes Crypto

Cryptocurrencies nursed large losses on Friday, with bitcoin trading near $30,000 and set for a record losing streak as the collapse of TerraUSD, a so-called stablecoin, rippled through markets. Crypto assets have also been swept up in broad selling of risky investments on worries about high inflation and rising interest…

Asharq Al-Awsat

Four in 10 Brits buying less food as prices soar

People cutting back on grocery shopping in cost of living crisis

Wales Online

Inflation inequality: Soaring prices weigh on low-income households

Inflation is at its highest level in decades in many parts of the world. In the US, consumer prices were 8.3 percent higher in April than a year earlier. In the eurozone, they rose by around 7.5 percent. Energy prices have been driving the surge, with Russia's war in Ukraine…

France 24

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Bangkok Post

Poll: Economy likely grew modestly in Q1

Thailand's economy likely grew modestly in the first quarter, thanks to robust exports and an easing of Covid-19 restrictions and despite low tourist arrivals and high inflation dampening consumer spending, a poll found.

Tribune News Service

Martin Schram: Rediscovering a president’s AWOL adviser

President Joe Biden launched a new offensive of message politics this past week, but appeared to be operating without the inner circle confidant he needs now more than ever.

Evening Standard

Boss of world’s biggest microchip maker SMIC says smartphone demand dropping ‘like a rock’

The world’s biggest microchip maker has said demand for mobile phones and computers has dropped “like a rock” as war in Ukraine and Covid lockdowns in China take their toll on consumer demand for electronics.

Axios

The market collapse was easy to see coming

The writing was on the wall.

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Salon

Elizabeth Warren targets price gouging

"Corporations have price gouged consumers for extra profits and gotten away with it for too long," said Warren

The Guardian - UK

‘Golden era’ of cheap food is ending, says ex-Sainsbury’s boss

Justin King says government should step in with targeted funding through benefits to help households

Miami Herald

The Week Ahead: Draining the proverbial punch bowl for investors

It was a heckuva party and now the hangover has set in. The S&P 500 stock index is down about 20 percent from its pandemic high. The NASDAQ Composite has shrunk by almost a third from its high in November.

Evening Standard

Rees-Mogg in row on higher interest rates as he hails Thatcher’s 1980s economic policies

Brexit minister Jacob Rees-Mogg sparked a row on Friday after appearing to urge the Bank of England to hike interest rates as he hailed the 1980s economic policies of Margaret Thatcher.

The Guardian - UK

Elon Musk ‘still committed’ to Twitter deal after putting it on hold – as it happened

Rolling coverage of the latest economic and financial news

The Independent UK

Asian shares bounce back, shrugging off inflation concerns

Asian shares have bounced back after losses earlier in the week, shrugging off the latest data showing U.S. wholesale prices soared 11% in April from a year earlier

Wales Online

Boss starts paying staff in gold to beat the rise in inflation

Staff at a financial services firm have been offered the chance to get paid in gold rather than pounds and pence to help them keep ahead of inflation. TallyMoney CEO Cameron Parry is understood to be the first employer in the country to trial a gold

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