Latest Inflation News

Congressional Budget Office says inflation to last into 2023

May. 25, 2022 18:16 PM EDT

WASHINGTON (AP) — The Congressional Budget Office released an economic outlook Wednesday saying high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. The nonpartisan agency expects the consumer price index to...

Stocks climb as Fed minutes show determination on rates

May. 25, 2022 16:48 PM EDT

NEW YORK (AP) — Stocks ended broadly higher on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting signaled the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation. The...

How major US stock indexes fared Wednesday

May. 25, 2022 16:23 PM EDT

Stocks rose broadly on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting indicate the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation. The S&P 500, the Dow Jones...

Indiana governor eyes 'inflationary relief,' not gas tax cut

May. 25, 2022 16:08 PM EDT

INDIANAPOLIS (AP) — Indiana’s governor said Wednesday he was preparing a plan to potentially tap into the growing state budget surplus to help residents with the national inflation jump, while rejecting calls for suspending state gas taxes. Democrats have been calling since March...

Maryland lawmakers: Cutting tax won't fix high gas prices

May. 25, 2022 15:23 PM EDT

ANNAPOLIS, Md. (AP) — Top Maryland lawmakers said Wednesday that eliminating a scheduled gas-tax increase of more than 6 cents this summer won't solve the problem of high gas prices and would set back efforts to maintain infrastructure. With gas now priced at about $4.60 a gallon...

Fed officials signal rates may head to 'restrictive' levels

May. 25, 2022 15:20 PM EDT

WASHINGTON (AP) — Federal Reserve officials agreed when they met earlier this month that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high. At the same time, many of the...

Davos gathering overshadowed by global economic worries

May. 25, 2022 14:07 PM EDT

DAVOS, Switzerland (AP) — Soaring inflation. Russia’s war in Ukraine. Squeezed supply chains. The threat of food insecurity around the world. The lingering COVID-19 pandemic. The risks to the global economy are many, leading to an increasingly gloomy view of the months ahead for...

Kansas City Fed President Esther George announces retirement

May. 25, 2022 12:23 PM EDT

WASHINGTON (AP) — The president of the Federal Reserve Bank of Kansas City, Esther George, said Wednesday that she will retire in January, as required by the Fed's mandatory retirement rules. George, who has typically supported higher interest rates to ward off inflation — a...

Midterm updates | Nguyen in runoff in Democratic SoS primary

May. 25, 2022 02:01 AM EDT

ATLANTA — State Rep. Bee Nguyen is advancing to a runoff in the Democratic primary for Georgia secretary of state. It was too early to tell which of the other four Democratic candidates she will face in the June 21 contest. They are Floyd Griffin, a state senator and former mayor...

Best Buy lowers outlook as Q1 results show inflation's bite

May. 24, 2022 19:20 PM EDT

NEW YORK (AP) — Best Buy Co. posted first-quarter results Tuesday that showed shoppers pulled back on spending, while higher costs ate into profits. The nation's largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment. ...