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The Latest Breaking News from Inflation

Drop in US GDP challenges Biden's pitch to voters

The latest report on gross domestic product is complicating President Joe Biden’s pitch that the U.S. economy is strong

The Independent UK

Smith & Nephew Posts Q1 Sales Growth As Elective Procedures Rebound

Smith & Nephew PLC (NYSE:SNN) posted Q1 revenue of $1.31 billion, up 3.3% on a reported basis (including -2.6% currency effect) and up 5.9% on an underlying basis. Sports Medicine & ENT revenue up 8.6% underlying. Advanced Wound Management revenue up 8.0% underlying and Orthopedics revenue up 2.6% underlying Established Markets revenue…

Benzinga

Sainsbury's, Asda and Morrisons all cutting prices to help tackle rising cost of living crisis

The supermarkets have reduced prices for many food items to help people who have been hit by the cost of living crisis. Here are all the items whose prices have been slashed

Chronicle Live

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Warning over price rises as cost of Pot Noodles and Marmite on the rise

'This period of unprecedented inflation requires us to take further pricing action'

Wales Online

'Warning Sign': Experts React To Surprise 1.4% Drop In US GDP

The SPDR S&P 500 ETF Trust (NYSE: SPY) traded higher by 2.1% on Thursday after the Commerce Department said U.S. GDP declined 1.4% in the first quarter.

Benzinga

How Sky-High Inflation is Affecting the Restaurant Industry

Inflation reached its 40-year high last month, raising food prices at the fastest pace in decades. The restaurant industry is handling rising food costs strategically. We think the fundamentally strong restaurant stocks Dine Brands (DIN), Bloomin’ Brands (BLMN), and Chuy’s Holdings (CHUY) could be good investments in this situation.

StockNews.com

Kansas moves to phase out tax on groceries after election

Kansas is moving to phase out the nation’s second-highest state sales tax on groceries, but Republican lawmakers aren’t planning to lower consumers’ bills until after Democratic Gov. Laura Kelly faces reelection in November

The Independent UK

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As a result of COVID-19, more people are experiencing food insecurity — and community services are stepping in to help

One in six Australians are experiencing food insecurity, and community services are facing increasing demand to step in.

ABC News

At the Races: Signs of red ahead - Roll Call

The CQ Roll Call newsroom tracks campaigns nationwide, sharing the best stories, with some extras, in the At the Races newsletter.

Roll Call

'Beer drought' warning after workers making Stella and Budweiser threaten to strike

Beer lovers are being told to expect shortages of Budweiser , Stella Artois, Becks, Boddingtons and Export Pale Ale if planned strike action on pay goes ahead this year

Daily Mirror

Economic disruption to continue: Morrison

The prime minister says external influences on the economy will continue "for some time", as the rising cost of living came back into focus in the campaign.

AAP

Labor’s message that Morrison is ‘all announcement no delivery’ resonating with voters, poll shows

Research shows Labor’s messages most effective of election campaign so far, but Coalition’s economy claims also test well

The Guardian - AU

The Tories have no answer to the cost of living crisis. Labour must make them pay

As households face financial disaster, the cabinet is out of ideas. This is the hook to hang them on, says Guardian columnist Gaby Hinsliff

The Guardian - UK

Church & Dwight Q1 Earnings Top Estimates; Warns On Inflation Pressures

Church & Dwight Co Inc (NYSE:CHD) reported first-quarter FY22 sales growth of 4.7% year-on-year to $1.297 billion, marginally beating the consensus of $1.290 billion. Organic sales grew 2.7%, driven by a positive product mix and pricing of 7.8%, offset by a volume decline of -5.1%, reflecting the impact of continued supply chain disruption…

Benzinga

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Benzinga

Japan's Yen At 20-Year Low Against The US Dollar

The Japanese yen fell into a steep plummet today, weakening by more than 130 to the U.S. dollar for the first time in 20 years following the announcement by Japan’s central bank that it would continue to keep interest rates low despite ongoing inflationary concerns.

The Guardian - US

Democrats announce plans to ‘go after’ big oil in effort to bring down prices

Nancy Pelosi says oil companies ‘hoarding the windfall while keeping prices high at the pump’ amid concerns over US inflation

Daily Mirror

Tesco shoppers slam 'crazy' Clubcard prices that leave some shoppers paying double

The supermarket giant, which offers cardholders reductions on dozens of items, has come under fire for charging some people double if they are not on the scheme

The Guardian - US

US economy saw ‘unexpectedly severe’ drop in first three months of year

US economy contracted by -0.4% in first quarter, its weakest quarter since the early days of the pandemic

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Daily Record

New Universal Credit move will see 400,000 people lose their benefits

Even people who kept their benefits will still be significantly worse off

Tribune News Service

US economy posts surprise contraction, belying solid consumer picture

The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand.

The Independent UK

US economy shrank by 1.4% in Q1 but consumers kept spending

The U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, yet consumers and businesses kept spending in a sign of underlying resilience

Benzinga

Overstock.com Q1 Earnings Miss Estimates As Inflation Bites

Overstock.com Inc (NASDAQ:OSTK) reported a first-quarter FY22 sales decline of 19% year-on-year to $536 million, missing the consensus of $574.54 million. Active customers decreased 26% Y/Y to 7.4 million. Orders delivered fell 33% Y/Y to 2.4 million, and the average order value gained 21% Y/Y to $221. EPS of $0.21 missed the analyst…

Benzinga

Indonesia's Ban On Processed Palm Oil Export Kicks In Today: How Will Consumers, Businesses Be Hit?

As Indonesia vows to curb the surging cooking oil prices domestically, the country's President Joko Widodo has imposed a ban on the export of palm oil. The ban, which kicks in on Thursday, has already ignited worries of high global food prices amid the already rising inflation caused by the…

Reuters

Africa's most vulnerable hit by Russia's war in Ukraine, says IMF

Russia's invasion of Ukraine has delivered a further "huge negative shock" to sub-Saharan Africa, driving food and energy prices higher and putting the most vulnerable people at risk of hunger, the head of the IMF's Africa Department told Reuters.

Evening Standard

Premier Inn and Park Plaza hotels concerned by inflation and staff shortages despite return to profit

Hotels are struggling to recruit post-Brexit and afterthe pandemic

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