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The Latest Breaking News from Inflation

S.Korean office workers hit convenience stores as 'lunch-flation' bites

Office worker Park Mi-won had never bought her lunch from a convenience store, until her favourite lunch buffet recently raised prices by more than 10% to 9,000 won ($7) as South Korean inflation soared to a 14-year high.

Reuters

Shop prices hit highest rate of inflation in almost 14 years

Prices were up 3.1% on a year ago in June, the highest rate of inflation since September 2008, according to the BRC-Nielsen Shop Price Index.

The Independent UK

Boris Johnson tells Nato leaders they must ‘dig deep’ on defence spending as threats grow

Boris Johnson has urged Nato allies to “dig deep” and spend more on defence, warning that threats to the West over the next decade are set to grow.

Evening Standard

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US consumers less confident as anxiety over future grows

U.S. consumers were less confident again in June as persistent inflation and rising interest rates have Americans as pessimistic as they’ve been about the future in almost a decade

The Independent UK

California Fights Inflation by Sending People Free Money

Plus: A New Hampshire distiller fights invasive species by turning them into whiskey, a New York City law letting non-citizens vote is overturned, and more...

Reason

3 Bargains Yielding 7% Or More

In the face of rising inflationary pressures, aggressive interest rate hikes, and increasing recession fears, the major stock market indices have witnessed major sell-offs over the past couple of months. Given the current market volatility, we think fundamentally sound dividend stocks ARC Document Solutions (ARC), Nippon Steel (NPSCY), and A.P.…

StockNews.com

Investors excited by Zimbabwe plan to mint gold to curb inflation

President Mnangagwa is reportedly desperate to shed some of the legacy economic problems his administration inherited.

Al Jazeera

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Cost of living crisis 2022: How to cope with the rise in prices

Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all

The Independent UK

Boris Johnson set to ditch Tory manifesto promise on increased defence spending

Covid pandemic means ‘reality check’ on above-inflation pledge, government admits as PM heads to Nato summit

The Independent UK

Boris Johnson seeks to defuse row over abandoning defence spending pledge

PM insists manifesto promise of above-inflation increase will be kept despite Downing Street ‘reality check’ briefing

The Guardian - UK

Boris Johnson faces defence spending row as Nato leaders gather

Soaring inflation and the battered public finances have left a Tory commitment to annual real-terms increases in defence spending in jeopardy.

The Independent UK

Boris Johnson poised to ditch key UK defence spending promise despite Russia's war

The Prime Minister will trumpet Britain's 2% of GDP spending on defence - but another part of his policy, to raise spending above inflation, could soon be scrapped. It came as Boris Johnson insisted "I don't think" Britain will end up at war with Russia

Daily Mirror

Europe's central bank ready to 'stamp out' surging inflation

The head of the European Central Bank says it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out” inflation if it surges faster than expected

The Independent UK

Royal Mail staff vote on ‘biggest strike’ of summer as tram walkout begins

Union claims postal workers are facing a massive pay cut because of soaring inflation

The Guardian - UK

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WEKU

Also hit by inflation? Your local taco truck

Higher prices for gasoline, meat and vegetables and even cooking oil have put pressure on food trucks as they struggle to balance menu prices with customers' expectations of a low-cost meal.

WEKU

Inflation killed the $1 pizza slice. Long live the 99c iced tea

A viral tweet claimed the AriZona Iced Tea was raising its price from 99 cents to $1.29. It wasn't true, but could it happen in the near future?

Evening Standard

Firefighters could strike over ‘insulting’ 2% pay rise offer

The executive of the Fire Brigades Union (FBU) is recommending rejection of the offer, which it said is well below the soaring rate of inflation.

Tribune News Service

Connecticut’s minimum wage rises again, to $14 an hour July 1. It won’t be the last increase

Connecticut’s minimum wage rises to $14 an hour July 1, up $1 and cheering low-wage workers while adding to business owners’ worries about labor shortages and inflation.

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Evening Standard

Doctors do not deserve 30 per cent pay rise, says minister

Doctors do not deserve a 30 per cent pay rise, a minister said on Tuesday as he warned of a “dog chasing its tail” inflation spiral if big wage rises are agreed.

Asharq Al-Awsat

Asian Markets' Rally Fizzles as Rates, Inflation Fears Return

Asian markets mostly fell Tuesday as investors struggled to maintain a recent rally while weighing central banks' inflation-fighting rate hikes and the possibility of a recession. Renewed concerns about thinning supplies and rising demand also helped push oil even higher, after enjoying a big bounce Monday, said AFP. Shares rallied…

The Guardian - UK

Central bank policymakers should not assume reputations will recover

As inflation soars, the Fed, ECB, Bank of England and others are more regularly challenged than in the past

The Guardian - UK

Firms are driving up inflation - why doesn’t Johnson talk to them about restraint?

The government expects workers to shoulder the burden – while price spikes mean huge windfalls for some companies, says Carys Roberts of the IPPR

The Guardian - UK

Cancelled flight? Shoddy clothing? Disappointing meal? Blame skimpflation, the hidden curse of 2022

Reluctant to raise prices, refusing to sacrifice profits, travel companies, retailers and restaurateurs are cutting corners wherever they can, usually without telling their customers. Is poor quality the new normal?

Bristol Post

Portishead rail line's future uncertain as questions raised over funding and inflation

The government is 'very nervous' about environmental issues, according to the metro mayor

Wales Online

Councils warn of ‘disastrous’ cuts as inflation costs rise

Many authorities are already abandoning financial plans set just three months ago owing to the 'unprecedented crisis' and are appealing for Government help

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