Turkish inflation eases for 1st time in more than a year
December 5, 2022 GMTANKARA, Turkey (AP) — Annual inflation in Turkey slightly eased in November for the first time in more than a year, according to official figures released on Monday, although it remains close to 24-year highs.
Inflation in Europe eases but still in painful double digits
November 30, 2022 GMTFRANKFURT, Germany (AP) — Inflation in Europe has eased for the first time in more than a year as energy prices drifted down from painful highs, but the double-digit rate still hovers near a record that has robbed consumers of their spending power and led economists to predict a recession.
UK inflation accelerates to 41-year high of 11.1%
November 16, 2022 GMTLONDON (AP) — Britain’s inflation rate rose to a 41-year high in October, fueling demands for the government to do more to ease the nation’s cost-of-living crisis when it releases new tax and spending plans Thursday.
Asian stocks surge after lower US inflation eases rate fears
November 11, 2022 GMTBEIJING (AP) — Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes.
US consumer inflation eased to 7.7% over past 12 months
November 10, 2022 GMTWASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows.
Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday.
Inflation strikes disrupt trains, flights in Greece, Belgium
November 9, 2022 GMTATHENS, Greece (AP) — Workers walked off the job in Greece and Belgium on Wednesday during nationwide strikes against increasing consumer prices, disrupting transportation, forcing flight cancellations and shutting down public services in the latest European protests over the rising cost of living.
This Week: Consumer borrowing, Disney earns, consumer prices
November 7, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
JUST CHARGE IT
Americans have been ramping up their use of credit this year.
Yearly inflation in Turkey rises to new 24-year high of 85%
November 3, 2022 GMTANKARA, Turkey (AP) — Annual inflation in Turkey continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher and amplifying a cost-of-living crisis in the country.
Europe sees fastest pace of rate hikes since euro launched
October 27, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates at the fastest pace in the euro currency’s history and underscoring the bank's determination to control prices despite the threat of recession.
Asian shares mixed as investors keep eyes on inflation
October 21, 2022 GMTTOKYO (AP) — Asian shares were mostly lower Friday in muted trading, as investors kept an eye on inflation.
Benchmarks fell in Tokyo, Seoul, Sydney and Hong Kong but rose in Shanghai and Mumbai.
IRS ups standard deductions, tax brackets due to inflation
October 19, 2022 GMTWASHINGTON (AP) — Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation.
UK inflation accelerates to 40-year high as food prices rise
October 19, 2022 GMTLONDON (AP) — British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year high and heaping pressure on the embattled government to balance the books without gutting help for the nation’s poorest residents.
Liz Weston: 3 inflation-savvy moves to make now
October 17, 2022 GMTInflation is proving to be a stubborn, unwanted houseguest.
No one particularly likes paying more for food, fuel and other living costs. But so far, the Federal Reserve’s attempts since March to evict inflation with higher interest rates haven’t worked.
As the causes of US inflation grow, so do the dangers
October 14, 2022 GMTWASHINGTON (AP) — What keeps driving inflation so high? The answer, it seems, is nearly everything.
As the causes of US inflation grow, so do the dangers
October 14, 2022 GMTWASHINGTON (AP) — What keeps driving inflation so high? The answer, it seems, is nearly everything.
Asian stocks gain after Wall St rebounds from inflation jolt
October 14, 2022 GMTBEIJING (AP) — Asian stock markets surged Friday after Wall Street rebounded from a slump caused by worse-than-forecast inflation numbers.
Japan's market benchmark soared by an unusually wide margin of 3.4%.
Worsening inflation will pressure Fed to keep raising rates
October 13, 2022 GMTWASHINGTON (AP) — Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains and ensuring that the Federal Reserve will keep raising interest rates aggressively.
Asian stocks fall ahead of US inflation update
October 13, 2022 GMTBEIJING (AP) — Asian stock markets fell Thursday ahead of an update on U.S. inflation that investors worry will reinforce the Federal Reserve's plans for more aggressive interest rate hikes.
Fed meeting minutes, consumer price index, big bank earns
October 10, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
FED IN FOCUS
The Federal Reserve releases minutes from its most recent interest rate policy meeting Wednesday.
Inflation hits record 10% in 19 EU countries using euro
September 30, 2022 GMTFRANKFURT, Germany (AP) — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power.
US economy drops at 0.6% annual rate from April through June
September 29, 2022 GMTWASHINGTON (AP) — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate.
UK inflation dips slightly in August to 9.9%
September 14, 2022 GMTLONDON (AP) — Inflation in the United Kingdom slowed slightly last month as a drop in gasoline and diesel fuel prices gave consumers the first glimmer of hope that Britain’s cost-of-living crisis may be beginning to ease.
