Latest Inflation News

Missouri Senate hopefuls Schmitt, Valentine campaign at fair

Aug. 18, 2022 18:57 PM EDT

SEDALIA, Mo. (AP) — Missouri's Republican and Democratic U.S. Senate nominees on Thursday framed their campaigns around their support for or opposition to policies backed by President Joe Biden as they vied for farmers' votes at the Missouri State Fair. Republican Attorney General...

Kohl's cuts 2022 outlook, capping mixed week for retailers

Aug. 18, 2022 17:30 PM EDT

Kohl’s on Thursday slashed its sales and profit expectations for the year, a result of its stepped up price cutting to shed unwanted merchandise. The department store chain also cut back on orders ahead of the critical holiday period, spooking investors and sending shares down...

Stocks end higher on Wall Street after more choppy trading

Aug. 18, 2022 16:37 PM EDT

Another day of choppy trading on Wall Street ended with modest gains for stocks Thursday and the benchmark S&P 500 barely back into the green for the week. The S&P 500 rose 0.2% after shifting between small gains and losses for much of the day. It's now up 0.1% for the week....

Turkey lowers interest rate even as inflation soars to 80%

Aug. 18, 2022 11:52 AM EDT

ANKARA, Turkey (AP) — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country's president. In a statement...

Trains paralyzed again in UK as unions stage more strikes

Aug. 18, 2022 11:40 AM EDT

LONDON (AP) — Thousands of train workers in Britain staged a new round of strikes Thursday, paralyzing rail service across the country in an escalating dispute over pay and working conditions exacerbated by a deepening cost-of-living crisis. Only around one in five trains ran...

Average long-term mortgage rates retreat slightly this week

Aug. 18, 2022 10:35 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates came back down slightly this week after the key 30-year loan rate jumped nearly a quarter point last week. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.13% from 5.22% last week. Last year at...

Norway's central bank enacts big rate hike to tame inflation

Aug. 18, 2022 05:44 AM EDT

COPENHAGEN, Denmark (AP) — Norway’s central bank raised its key policy interest rate by half a percentage point Thursday, saying “inflation has been considerably higher than projected." The rate's increase to 1.75% was larger than expected as the bank takes aim at inflation...

Asian stocks follow Wall St down after Fed inflation report

Aug. 18, 2022 00:20 AM EDT

BEIJING (AP) — Asian stock markets followed Wall Street lower Thursday after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged higher. Wall...

BofA CEO: Struggling Americans feel they are in a recession

Aug. 17, 2022 20:41 PM EDT

NEW YORK (AP) — The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vulnerable. “Recession is a...

Fed saw evidence of a slowing economy at its last meeting

Aug. 17, 2022 16:10 PM EDT

WASHINGTON (AP) — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high’’ before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices. ...