Tag: inflation

BUSINESS

US Black Friday Crowds Thin Despite Deals

Black Friday crowds in the U.S. have been described as “thin” despite attractive deals and discounts. Inflation-weary shoppers were expected to flock to Black Friday sales in record numbers. However, on what has traditionally been one of the busiest shopping days of the year, thin crowds were seen outside stores in a number of states. Many Americans who opened their […]

BUSINESS

U.S. Mortgage Rates Running At 16-Year High

Mortgages in the U.S. are seeing their highest interest rates in 16 years. The increase follows the U.S. Federal Reserve’s aggressive interest rate hikes instituted to curb inflation sufficiently. Data from the U.S. Mortgage Bankers Association showed that mortgage rates have more than doubled since the start of the year. The average contract rate on 30-year fixed-rate mortgages rose by […]

NEWS

Trudeau Announces $4.5 Billion Inflation Relief Package For Low Earners

Canadian Prime Minister Justin Trudeau has announced $4.5 billion in measures intended to provide low-income families with relief from high inflation. The measures include doubling a quarterly tax credit sent to individuals and families with low and modest incomes to offset sales tax and a $500, one-time top-up to a housing benefit that is provided to low earners who need […]

BUSINESS

ECB Pushes Up Interest Rates

The European Central Bank (ECB) has raised interest rates for the first time in more than 11 years as it tries to control soaring eurozone inflation. The ECB increased its key interest rate by 0.5 percentage points to 0.0% and plans further hikes this year. The rate has been negative since 2014 in a bid to boost the region’s economy […]

BUSINESS

U.S. Consumer Feeling The Pinch

U.S consumer sentiment hit a new record low in June amid growing concerns about inflation. This is according to a closely followed University of Michigan survey released today. The final index reading of 50 in the monthly Surveys of Consumers was just below the preliminary reading of 50.2 released two weeks ago. The final June index – a 14.4% drop […]

BUSINESS

Top U.S. Dollar Stores Project Positive Outlook

Top U.S. dollar store chains earlier in the week raised their sales expectations for the year as more Americans look for bargains with inflation at a four-decade high, sending shares of the retailers over 13 percent. Dollar General shares rose 13.71% to close at $222.13 on Thursday. Dollar Tree shares jumped 21.87% to close at $162.80. Shares of Dollar Tree […]

BUSINESS

U.S. Inflation Shows Signs Of Cooling

According to press reports, U.S. inflation shows signs of cooling. However, it is not sufficient for Federal Reserve policymakers to move from their half-point interest rate hikes planned for upcoming meetings in June and, July but it may prompt a shift to smaller rate hikes come September if the trend continues. A U.S. Commerce Department report at the end of […]

BUSINESS

Stock Market Sees Biggest Drop In Two Years

The S&P 500 fell 165.17 points to 3,923.68, while the Dow slid 1,164.52 points to 31,490.07. The Nasdaq slid 566.37 points to 11,418.15. The stock market took its biggest hit in nearly two years against the backdrop of Target and other major retailers reporting less than stellar performance. Target lost a quarter of its value after reporting earnings that fell […]

BUSINESS

U.K. Inflation Speeds Up At Fastest Rate In 40 Years

According to press reports, the U.K. is witnessing its fastest rise in prices in 40 years as higher energy bills take a stranglehold on millions of households. Inflation, the rate at which prices rise, leaped to nine percent in the 12 months to April, up from seven percent in March. Higher fuel and food prices, driven by the Ukraine war, […]

POLITICS

Biden Touts Inflation Plan

U.S. President Joe Biden said that his plan is set on lowering inflation to ease the financial burden that the American people have to contend with on a daily basis. “Beyond the Fed, my inflation plan is focused on lowering the costs that families face and lowering the federal deficit,” said Biden. He noted that his administration has already “announced […]