Latest Inflation News

US job openings sink as economy slows, cost to borrow rises

Oct. 04, 2022 12:21 PM EDT

WASHINGTON (AP) — The number of available jobs in the U.S. plummeted in August compared with July as businesses grow less desperate for workers, a trend that could cool chronically high inflation. That is good news for the Federal Reserve in its efforts to bring down high prices...

Stocks rise in extended rally, clawing back more ground

Oct. 04, 2022 12:20 PM EDT

NEW YORK (AP) — Stocks rose sharply in afternoon trading on Wall Street Tuesday and clawed back more of the ground they lost in a miserable several weeks. The S&P 500 rose 2.9% as of 12:01 p.m. Eastern. The benchmark index has been rallying since hitting its lowest point of the...

Australian central bank lifts cash rate to 9-year high 2.6%

Oct. 04, 2022 01:19 AM EDT

CANBERRA, Australia (AP) — Australia’s central bank on Tuesday boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%. The Reserve Bank of Australia’s increase of a quarter percentage point to the cash rate was smaller than those at recent...

Asian shares rise after 'relief rally' on Wall Street

Oct. 04, 2022 00:07 AM EDT

TOKYO (AP) — Asian shares rose Tuesday, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes. Japan's benchmark Nikkei 225 added 2.3% in morning trading to 26,811.08. Australia's...

Record inflation squeezes Turkish tobacco workers, owners

Oct. 03, 2022 07:03 AM EDT

CELIKHAN, Turkey (AP) — Mehmet Emin Calkan begins work harvesting a tobacco field in rural Turkey before dawn, then has another shift skewering and stringing the tobacco to dry under the sun. The 19-year-old, who hopes to study electronic engineering, has undertaken the strenuous...

UK train strikes and energy hikes add to a week of turmoil

Oct. 01, 2022 09:50 AM EDT

LONDON (AP) — Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. Only about 11% of train services were expected to operate across...

Governor debate: Noem for abortion ban, Smith wants changes

Oct. 01, 2022 00:05 AM EDT

SIOUX FALLS, S.D. (AP) — South Dakota Gov. Kristi Noem indicated Friday during her reelection campaign's lone debate with her Democratic challenger, state lawmaker Jamie Smith, that if reelected she will uphold the state's abortion ban that provides no exceptions for rape or incest. ...

Stocks end September down 9.3%, worst month since March 2020

Sep. 30, 2022 17:15 PM EDT

Wall Street closed out a miserable September on Friday with the S&P 500's worst monthly skid since March 2020, when the coronavirus pandemic crashed global markets. The benchmark index ended the month with a 9.3% loss and posted its third straight losing quarter. It’s now at...

Brainard warns US rates to stay high, notes global impact

Sep. 30, 2022 13:40 PM EDT

WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials. In remarks at a conference hosted by the Federal Reserve...

Resilient US consumers spend slightly more in August

Sep. 30, 2022 13:14 PM EDT

WASHINGTON (AP) — Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials. Americans boosted their spending at stores and for services such as haircuts by 0.4% in August,...