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Tag: inflation

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US Consumer Spending Rebounds, But High Inflation Cooling Demand
U.S. consumer spending increased more than expected in August, but stubbornly high inflation is dampening demand, potentially limiting an anticipated rebound in economic growth this quarter. The report from the Commerce Department on Friday also...
The Inspector General says more than $45 billion was fraudulently siphoned from federal COVID UI stimulus.
Inspector General Says It Underestimated COVID Stimmy Fraud by $29.6 Billion
A new Memorandum released by the Office of Inspector General (OIG) for the U.S. Department of Labor states that, based on new data received, a previous estimate of $16 billion in potentially fraudulent Coronavirus Disease...
Japan’s Inflation Levels Hit 8-year High, Staying Above BOJ’s Target
TOKYO — Japan's core consumer inflation quickened to 2.8 percent in August, hitting its fastest annual pace in nearly eight years and exceeding the central bank's 2 percent target for a fifth straight month as...
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Hot Core: Canada May Need a Recession to Cool Down Inflation
The underlying pressures driving inflation in Canada are likely to peak in the fourth quarter of this year, economists told Reuters, though most see signs fast rising prices are becoming entrenched and warn a recession...
The U.S. Army has told struggling soldiers to sign up for food stamps if inflation is proving too hot to handle.
Army Tells Soldiers to Use Food Stamps as Inflation Derails Middle Class
The United States Army has advised soldiers who are struggling to make ends meet on their current salary amid the nation’s inflationary crisis to take advantage of a food stamps program as a solution. Reported...
IMF’s Georgieva Says Central Bankers Must Be ‘Stubborn’ in Fighting Inflation
WASHINGTON — Central bankers must be persistent in fighting broad-based inflation, International Monetary Fund chief Kristalina Georgieva said on Wednesday, Sept. 14, conceding that many economists were wrong when they predicted last year that inflation...
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Stubbornly High Rents, Food Prices Boost US Inflation in August
U.S. consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third 75 basis points interest rate hike next Wednesday....
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Wall Street Tumbles to Biggest Loss in Two Years Following CPI Data
A broad sell-off sent U.S. stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the Federal Reserve could relent and scale back its policy tightening in the coming months. All three major...
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Wells Fargo CFO Says There Will Be Stress as Economy Slows
Wells Fargo & Co is seeing loan growth moderating after strong growth so far this year and witnessing downward pressure on mortgage revenue as consumers feel the effect of higher interest rates, its chief financial...
Bank of England to Raise Rates to Counteract Inflation: Poll
LONDON — The Bank of England looks set to hike borrowing costs by another 50 basis points next week, although it may opt for an even bigger move, a Reuters poll found, adding to the...
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US Holiday Sales Growth Likely to Slow as Inflation Hits Shoppers: Report
U.S. sales growth is expected to slow this holiday season as consumers facing decades-high inflation cut back on discretionary spending, according to the Mastercard SpendingPulse report released on Tuesday. No longer able to bank on...
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‘All we need is kerosene’: Fishermen Struggle for Livelihoods in Crisis-hit Sri Lanka
As the sun rose over Sri Lanka in late August, a group of fishermen were laying out their net on a beach in Mannar, a small island just off the country’s north-western coast, getting ready...