As millions of Australians have been hit with electricity price surges since July, the Australian Competition and Consumer Commission (ACCC) has raised concerns that electricity bills are too high. In May, the Australian Energy Regulator released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers…
Florida Becomes Nation’s Inflation Hot Spot, Housing a Major Contributor
July 12, 2023
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Business & MarketseconomyFloridainflationMarketsPolicies & ImpactspopulationRegional & State NewsRegional NewsState NewsUSUS FeaturesUS News
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Florida has become the nation’s inflation hot spot. Data released on July 12 by the Bureau of Labor Statistics (BLS) showed that the Consumer Price Index (CPI) rose 0.2 percent in June, behind a 0.1 percent increase in May. Overall, there was an increase of 3.0 percent over the last 12 months before a seasonal…
Bank of Canada Hikes Key Rate to 5 Percent, Says Many Households Healthy Financially
OTTAWA—As the Bank of Canada raised its trend-setting interest rate to 5 percent on July 12, it noted that households are on average in better financial shape than some reports might suggest. Bank of Canada senior deputy governor Carolyn Rogers said the central bank wanted to take a “deeper dive” into the data when faced…
ANALYSIS: From Energy to Beef: New CPI Report Points to Renewed Price Pressures
Since hitting a 41-year-high of 9.1 percent in June 2022, the U.S. annual inflation growth rate has been on a downward trend for 12 consecutive months. In June, the consumer price index slowed to a lower-than-expected 3 percent, the lowest level since March 2021. “Good jobs and lower costs: That’s Bidenomics in action. Today’s report…
US Desperately Needs a Long Deflation
Commentary Consumer Price Index (CPI) day has been the same for most of the last 12 months. Data comes in and it’s not good. The mainstream media, however, immediately broadcasts the Biden administration spin that inflation is easing so stop worrying about it. Today, the report is elevated beyond expectations: 0.2 percent for the month…
Bank of Canada Raises Key Interest Rate to 5 Percent
July 12, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Bank of Canada Raises Key Interest Rate to 5% as Underlying Inflation Trend Remains Elevated
July 12, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Wall Street Opens Higher as Inflation Cools in June
Wall Street’s main indexes opened higher on Wednesday after data showed inflation cooled further in June, lifting investor hopes that the Federal Reserve is nearing the end of its monetary tightening cycle. The Dow Jones Industrial Average rose 133.86 points, or 0.39 percent, at the open to 34,395.28. The S&P 500 opened higher by 28.43…
US Annual Inflation Slows to Lowest Level Since March 2021
The U.S. annual inflation rate slowed to 3 percent in June, down from 4 percent in May, according to the Bureau of Labor Statistics (BLS). This came in below the consensus estimate of 3.1 percent. Annualized inflation has now fallen for 12 consecutive months and represented the lowest reading since March 2021. The notable easing…
Dollar Drops as Traders Gear Up for Weak US Inflation
LONDON—The dollar sank to a two-month low on Wednesday ahead of a key read of U.S. inflation, while sterling hit 15-month highs after wage growth data fed expectations that the Bank of England (BoE) has further to go in raising rates. The yen strengthened past 140 to the dollar for the first time in a…
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