Allianz chief economic adviser Mohamed El-Erian said in an interview that the inflation problem in the United States will inevitably turn into a cost-of-living crisis as price pressures become broader, further erode the wage gains of many American households, and dent demand. Wages have been on the rise as businesses boost pay to attract and…
America’s Inflation Problem Will Turn Into Cost-of-Living Crisis: El-Erian
May 11, 2022
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Rising Cost of Living ‘Puts Brakes’ on Consumer Spending: UK Report
May 10, 2022
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The soaring cost of living has hit the confidence of British consumers and has “put the brakes” on consumer spending, the latest retail statistics show. Retail sales dipped in April after a sharp downturn in consumer confidence, according to a report by the BRC-KPMG retail sales monitor. Total sales fell by 0.3 percent in April,…
Inflation Will Hit 6 Percent by the End of 2022: Reserve Bank of Australia
May 6, 2022
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After the most recent surge in inflation to 5.1 percent during the March quarter, vastly surpassing expectations, the Reserve Bank of Australia (RBA) has revised its inflation forecast to 6 percent over the second half of 2022. “As observed in other advanced economies, consumer price inflation in Australia has picked up markedly since the middle…
Australia’s Labor Leader Avoids Questions About Party’s Cost of Living Plan
May 1, 2022
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Australian Labor Party’s leader Anthony Albanese has avoided questions regarding whether his party’s cost of living packages will continue to deliver benefits to households in one-year’s time amid rising interest rates that are expected to hinder the benefits from the proposals. It comes as handling the household budget becomes one of the most important election…
Australia’s Inflation Rate Jumps to 5.1 Percent, Highest Since Introduction of GST
Inflation in Australia has accelerated by 2.1 percent during the first quarter of the year, bringing the annual inflation rate to 5.1 percent. The Australian Bureau of Statistics (ABS) revealed that this was both the highest quarterly and annual consumer price index increase since the introduction of the goods and services tax (GST) in July…
UK Cost-of-Living Crisis: Johnson Hints at Childcare Support But No New Money
Parents could receive further childcare support, Boris Johnson has hinted, as he seeks cost-free measures to alleviate the cost-of-living crisis. Downing Street said the Prime Minister would sign off on new support when he chaired a “domestic and economic strategy committee” in the “coming weeks”. But No 10 suggested no new money would be provided…
UK Government Announces Half-Price Rail Fares to Help Cost of Living
Train tickets are set to be slashed by as much as half as the British Government looks to address cost-of-living pressures with cheaper travel in April and May. In what is being dubbed the Great British Rail Sale, the Transport Secretary said more than one million train tickets would be reduced this spring. The Department…
Canadians Increasingly Putting Plans to Buy Home on Hold: Scotiabank
Canadians are increasingly putting their plans to buy a home on hold over economic uncertainty, a poll from Scotiabank says. “It’s no surprise that a perfect storm made up of the rising cost of living, housing supply shortages, and increased demand has caused Canadians to feel like homeownership is out of reach,” said John Webster,…
Canadians Increasingly Putting Plans to Buy Home on Hold: Poll
Canadians are increasingly putting their plans to buy a home on hold over economic uncertainty, a poll from Scotiabank says. “It’s no surprise that a perfect storm made up of the rising cost of living, housing supply shortages, and increased demand has caused Canadians to feel like homeownership is out of reach,” said John Webster,…
Ontario to Introduce Legislation to Cut Gas, Fuel Taxes
The Ontario government is introducing legislation to cut gas and fuel taxes this summer, bringing some relief for residents amid rising fuel prices. If passed, it would introduce a temporary six-month tax cut, reducing the gas tax by 5.7 cents per litre and fuel tax by 5.3 cents per litre, effective from July 1 to Dec….
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