Latest Inflation News

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington.  Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday, July 29,  after its two-day policy meeting ends and just before Powell holds a news conference.  (AP Photo/Jacquelyn Martin, File)

Fed sees dim economic outlook as virus squeezes economy

Jul. 29, 2020 5:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future. That...

Text of the Fed's statement after its meeting Wednesday

Jul. 29, 2020 2:11 PM EDT

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus...

FILE - In this June 30, 2020 file photo, Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing on the coronavirus response on Capitol Hill in Washington.  The Federal Reserve has opened one of its lending programs to nonprofit groups, including hospitals, educational institutions, and social service organizations. The Fed said Friday, July 17,  that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to nonprofits with at least 10 employees and endowments of less than $3 billion. (Tasos Katopodis/Pool via AP, File)

Fed wrestles with its next moves as virus stalls US economy

Jul. 29, 2020 12:01 AM EDT

WASHINGTON (AP) — Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday after its two-day policy meeting ends and...

FILE - In this April 16, 2020, file photo, a customer puts gold bars on basket for sell to a gold shop in Bangkok, Thailand. The price of gold surged more than $30 on Monday, July 27, 2020 to over $1,926 per ounce as investors step up buying of the precious metal often sought in times of uncertainty. Gold was trading at $1,926.20 by early afternoon in Asia, up 1.5%, after surging over the weekend. (AP Photo/Sakchai Lalit, File)

Gold's luster grows as investors hedge in uncertain times

Jul. 27, 2020 5:17 PM EDT

Wall Street is in the throes of a gold rush, as investors drive the price of the precious metal to new heights. Gold has been the best investment of the year so far. The price of the precious metal has climbed nearly 27% this year, more than triple the return of the largest U.S. bond funds and towering over the...

Andrea Cortes walks in the hallway of the Hospital Pineiro where she works as a nurse in Buenos Aires, Argentina, Friday, July 17, 2020.

Pandemic tough on Argentina's already overworked care givers

Jul. 23, 2020 1:36 PM EDT

BUENOS AIRES, Argentina (AP) — Even before the new coronavirus hit, Argentina's health care workers were struggling, most of them often working more than 12 hours a day at multiple jobs to make ends meet amid the country's overheated inflation. The pandemic has meant even tougher times on the job,...

Zimbabwe's economy to shrink by 4.5%, says finance minister

Jul. 16, 2020 11:47 AM EDT

HARARE, Zimbabwe (AP) — Zimbabwe’s economy is expected to shrink by 4.5% this year, the country’s finance minister said Thursday, although others say it will contract even more, as the effects of the coronavirus and a drought take a toll on the struggling southern African nation. The...

FILE - In this June 8, 2020 file photo, a shopper departs a shoe store at CambridgeSide mall, in Cambridge, Mass.  U.S. consumer prices dropped in May for the third straight month as the coronavirus pandemic pushed the American economy into a recession. The Labor Department said Wednesday, June 10  that its consumer price index fell 0.1% last month after tumbling 0.8% in April and 0.4% in March.  (AP Photo/Steven Senne, File)

Spiking cost of gasoline pushes June consumer prices up 0.6%

Jul. 14, 2020 9:43 AM EDT

WASHINGTON (AP) — U.S. consumer prices increased 0.6% in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain. The Labor Department reported Tuesday that the increase in its consumer price index followed declines of 0.4% in March, 0.8% in April and...

Consumer prices jump 0.6% in June, led by gains in energy and food but expectation is virus will keep lid on inflation

Jul. 14, 2020 8:34 AM EDT
WASHINGTON (AP) — Consumer prices jump 0.6% in June, led by gains in energy and food but expectation is virus will keep lid on inflation.
FILE - In this Sept. 20, 2019 file photo, workers stand on a platform at a Saudi Aramco oil separator processing facility in Abqaiq, near Dammam in the Kingdom's Eastern Province. The International Monetary Fund said in the latest outlook released Monday, July 13, 2020, that the Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year. That's as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic. Oil importing Mideast countries, which include Egypt, Jordan and Sudan, are expected to see average economic contraction of 1.1%, but inflation is expected to reach 10%. (AP Photo/Amr Nabil, File)

IMF: Mideast loses $270B oil income amid virus, recession

Jul. 13, 2020 7:09 AM EDT

DUBAI, United Arab Emirates (AP) — The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's...

FILE - In this Aug. 27, 2013, file photo, workers load large containers of nectarines for sorting at Eastern ProPak Farmers Cooperative in Glassboro, N.J. U.S. wholesale prices fell 0.6% in February 2020, the biggest decline in five years, led by a sharp drop in energy costs. The Labor Department said the decline in its producer price index, which measures price pressures before they reach the consumer, followed a 0.5% rise in January. It was the sharpest decline since a similar 0.6% drop in January 2015. (AP Photo/Mel Evans, File)

US wholesale prices fell 0.2% in June as food costs plunged

Jul. 10, 2020 9:16 AM EDT

WASHINGTON (AP) — U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices. The drop in the Producer Price Index, which measures inflation pressures before they reach consumers, followed a 0.4% gain in May, the Labor Department reported Friday....