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The Latest Breaking News from Inflation

The RBA has raised interest rates again. What does this mean for the economy in 2023?

Economists respond to the decision by the Reserve Bank to raise interest rates by 25 basis points to the highest level since the end of 2012

The Guardian - AU

Price of certain supermarket own-brand product has skyrocketed by 175% in a year

Consumer choice group Which? has revealed that supermarket own-label products and budget ranges have rocketed in price by 175 per cent in the past year

Daily Mirror

Budget and own-brand ranges worst hit by raging supermarket inflation – Which?

Which? found that own-brand and budget ranges have gone up by as much as 18% compared to around 13% for premium ranges and 12% for branded items.

The Independent UK

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Price of supermarket budget and own-brand ranges up by as much as 175%

Consumer group's food and drink inflation tracker shows huge price rises on everyday products

Wales Online

Fed to Weigh Higher Rates in 2023 While Slowing Rises This Month

Federal Reserve officials have signaled plans to raise their benchmark interest rate by 0.5 percentage point at their meeting next week, but elevated wage pressures could lead them to continue lifting it to higher levels than investors currently expect.

Bangkok Post

Jamie Dimon says Americans are spending all their money because of inflation—and that could tip the U.S. into a recession next year

The U.S. economy has been resilient this year despite the Federal Reserve’s aggressive interest rate hikes and high inflation, but JPMorgan Chase CEO Jamie Dimon warns “storm clouds” are still on the horizon.

Fortune

Michael Pascoe: RBA on the precipice of its second big mistake

The RBA needs to chill to find out what it has actually done, Michael Pascoe writes.

The New Daily

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Socceroos can take on the football world's elite - with some help

The sport needs the support and backing at government level like other countries around the world who see football as a means of projecting national pride.

Newcastle Herald

Here’s how much ‘The 12 Days of Christmas’ gifts would cost in 2022

Inflation is increasing the cost of everything from gold rings to Lords-A-Leaping.

Fortune

Is Macy’s Stock a Smart Buy This Holiday Season?

Leading retailer Macy’s, Inc. (M) surpassed its EPS and revenue estimates in the last reported quarter. However, the company witnessed declining sales and earnings. Also, considering the sky-high inflation and the Fed’s aggressive monetary policy, will M be a smart buy this holiday season? Continue reading to find out.

StockNews.com

The 4 Best Holiday Stocks to Buy Before It's Too Late

Despite economic uncertainties, retail sales have remained resilient lately. Since the Fed is expected to slow the rate hikes with inflation showing signs of cooling down, holiday sales are expected to be strong. Therefore, it could be wise to pick up fundamentally strong retail stocks Walmart Inc. (WMT), The Hershey…

StockNews.com

How much more your Christmas dinner could cost you this year

Rising inflation means Brits are paying more for food now than they were last year

Manchester Evening News

Rationing may be used to tame inflation predicts ‘outrageous’ City expert

Saxo Bank’s ‘outrageous predictions’ have been right in the past, forseeing Brexit, and it is also points to a second referendum next year

Evening Standard

Fitch retains India growth forecast at 7% for this fiscal

NEW DELHI: Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, but cut projections for the next two financial years saying the country is not impervious to global developments.

The Times of India

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Liverpool Echo

Sainsbury's shoppers to notice change to prices next year

It comes after inflation bounced to a 41-year-high of 11.1% in October

Fortune

Robinhood launches retirement waitlist for first ever IRA with a 1% match

With more workers joining the gig economy and inflation reaching record-breaking levels, Robinhood is giving more Americans the push they need to start saving for retirement.

The Times of India

Explained: Why World Bank upgraded India's economic forecast for FY23

NEW DELHI: The World Bank on Tuesday revised upwards its GDP growth forecast from 6.5% for India to 6.9% for 2022-23, saying the country was showing higher resilience to global shocks.

Wales Online

Thousands of ambulance workers and NHS staff to walk out on strike

Hundreds of troops are on stand-by to cover for ambulance crews, firefighters and Border Force staff as ministers prepare for a wave of strikes across public services in the run-up to Christmas

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Reuters

Mongolians clash with police in protest against inflation and graft

Mongolian protesters clashed with police as they tried to storm parliament after thousands gathered in freezing temperatures to demonstrate against soaring inflation and government corruption.

The New Daily

All eyes on Christmas as Reserve Bank mulls even higher interest rates in 2023

RBA Governor Philip Lowe unveiled an eighth interest rates hike at the bank's final meeting of 2022 on Tuesday.

The Independent UK

Cost of Christmas dinner soars by nearly 10% in a year

Groceries still 14.6% more expensive than one year ago but down from last month’s 14.7%

The Guardian - US

Service workers left in the lurch as Americans cut back on tipping

With lockdowns over and inflation rising, tips are shrinking in industries that depend on them – from gig work to restaurants

The Guardian - UK

UK households will spend 10% more on Christmas dinner, research finds

Kantar finds families will spend average of £31 despite grocery price inflation slowing for first time in 21 months

Chicago Tribune

Commentary: Inflation is bad, but it could worsen if the US dollar weakens

The U.S. dollar is near its highest level in more than a decade. A strong U.S. dollar has many benefits to consumers. When traveling abroad, goods and services cost less in U.S. dollars, making foreign destinations attractive vacation options for many. Domestically, imported items also cost less in U.S. dollars,…

The Independent UK

Cost of Christmas dinner up 9.3% despite grocery price inflation finally dipping

Groceries are still 14.6% more expensive than a year ago but this is down from last month’s 14.7%, according to Kantar.

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