US inflation still stubbornly high despite August slowdown
September 13, 2022 GMTWASHINGTON (AP) — Lower gas costs slowed U.S. inflation for a second straight month in August, but most other prices across the economy kept rising — evidence that inflation remains a heavy burden for American households.
This Week: Consumer prices, retail sales, quadruple witching
September 12, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
TRACKING INFLATION
The Labor Department delivers its latest monthly reading of consumer inflation Tuesday.
Turkey’s annual inflation passes 80% after interest rate cut
September 5, 2022 GMTISTANBUL (AP) — Turkey’s annual inflation passed 80% in August, according to official data on Monday, further hitting consumers facing high energy, food and housing costs.
The Turkish Statistical Institute said consumer prices rose by 80.21% from a year earlier, up 0.6 percentage points from the previous month.
Hints of cooling prices, but Fed vows firm inflation stance
August 26, 2022 GMTWASHINGTON (AP) — Inflation eased last month as energy prices tumbled, raising hopes that the surging costs of everything from gasoline to food may have peaked.
According to a Commerce Department report Friday that is closely watched by the Federal Reserve, consumer prices rose 6.3% in July from a year earlier after posting an annual increase of 6.8% in June, the biggest jump since 1982.
UK inflation reaches 10.1% on soaring food, energy costs
August 17, 2022 GMTLONDON (AP) — Britain’s inflation rate rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fueled by the soaring cost of energy.
Bartering increases in Argentina as inflation keeps soaring
August 11, 2022 GMTBUENOS AIRES, Argentina (AP) — Argentina reported a monthly inflation rate of 7.4% in July, the highest number in two decades for a country where citizens are used to increasing prices.
Over the past year, Argentina’s consumer prices have soared a whopping 71%, the INDEC national statistics agency said Thursday.
Lower prices offer Americans slight reprieve from inflation
August 10, 2022 GMTWASHINGTON (AP) — Falling prices for gas, airline tickets and clothes gave Americans a little bit of relief last month, though overall inflation is still running at close to its highest level in four decades.
Productivity, consumer prices, Cardinal Health earns
August 8, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
ECONOMIC BELLWETHER
Economists project that U.S. worker productivity fell in the April-June period for the second consecutive quarter.
Bank of England predicts recession at the end of the year
August 4, 2022 GMTLONDON (AP) — The Bank of England announced its biggest interest rate increase in 27 years on Thursday as it forecast that the war in Ukraine would fuel further inflation and tip the U.K.
Russia’s central bank slashes rate, saying inflation slows
July 22, 2022 GMTMOSCOW (AP) — The Russian central bank diverged from its Western counterparts by slashing its key interest rate Friday just a month after dropping it to where it was before the country sent troops into Ukraine.
UK inflation surges to new 40-year high of 9.4%
July 20, 2022 GMTLONDON (AP) — Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis.
US inflation surges again in June, raising risks for economy
July 13, 2022 GMTWASHINGTON (AP) — U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively -- trends that raise the risk of a recession.
EXPLAINER: Why US inflation is so high, and when it may ease
July 13, 2022 GMTWASHINGTON (AP) — Inflation's relentless surge didn't merely persist in June. It accelerated.
For the 12 months ending in June, the government's consumer price index rocketed 9.1%, the fastest year-over-year jump since 1981.
Asian markets rise ahead of US inflation data
July 13, 2022 GMTBEIJING (AP) — Asian stock markets rose Wednesday as investors waited for U.S. inflation data some worry might lead to more interest rate hikes.
Shanghai, Tokyo, Hong Kong and Seoul rose. Sydney declined.
Data puts Turkey’s annual inflation at 78.6%, a 24-year high
July 4, 2022 GMTISTANBUL (AP) — Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998, according to official data released Monday.
The Turkish Statistical Institute, or TurkStat, released the monthly figures as Turkey is experiencing a deepening cost-of-living crisis.
Powell: ‘No guarantee’ Fed can tame inflation, spare jobs
June 29, 2022 GMTWASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market.
Europe’s central bank ready to ‘stamp out’ surging inflation
June 28, 2022 GMTSINTRA, Portugal (AP) — The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out" inflation if it surges faster than expected.
UK inflation rate hits new 40-year high of 9.1%
June 22, 2022 GMTLONDON (AP) — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia's war in Ukraine drove food and fuel prices ever higher.
