Latest Inflation News

Australian central bank boosts cash rate to 4.1% with 12th hike

Jun. 06, 2023 02:16 AM EDT

CANBERRA, Australia: (AP) — Australia’s central bank on Tuesday lifted its benchmark interest rate for a 12th consecutive time, to 4.1%, and warned further rises could follow. The Reserve Bank of Australia boosted the cash rate by a quarter of a percentage point at its latest...

Stock market today: Asian stocks rise after Wall St retreats on concern economy weakening

Jun. 06, 2023 00:31 AM EDT

BEIJING (AP) — Asian stock markets rose Tuesday after Wall Street fell on concern the U.S. economy may be weakening following a report that showed growth in service industries slowing. Shanghai, Tokyo and Hong Kong rose. Sydney retreated. Oil prices declined. Wall...

European Central Bank chief signals more rate hikes ahead with inflation still 'strong'

Jun. 05, 2023 11:48 AM EDT

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde said Monday that price pressures are “strong” and made clear that the bank will raise interest rates high enough to bring down inflation and keep them there “for as long as necessary.” Lagarde's remarks...

Stock market today: Asian stocks follow Wall St up after strong US jobs report

Jun. 05, 2023 00:47 AM EDT

BEIJING (AP) — Asian stocks followed Wall Street higher on Monday after strong U.S. hiring data coupled with scant wage gains suggested a possible recession might be further away, but also that inflationary pressures are weakening. Tokyo's benchmark gained almost 2%. Shanghai, Hong...

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Jun. 04, 2023 15:45 PM EDT

FRANKFURT, Germany (AP) — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi...

Stock market today: Wall Street leaps, nearly escapes its bear market after strong jobs report

Jun. 02, 2023 17:13 PM EDT

NEW YORK (AP) — Stocks rushed higher Friday after a strong report on the U.S. job market suggested a recession may not be as close as Wall Street had feared. The S&P 500 leaped 1.5% for the latest surge in a rally that's vaulted it nearly 20% since mid-October. That put Wall...

US hiring jumped last month. So did unemployment. Here's what that says about the economy

Jun. 02, 2023 16:47 PM EDT

WASHINGTON (AP) — The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool. Friday's report from the government reflected the...

US employers added a robust 339,000 jobs in May in sign of a still-healthy labor market despite Fed rate hikes

Jun. 02, 2023 08:35 AM EDT
WASHINGTON (AP) — US employers added a robust 339,000 jobs in May in sign of a still-healthy labor market despite Fed rate hikes.

How Turkey's president Erdogan has maintained a tight grip on power in the country

Jun. 02, 2023 03:24 AM EDT

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan, a populist with increasingly authoritarian tendencies, is scheduled to take the oath of office and start his third presidential term Saturday following his latest election win. Erdogan, who has led Turkey as prime...

Stock market today: Asia follows Wall St up on hopes Fed will ease off rate hikes

Jun. 02, 2023 00:07 AM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Friday ahead of an update on the U.S. jobs market after Federal Reserve officials reignited hopes another interest rate hike might be postponed and lawmakers gave final approval to a deal to avert a government debt default. ...