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The Latest Breaking News from Inflation

What The University Of Michigan Consumer Sentiment Survey Means For The Economy, Inflation And Consumer Confidence

The consumer price index for June increased 1.3%, while the index increased 9.1% over the past 12 months, with energy and food leading the way yet again for inflation. The Data: As of Friday morning, the University of Michigan Surveys of Consumers released the preliminary results on consumer sentiment for July 2022.

Benzinga

Manchin wants Dems to pause budget bill, risking its fate

Sen. Joe Manchin says Democrats should delay a broad economic package until more data on inflation is available later this summer

The Independent UK

Moldova gets support from partners amid series of hardships

Moldova received about 600 million euros in pledges at a donors conference to help the tiny country overcome rising inflation and the impact of Russia’s war in Ukraine

The Independent UK

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President Biden arrives in Saudi Arabia, reversing promise to make it an international outcast

JEDDAH, Saudi Arabia — President Joe Biden arrived at the Royal Palace here on Friday to meet with the leaders of the oil-rich country he once vowed to make a “pariah” over its human rights abuses as the White House is scrambling to mitigate record inflation and high gas prices…

Los Angeles Times

Why 40% Of Monthly U.S. Food Budgets Are Spent On Restaurants: Report

The record-high inflation level has yet to take a bite out of Americans’ dining out habits, as a new survey from Popmenu found that 40% of individual or family food budgets in the U.S. is spent on restaurants each month.

Benzinga

There could be more wage strikes if workers made to pay price for inflation, union warns

Unite general secretary Sharon Graham said there could be hundreds of disputes involving tens of thousands of people over the coming months if workers are made to pay the price for inflation

Daily Mirror

Manchin opens door to climate spending after July inflation numbers

The West Virginia senator said he is ready to move on prescription drug reform this month.

Axios

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Costco's $1.50 hot dog deal has defied inflation. Fans say it isn't what it used to be

Fans of Costco's hot dog combo can rest assured that the price won't increase anytime soon, as CEO Craig Jelinek told CNBC on Monday.

Tribune News Service

Eyes on inflation impact as Ocado to report results

‘Building new customer fulfilment centres isn’t cheap’

The Independent UK

Rishi Sunak says his weakness is being too 'perfect' in front of mis-spelt sign

The ex-Chancellor made the embarrassing gaffe in the first public Tory leadership hustings - where his rival Liz Truss splurged tens of billions of pounds of spending in just over an hour

Daily Mirror

EXCLUSIVE: Why Tim Draper Stands By His 2018 Prediction For $250K Bitcoin

The world's leading cryptocurrency is sagging under the same pressure of the record-breaking inflation that is plunging the S&P 500 and Nasdaq. The U.S. Consumer-Price Index (CPI) has shown a bleak 9.1% jump in inflation year-over-year, the highest in more than 40 years.

Benzinga

Retail sales up 1% in June as shoppers show resilience

Consumers picked up their spending in June from May despite surging prices in gas and food

The Independent UK

Inflation-Weary Consumers Are Still Spending Online, Just Not As Much

Stephanie Stuckey is part of a lengthy line of family executives, yet the CEO of convenience store chain Stuckey's has been leaning on some old advice from her grandfather to get through the current economic environment.

Benzinga

Workers should demand higher wages and not pay the price of inflation, claims union boss

Sharon Graham, the general secretary of Unite, warned that tens of thousands of workers could join industrial action.

Daily Record

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The Independent UK

Liz Truss makes multibillion-pound pledges for Tory leadership in Zoom hustings

The Foreign Secretary vowed to axe the corporation tax hike, which would cost around £16 billion per year.

Tribune News Service

Odds of US recession within next year near 50%, survey shows

Odds are now close to even that the U.S. economy will slip into a recession within the next year as persistent and rapid inflation emboldens the Federal Reserve to pursue larger interest-rate hikes.

Reason

Did Joe Manchin Just Sink Biden's 'Build Back Better' Plan Again?

Plus: Why government responses to risk can create more harm than good, why Denver will no longer block illegal immigrants from starting businesses, and more...

The Conversation

Conservative leadership election: why tax cuts are an economic gamble

Always keen to be identified as the party of low taxation, the Conservatives won the 2019 general election on a promise not to raise income tax, VAT or national insurance. So last year’s national insurance increase was bound to rankle, even though it could feasibly be blamed on the huge…

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The Guardian - US

Biden pledges executive action after Joe Manchin scuppers climate agenda

West Virginia senator refuses to support funding for climate crisis and says he will not back tax raises for wealthy Americans

Tribune News Service

Manchin upends effort for a downsized 'Build Back Better’

WASHINGTON — West Virginia Democrat Joe Manchin III is yet again upending his party’s priority economic package, jettisoning climate measures and tax increases he previously favored and leaving only provisions focused on lowering health care costs.

The Independent UK

Dock workers' strike hits cargo handling at German ports

Dock workers at Germany’s North Sea ports are on strike in the latest of several walkouts that have added to pressures on shipping as their union demands a hefty pay rise to counter high inflation

Axios

Retail sales rebounded in June as inflation soared

Retail sales, which aren't adjusted for inflation, rose 1%.

The Guardian - UK

Copper price at lowest level since 2020 as fears over global economy grow

Fall comes amid concerns that soaring inflation will curb spending by large manufacturers

Reuters

Spain's PM tightens grip on power with bank tax pledge, approved bills

After several setbacks in regional elections, Spanish Prime Minister Pedro Sanchez scored a rare legislative success as parliament passed three key bills late on Thursday, reinforcing his political strength despite galloping inflation, analysts said.

Roll Call

Biden OKs health care-focused budget pact struck in Senate - Roll Call

President Joe Biden on Friday endorsed a plan to pass a bill intended to lower the cost of prescription drugs and pay for health insurance.

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