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The Latest Breaking News from Inflation

Barclay: Plans for price caps on food staples have ‘no element of compulsion’

Downing Street is understood to be drawing up proposals that would seek to get retailers charging the lowest possible amount for some basic products.

The Independent UK

Terrible week for Sunak and Hunt puts election victory all but out of reach

Praise from the IMF and optimism on inflation have given way to echoes of last autumn’s turmoil

The Guardian - UK

Rishi Sunak ‘to urge supermarkets to cap price of food basics’

Downing Street is drawing up plans to encourage supermarkets to introduce voluntary price caps on food staples in a bid to help with the cost-of-living crisis.

Evening Standard

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Downing Street 'wants to encourage supermarkets to price cap food staples'

Sources say the proposals to help with the cost of living crisis are 'at drawing board stage'

Manchester Evening News

A simple home improvement in thousands of homes could cause householders looking to remortgage a headache with money lenders, according to a group of experts

Daily Mirror

Economic experts project £800 drop in disposable income for Scots

THE “debilitating” effect of inflation will mean prices stay permanently high, with Scottish households expected to see on average a drop of…

The National (Scotland)

RBA chief Philip Lowe in the hot seat at Senate hearing as interest-rate decision looms

Philip Lowe will field questions from senators six days before the Reserve Bank of Australia announces its next decision on interest rates

The New Daily

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Sunak ‘asks retailers to cap food prices including milk and bread’ amid surging bills

Food staples would be at the lowest price possible under new plans from No 10, it is claimed

The Independent UK

Insurance giant halts sale of new home policies in California due to wildfires

State Farm also cites inflation of construction costs in statement which comes after increasing wildfires in state

The Guardian - US

Fed’s Favorite Inflation Gauge Exceeds Expectations, Fueling Fear Of New Rate Hikes

The U.S. PCE price index rose 4.4% and Core PCE price index rose 4.7% year-over-year in April

Zenger

Why are electricity prices rising in July? How can I cut costs? Your energy questions answered

Energy costs are set to rise, once again. Here's a breakdown of what's happening, along with answers to some of your burning energy questions.

ABC News

Dollar Gives up Early Gains as Strong Stocks Curb Liquidity Demand

The dollar index (DXY00 ) on Friday fell by -0.06%. The dollar on Friday retreated from a 2-1/4 month high and posted modest losses. A rally in stocks Friday curbed liquidity demand for the dollar. Also, T-note yields fell back from their highest levels, which weighed on the dollar. The...

Barchart

Rishi Sunak warned over possible UK recession in 2024

High inflation likely to push interest rates above 5% and force up mortgage and loan payments just ahead of election

The Guardian - UK

UK bonds are in meltdown again – what does that mean for pensions? Expert Q&A

UK government debt prices have taken an unnerving journey south in the past few days. The closely watched ten-year bond has now hit a yield of 4.3%, taking it within a fraction of the level that caused a crisis in autumn 2022.

The Conversation

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Barchart

Stocks Climb on Signs of Progress in Debt-Limit Talks

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +1.12%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +1.01%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.92%. U.S. stocks this morning are moderately higher, with the...

Fortune

Europe's largest economy has been in a recession for 6 months and nobody noticed

While the German stock exchange was busy reaching new all-time highs, consumers faced with high inflation went on strike, crippling the economy.

The Independent UK

UK's Treasury chief accepts that recession may be necessary to get inflation down

Britain’s Treasury chief says he would be prepared to see the British economy slip back into recession if further interest rate hikes are necessary to bring down inflation

The Independent UK

A measure of inflation that is closely tracked by the Federal Reserve increased in April

A key index of U.S. prices ticked higher in April as consumer spending rebounded, a sign that inflationary pressures in the economy remain high

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Evening Standard

The sorry state of the Bank of England’s battle with price hikes

City comment: At least the Bank’s old approach was consistent

Barchart

S&P Futures Tick Higher Ahead of Key U.S. Inflation Data, U.S. Debt-Ceiling Talks in Focus

June S&P 500 futures (ESM23) are trending up +0.17% this morning after the S&P 500 and Nasdaq 100 closed sharply higher on Thursday as blowout guidance from Nvidia and progress on debt ceiling talks boosted market sentiment, while investors awaited a reading on the Federal Reserve’s preferred inflation gauge.

Evening Standard

OPINION - The Standard View: Jeremy Hunt speaks the uncomfortable truth: inflation is the great enemy

It is not something you hear a Chancellor say every day, not least 12 to 18 months out from a general election. Asked if he was “comfortable with the Bank of England doing whatever it takes to bring down inflation, even if that potentially would precipitate a recession”, Jeremy Hunt…

Evening Standard

Interest rates: Consumers drowning in debt as inflation bites

Mortgage, credit card, student loans and other debt has rocketed since Covid ended

Birmingham Post

Northern Ireland housing market dips as inflation bites but tight supply underpins

Average price stands at £172,005 and is the cheapest of all UK regions

Daily Mirror

Tory Jeremy Hunt backs interest hikes pain for Brits - even if it risks recession

The Bank of England has hiked interest rates repeatedly to tackle inflation - in a hit to mortgage payers - and experts have warned they could raise them higher than the current 4.5% next month

The Guardian - UK

Hunt will back more interest rate rises even if they push UK to recession

Chancellor will back Bank of England’s decisions because ‘inflation is a source of instability’

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