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The Latest Breaking News on Economy

Turkey lowers interest rate even as inflation soars to 80%

Turkey’s central bank has lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need

The Independent UK

Turkey stuns markets by cutting rate despite soaring inflation

Istanbul (AFP) - Turkey's central bank on Thursday stunned the markets by lowering its main interest rate even as inflation soared to a 24-year high and looks set to climb further.

AFP

Turkey central bank cuts rate despite soaring inflation

Istanbul (AFP) - Turkey's central bank on Thursday stunned the markets by lowering its main interest rate even as inflation soared to a 24-year high and looks set to climb further.

AFP

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Cost of living calculator: Find out how much your bills are rising in price

To help you work out how the cost of living crisis is affecting you, The Mirror has created a new calculator to break it all down - from your energy bills to your mortgage

Daily Mirror

European stocks firm despite Fed rate hike fears

London (AFP) - European stock markets mostly pushed higher Thursday despite the Federal Reserve indicating its intention to maintain a policy of aggressive US interest-rate hikes to bring down the highest inflation in decades.

AFP

Crisis-hit Sri Lanka warns of record 8% economic contraction

Colombo (AFP) - Sri Lanka's economic meltdown will result in a record contraction of at least eight percent this year but the public could soon expect some relief from runaway inflation, the head of the country's central bank said Thursday.

AFP

Australia’s jobless rate is only 3.4% – so what’s holding wage growth back?

That the tight labour market isn’t leading to real earnings rises is proof of a ‘deep structural weakness’, says one economist

The Guardian - AU

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What the papers say – August 18

Britain being hit by the worst inflation crisis since 1982 and the stabbing death of an elderly man lead the mastheads.

The Independent UK

New ABS Data Has Shown Just How Fkd Wages Are Compared To Inflation So Let’s Dive Right In

Wages compared to inflation are very bad according to new data and in the past year our ability to buy things fell the most on record.

Pedestrian.tv

Wages are not increasing — the RBA needs to join us in reality

The Reserve Bank keeps telling us wages growth will pick up. It keeps being wrong. Is anyone willing to be accountable?

Crikey

Heating or eating? Poms heading to deep winter of discontent as inflation hits double digits

Inflation in the United Kingdom is expected to peak within months, and the economy could enter a long recession once it hits.

Crikey

UK’s 10% inflation casts doubt on Truss and Sunak’s tax cut promises

Soaring cost of living is forcing up government spending on benefits, pensions and debt leaving no spare cash to lower taxes

The Guardian - UK

Fed Minutes Lean on Inflation, Jobs Data For Rate Hike Direction

The Fed thinks higher rates, for a longer period of time, may be needed in order to tame the fastest consumer price inflation in four decades.

The Street

Inflation likely to rise to 15% early next year

Analysts warn of sustained domestic inflation across Britain as food and energy prices surge

Evening Standard

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The Independent UK

Black and Asian unemployment rate higher than white joblessness, analysis shows

Exclusive: There is a high risk of worsening ethnic inequalities in the labour market, charity warns

Evening Standard

How does the UK’s inflation at 10.1% compare with the rest of Europe?

As double-digit inflation arrives in Britain for the first time since the 1980s, what is going on over the English Channel?

The Independent UK

Zahawi condemns Labour’s energy plan for rewarding ‘wealthier people like me’

The Chancellor said he would rather target support for families struggling with the cost of living.

The Guardian - US

Inflation is causing real pain. But raising interest rates will make it worse

Rate hikes could induce a recession and hurt ordinary people. We need price stabilisation measures instead

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Wales Online

What life was like in 1982 - the last time inflation was this high

AFP

UK inflation hits new 40-year high as food prices rocket

London (AFP) - British inflation surged to a new 40-year high in July on soaring food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.

The Independent UK

Soaring food and energy costs drive UK inflation to 10.1%

Britain’s inflation rate rose to a new 40-year high of 10.1% in July, as rising food prices tightened a cost-of-living squeeze fueled by soaring energy prices

AFP

UK inflation jumps to 40-year high

London (AFP) - British inflation surged to a new 40-year high in July on rising food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.

Daily Record

Inflation hits 10.1% reaching 40-year high amid cost of living crisis

The increase was largely down to food prices and staples including toilet rolls and toothbrushes, the Office for National Statistics said.

Newsroom.co.nz

Why does our inflation response punish low-income workers?

As the Reserve Bank considers another rate increase today, a more equitable approach would seek to shift the costs of dealing with inflation on to the least vulnerable, argues Edward Miller

Manchester Evening News

More unemployment next year than in pandemic, experts predict, as inflation set to top 13 percent this year

The latest figures out today show a 0.1 percent rise in unemployment over the last three months - but it's a sign of things to come

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