Latest Consumer prices News

Powell: 'No guarantee' Fed can tame inflation, spare jobs

Jun. 29, 2022 12:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market. Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can...

Europe's central bank ready to 'stamp out' surging inflation

Jun. 28, 2022 06:47 AM EDT

SINTRA, Portugal (AP) — The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out" inflation if it surges faster than expected. In a...

Did corporate greed fuel inflation? It's not biggest culprit

Jun. 26, 2022 09:27 AM EDT

WASHINGTON (AP) — Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits. Responding to that sentiment, the Democratic-led House of...

UK inflation rate hits new 40-year high of 9.1%

Jun. 22, 2022 08:27 AM EDT

LONDON (AP) — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia's war in Ukraine drove food and fuel prices ever higher. The Office for National Statistics said consumer price inflation rose slightly from 9% in...

Inflation taking bite out of new infrastructure projects

Jun. 19, 2022 10:07 AM EDT

The price of a foot of water pipe in Tucson, Arizona: up 19%. The cost of a ton of asphalt in a small Massachusetts town: up 37%. The estimate to build a new airport terminal in Des Moines, Iowa: 69% higher, with a several year delay. Inflation is taking a toll on infrastructure...

Bulgarian opposition calls for no-confidence vote

Jun. 15, 2022 09:24 AM EDT

SOFIA, Bulgaria (AP) — Bulgarian Prime Minister Kiril Petkov’s centrist coalition government will face a vote of no-confidence brought by the main opposition party on Wednesday, its first since taking power at the end of last year. The GERB party of former Prime Minister Boyko...

US producer prices soar 10.8% in May as energy costs spike

Jun. 14, 2022 09:17 AM EDT

WASHINGTON (AP) — U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing. Tuesday's report from the Labor Department showed that the producer price index — which measures inflation...

US inflation at new 40-year high as price increases spread

Jun. 10, 2022 17:36 PM EDT

WASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from a year earlier, faster than April’s...

Biden vows to battle inflation as prices keep climbing

Jun. 10, 2022 15:58 PM EDT

LOS ANGELES (AP) — In President Joe Biden's estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. But so far, inflation just keeps getting the better of the U.S. economy and of the Biden administration. The president's policies, his...

Asian shares mixed after rate jitters tumble on Wall Street

Jun. 10, 2022 00:50 AM EDT

BANGKOK (AP) — Shares were mostly lower in Asia on Friday, with only Shanghai rising, after stocks tumbled on Wall Street on expectations central banks will double down on battling inflation with interest rate hikes. Tokyo's Nikkei 225 index lost 1.3% to 27,881.78 while the Kospi...