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The Latest Breaking News from Inflation

Federal Reserve’s dovish tilt and mega-tech earnings dominate markets this week

In this week's top market news, the Federal Reserve indicates it could ease its foot off the brake pedal as US tech companies perform better than expected.

The New Daily

Nestlé raises prices by 6.5% in first six months of the year

Swiss food and beverage group says sales rose 9.2% driven by price increases, beating expectations

The Guardian - UK

Co-op Bank gives staff £1,000 pay rise to help with cost of living and rising bills

Employees at the Co-operative Bank are to receive a £1,000 pay rise to help them with rising bills from this September. Around 95% of its employees will be eligible for the boost

Daily Mirror

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Grattan on Friday: Jim Chalmers is a good performer, but can he hold the public's trust through hard times?

Jim Chalmers delivers bad economic news well, which is a good thing because there’s a great deal of it about, with a lot more to come.

The Conversation

Conservative leadership: Pragmatic Prime Minister is needed to navigate recession

City Voices: Candidates for PM must drop dogmatic approach to tax

Evening Standard

The Chalmers graphs: 7.75% inflation, plunging real wages, weak growth

As he had promised to do almost since the day he became treasurer, Jim Chalmers has presented a gloomy set of forecasts for the Australian economy in his first formal economic statement to the new parliament on Thursday.

The Conversation

Biden's Plan To Tackle Inflation Gets A Fresh Lease Of Life As Manchin Comes To Terms With Democrats

Senator Joe Manchin III (D-WV) said in a statement Wednesday that he would vote for the Inflation Reduction Act of 2022 — the name of a law that addresses inflation, lowering energy and healthcare costs.

Benzinga

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Money-saving hacks to ease grocery bills as food price inflation hits 13-year high

Data suggests families are set to see their annual grocery bills jump by £380 this year and many households are feeling the pinch

Wales Online

Cost of living – Martin Lewis warns government to take ‘urgent action’ as energy bills soar

Oil and gas companies report landmark earnings as households crippled by price caps

The Independent UK

The Loop: Neighbours comes to an end, the Treasurer warns inflation will get worse, and a Sydney climber's body found on a mountain

Get up to speed on today's headlines with The Loop.

ABC News

Asian shares, oil prices mostly higher after Fed rate hike

Shares are mostly higher in Asia after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate three-quarters of a point

The Independent UK

Asia Cup Moved Out of Sri Lanka to UAE

The Asia Cup Twenty20 tournament will be staged in the United Arab Emirates after the tournament was moved from Sri Lanka due to political turmoil in the island nation, the Asian Cricket Council said Wednesday. Sri Lanka has witnessed months of food and fuel shortages, blackouts and runaway inflation in…

Asharq Al-Awsat

Australia forecasts high inflation for another 2 years

New forecasts by Australia’s government say runaway inflation will remain unacceptably high for the next two years and economic growth will slow without falling into recession

The Independent UK

Inflation, price rise could dent India's gold demand in July-December: World Gold Council

"Inflation is making it difficult for people, especially in rural areas, to save more and allocate to gold," Somasundaram P. R., regional chief executive officer of WGC's Indian operations, said.

The Hindu

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The Guardian - UK

Thursday briefing: What the end of the McDonald’s 99p cheeseburger tells us about the economy

In today’s newsletter: Inflation is raising prices in every part of our lives – but McDonald’s price rises tell a deeper story

The New Daily

The ‘harsh truth’ Australian workers will have to face for at least a year

Australians’ wages will continue to decline for at least a year as inflation rises at twice the rate of workers' pay, Treasurer Jim Chalmers has warned.

The Independent UK

US not yet in recession and 4 other takeaways from the Fed

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

ABC News

Treasurer warns Australians to brace for pain to escape recession in confronting economic statement to parliament

Forecasting a peak in inflation to 7.75 per cent by the year's end, the Treasurer says Australians must brace to take some "tough medicine" if the nation is to escape a recession.

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The Guardian - AU

Australia’s inflation rate to peak at 7.75% in December quarter, economic update predicts

Treasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year

AAP

Households warned food costs still rising

Australian Food and Grocery Council CEO Tanya Barden has urged the federal government to focus on supporting people with low incomes in the months ahead.

Los Angeles Times

Manchin reaches health, energy, tax deal with Senate Majority Leader Schumer

WASHINGTON — Sen. Joe Manchin III and Senate Majority Leader Charles E. Schumer said Wednesday they had cut a surprise agreement on an expansive plan to reduce healthcare and energy costs, cut down on carbon emissions, fight inflation and allow Medicare to negotiate drug prices.

ABC News

Jim Chalmers delivers 'confronting' economic update following latest inflation hike — as it happened

The Federal Treasurer backs long-term wages growth, untangling supply chain issues and helping with childcare costs to help lift Australia's economy as the nation grapples with the largest increase in cost-of-living pressures in two decades — as it happened.

The Conversation

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

Tribune News Service

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

ABC News

Cost-of-living squeeze forces families to adapt as Perth struggles with Australia's worst inflation

A Mandurah family has found a creative way to combat cost-of-living hikes, gathering three generations under one roof as Australia's inflation figure surges to a 20-year-high.

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