BENGALURU—U.S. Treasury Secretary Janet Yellen said on Friday that U.S. inflation was coming down but there was still more work to do to bring it in line with the Federal Reserve’s 2 percent annual target. Yellen also told reporters on the sidelines of a G20 finance ministers and central bank governors’ meeting near the Indian…
Yellen Says US Inflation Coming Down but Core Measures Remain Elevated
Federal Agency Predicts Major Egg Price Relief Soon
Egg prices will drop dramatically later this year if the United States does not see a rebound in bird flu outbreaks, according to a statement from the U.S. Department of Agriculture (USDA). The price drop would be a welcome relief to shoppers who have paid much more for eggs in recent months than ever before….
German Economy Shrinks 0.4 Percent in 4th Quarter, Weak Start to 2023 Seen
BERLIN—The German economy contracted more strongly than expected in the final three months of 2022, as inflation and the energy crisis took their toll on household consumption and capital investment. The German economy shrank by 0.4 percent in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday….
Japan’s Consumer Inflation Hits 41-year High, Keeps BOJ Under Pressure
TOKYO—Japan’s core consumer inflation hit a fresh 41-year high in January as companies passed on higher costs to households, data showed on Friday, keeping the central bank under pressure to phase out its massive stimulus program. The data underscores the dilemma policymakers face as soaring prices of fuel and daily necessities hit households, many of…
Wall Street Tumbles at Open as Inflation Data Fuels Fed Worries
Wall Street’s main indexes opened sharply lower on Friday as a surge in consumer spending and inflation in January sparked concerns that the Federal Reserve will stick to its hawkish stance for longer. The Dow Jones Industrial Average fell 154.72 points, or 0.47 percent, at the open to 32,999.19. The S&P 500 opened lower by…
German Chemical Giant BASF to Close Factories Without Cheap Russian Gas
February 24, 2023
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The world’s largest chemical company is closing a number of its factories, as the era of cheap Russian gas grinds to a halt amid a deterioration in the global economy. BASF SE will cut 2,600 positions, about 2 percent of its global workforce, to save on operational costs, as the European Union’s biggest chemical firm is forced…
Core Inflation Soars to Record High in Eurozone
February 24, 2023
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Core inflation soared to a record high in the eurozone in January, as the bloc’s energy crisis continues. The euro bloc is currently facing the worst energy crisis in decades, after the Russia–Ukraine war caused gas and oil prices to soar. Last month, Europe’s consumer price index showed inflation in the euro bloc hitting a…
‘Stubborn’ Food Inflation Leaves US Shoppers With Slim Appetite for Other Goods
As American shoppers stomach soaring food prices, they are cutting back on purchases of other goods, such as toys, clothing, and housewares, in a challenging trend for retailers. Commentary this week from executives at Walmart and other retailers shows how Americans are shifting their shopping habits and hunting for bargains in the face of the…
Dollar Rises to Fresh 7-week High on Rate Outlook; Yen Slides
LONDON—The dollar index rose to seven-week highs on Friday, as investors prepared for U.S. interest rates to stay higher for longer after a set of strong U.S. economic data. The yen fell after a volatile Asian trading session, with incoming Bank of Japan Governor Kazuo Ueda saying it was appropriate to keep ultra-loose monetary policy….
Oil Gains as Russian Output Cuts Offset Rising US Inventories
February 24, 2023
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LONDON—Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity. Brent crude futures rose 89 cents, or 1.1 percent, to $83.10 per barrel by 1042 GMT. On the anniversary of Russia’s invasion of Ukraine,…
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