Oil price jumps as opec keeps output steady

Live Updates Inflation in the United States has reached a 40-year high. The consumer price index rose 9.1 percent in a year, according to the U.S. Bureau of Labor Statistics. This is the biggest yearly increase since the 8.6 percent jump in 1981. This inflation rate is ahead of the Federal Reserve's annual two percent target for inflation and may lead the Fed to raise interest rates again later this month. Republican lawmakers are blaming President Joe Biden, calling the latest economy report the "Biden Price Hike." This comes as average gas prices have dropped to $4.63. While prices have fallen in recent weeks, they remain much higher than this time last year. Live Updates Have Ended. 16:55 PM EDT Chile Expects Inflation to Hit 11.1 Percent Chile anticipates inflation will rise above 10 percent this year, a higher estimation than the country previously made in the wake of inflation surges around the world. Chile is already facing higher … [Read more...] about Inflation Report Updates: Chile expects inflation to hit 11.1 percent

It will not feel like it, as consumers digest news that UK inflation has hit its highest level since before the Falklands War, but there are reasons to hope that inflation is coming close to its peak. That is because the price of a number of commodities - whose prices surged after Russian President Vladimir Putin invaded Ukraine - have fallen sharply from their recent peaks. First and foremost, take the price of oil. The price of a barrel of Brent crude peaked at $139.13 on 7 March, 11 days after Russian troops entered Ukraine , but today touched $91.51 - a level not seen since before Mr Putin initiated hostilities against his neighbour. Or have a look at copper, a commodity whose widespread use across a range of industries makes it an accurate barometer of global economic activity, earning it the nickname of 'Dr Copper' on commodity markets . The price of copper has fallen by more than 25% since it peaked at $10,674 per tonne on 4 March. This morning it was … [Read more...] about Inflation news is bad – but there is a glimmer of hope

Published 29 minutes ago Share close Share page Copy link About sharing It is the "absolute nightmare" that keeps Glasgow food manufacturer Jason Stevenson awake at night. His firm PK Foods has been supplying Indian snacks to the retail and restaurant trade since 1997. But Mr Stevenson said the last year had been the toughest of his career. UK inflation has gone into double digits for the first time since 1982 and the Bank of England warned it could peak at more than 13% this year. As a result virtually everything needed to run Mr Stevenson's business has soared in price with the war in Ukraine, Brexit and the Covid pandemic to blame. Contending with the cost of some raw materials jumping by up to 70% means for PK Foods, "it is about survival, it is not about profit any more". How much are prices rising for you? Why price rises are worse for some people than … [Read more...] about UK inflation: The pakora firm facing a nightmare