Bulgarian opposition calls for no-confidence vote
June 15, 2022 GMTSOFIA, Bulgaria (AP) — Bulgarian Prime Minister Kiril Petkov’s centrist coalition government will face a vote of no-confidence brought by the main opposition party on Wednesday, its first since taking power at the end of last year.
Business Highlights: May inflation, stock market woes
June 10, 2022 GMT___
US inflation at new 40-year high as price increases spread
WASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
US inflation at new 40-year high as price increases spread
June 10, 2022 GMTWASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%, the Labor Department said Friday.
Biden vows to battle inflation as prices keep climbing
June 10, 2022 GMTLOS ANGELES (AP) — In President Joe Biden's estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. But so far, inflation just keeps getting the better of the U.S.
Asian shares mixed after rate jitters tumble on Wall Street
June 10, 2022 GMTBANGKOK (AP) — Shares were mostly lower in Asia on Friday, with only Shanghai rising, after stocks tumbled on Wall Street on expectations central banks will double down on battling inflation with interest rate hikes.
Consumer borrowing, Campbell Soup earns, consumer prices
June 6, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
JUST CHARGE IT
The Federal Reserve issues its latest snapshot of U.S. consumer borrowing Tuesday.
Data puts Turkey’s annual inflation at 73.5%, a 24-year high
June 3, 2022 GMTANKARA, Turkey (AP) — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens.
The Turkish Statistical Institute said the rate represented an increase of almost 70% from the month before.
Congressional Budget Office says inflation to last into 2023
May 25, 2022 GMTWASHINGTON (AP) — The Congressional Budget Office released an economic outlook Wednesday saying high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt.
UK inflation hits 40-year high amid Russia’s war in Ukraine
May 18, 2022 GMTLONDON (AP) — Britain’s inflation rate rose to the highest level in 40 years last month as Russia's war in Ukraine fueled further increases in food and fuel prices.
Sweden sees highest inflation rate since 1991
May 12, 2022 GMTCOPENHAGEN, Denmark (AP) — Inflation in Sweden increased last month to its highest level since 1991, officials said Thursday, as countries worldwide grapple with surging prices exacerbated by Russia's war in Ukraine.
High inflation leaves food banks struggling to meet needs
May 11, 2022 GMTKendall Nunamaker and her family of five in Kennewick, Washington, faced impossible math this month: How to pay for gas, groceries and the mortgage with inflation driving up prices?
US inflation dips from 4-decade high but still causing pain
May 11, 2022 GMTWASHINGTON (AP) — Inflation eased slightly in April after months of relentless increases but remained near a four-decade high, making it hard for millions of American households to keep up with surging prices.
Danish inflation hits 6.7%; highest since 1984
May 10, 2022 GMTCOPENHAGEN, Denmark (AP) — Denmark's inflation rate has increased to 6.7% in April in its highest level since 1984 as electricity and heating prices spike, authorities said Tuesday.
The consumer price index rose from 5.4% in March, according to official figures from Statistics Denmark.
Occidental Petroleum earns, consumer prices, jobless claims
May 9, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
PUMPED UP
Occidental Petroleum reports its first-quarter results Tuesday.
Inflation in Turkey soars to eye-popping near 70% in April
May 5, 2022 GMTANKARA, Turkey (AP) — Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households.
India’s central bank raises interest rate to tame inflation
May 5, 2022 GMTNEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.4% from 4% to try to contain fast-rising inflation.
Reserve Bank of India Governor Shaktikanta Das said after an unscheduled meeting of the bank's monetary policy committee that the central bank would maintain an “accommodative" stance to help support the economy while keeping inflation in check.
Hungary extends cap on fuel and food prices to July 1
April 27, 2022 GMTBUDAPEST, Hungary (AP) — Hungary's government has extended a price cap on fuel and some basic food items by two more months as consumer prices continue to rise in the Central European country, the prime minister said Wednesday.
European Central Bank gives no clear date for rate hikes
April 14, 2022 GMTThe head of the European Central Bank reiterated Thursday that the bank would raise interest rates “some time after” ending its pandemic stimulus efforts later this year, sticking to a gradual path even as the United States, United Kingdom and other countries take a harder line to combat soaring consumer prices.
Producer prices surge 11.2% in March on higher energy costs
April 13, 2022 GMTWASHINGTON (AP) — The surging cost of energy pushed wholesale prices up a record 11.2% last month from a year earlier — another sign that inflationary pressure is widespread in the U.S. economy.
The Labor Department said Wednesday that its producer price index — which measures inflation before it reaches consumers — climbed at the fastest year-over-year pace in records going back to 2010 and rose 1.4% from February.