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The Latest Breaking News from Inflation

Cost of living: McDonald’s, Kraft Heinz and Reckitt raise prices, as gas soars – as it happened

End of the 99p cheeseburger as fast food chain warns ‘we’re living through incredibly challenging times’

The Guardian - UK

Inflation hasn't been higher for 32 years. What now?

Inflation jumped from 5.1% to a new long-term high of 6.1% in the June quarter, a rate matched only by short-lived jump caused by the introduction of the goods and services tax, and not exceeded since 1990.

The Conversation

Lloyds lays bare impact of soaring inflation on everyday customers

Families spending on average £89 more a month on energy, food and fuel than before pandemic, says bank

The Guardian - UK

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Cost of living 2022: see how inflation has changed prices in Australia in the June quarter – interactive

Use this data explorer to see which goods and services are getting cheaper or more expensive in different Australian cities

The Guardian - AU

Asian stocks follow Wall St lower before likely US rate hike

Asian stock markets have followed Wall Street lower as traders prepare for a possible sharp interest rate hike by the Federal Reserve to cool inflation

The Independent UK

Conservative leadership race: Rishi Sunak accused of U-turn on tax cuts

The former chancellor unveiled a new ‘winter plan’ to tackle inflation and the cost-of-living crisis

Evening Standard

Inflation hits NYC's bodega favorite: Bacon, egg and cheese

The bacon, egg and cheese sandwich is a staple in many a New Yorker's diet

The Independent UK

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Treasurer warns inflation will only get worse after startling new price data

Treasurer Jim Chalmers has warned that Wednesday's alarming inflation figures and associated cost of living crisis will get worse before they get better.

The New Daily

Cost of data breaches hits an all-time high

Asean has seen the average cost of a data breach hit all-time high of US$2.87 million in 2022, up 8% from a year before, according to the latest report by American IT giant IBM, with the problem believed to be heaping pressure on already high inflation.

Bangkok Post

Australia's rising inflation lifts risk of 4th rate hike

Australian inflation is rising farther, according to new data that increases the likelihood of the central bank next week hiking interest rates for a fourth consecutive month

The Independent UK

WA unions warn government on inflation

An alliance of public sector unions in Western Australia could strike within weeks as the state's capital again recorded the nation's highest inflation rate.

AAP

Pause benefit deductions in face of cost of living crisis MPs demand

A powerful Commons committee has called on the DWP to 'pause' the automatic clawback of benefit overpayments which leaves families struggling with rising bills.

Daily Record

Short-term wage growth unlikely: Chalmers

Jim Chalmers says wages are unlikely to keep up with rising inflation in the short term, as global factors impact on the economy and federal budget.

AAP

Alibaba, Nio Fall Over 3% As Hang Seng Tracks Weaker Wall Street Close: All Eyes Now On Aussie Inflation Data

Shares of Alibaba, Nio and Li Auto lost more than 3% on Wednesday morning with the Hong Kong’s benchmark index Hang Seng falling over 1%, ahead of the release of Australia’s inflation report.

Benzinga

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ABC News

Inflation equals post-GST high with CPI rising 6.1 per cent, but perhaps 'moving past the peak'

Inflation jumps to equal the level seen after the introduction of the goods and services tax, but economists say there are early signs it is "moving past the peak".

The Guardian - AU

Australia’s inflation rate reaches 6.1% – the fastest annual increase in 21 years

Australians are paying more for food and fuel, according to data released on Wednesday by the Australian Bureau of Statistics

The New Daily

Inflation hits 21-year high of 6.1 per cent

Inflation 55.5 per cent over the June quarter as higher petrol and grocery bills continue to squeeze households, new official data reveals.

ABC News

Inflation updates: Annual figures hit 6.1 per cent, Anthony Albanese faces first Question Time as PM — as it happened

Anthony Albanese has fronted up to his first Question Time as Prime Minister as new inflation figures showed consumer prices are rising faster than wages — as it happened.

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The Independent UK

Pause automatic benefit deductions to ease cost-of-living crisis, MPs urge

Deductions pushing some households into ‘destitution’, MPs says

The Guardian - UK

Rising production costs lead to 4.4% rise in UK shop prices

Fresh food inflation at 8% after increases in fertiliser, animal feed and transport

The Guardian - UK

Benefit deductions should be stopped until inflation falls, say MPs

Committee calls for ‘breathing space’ for millions whose universal credit is docked to repay advances, debts or overpayments

Daily Mirror

Benefit deductions forcing cash-strapped families to food banks, report finds

A report by the Commons Work and Pensions Committee called on the Government to pause automatic payments until soaring inflation is back under control

Wales Online

Pause deductions from benefits to help tackle cost of living crisis, say MPs

Work and Pensions Committee says the clawbacks should only be restored when inflation reduces or if benefits are increased to reflect the cost of living

The Independent UK

Pause deductions to benefits to give ‘breathing space’ on cost of living – MPs

Automatic payments taken out of people’s benefits should be halted as claimants battle soaring costs, the Work and Pensions Committee said.

ABC News

IMF downgrades 'gloomy' economy as inflation and rate jitters continue, but ASX trades up

The Australian share market has ended the day at a 20 day high, despite new inflation data showing that shows price hikes are at their highest level in more than 20 years.

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