inflation

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Zimbabwe's Inflation Rate Hits 100,000%

And that's just the official figure: in reality it's even worse

(Newser) - Zimbabwe's inflation rate is running at 100,000%, according to the government's statistics office—but that's not the worst news. Insane as that number may sound, it's probably an underestimation, writes the Telegraph. In Harare, where shelves are bare and money is being printed at breakneck speed, a single cigarette...

$100 Oil Fuels Recession Fears
$100 Oil Fuels Recession Fears
Feb 21, 2008 12:47 PM CST

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per...

Fed Sees Slower Growth, Higher Unemployment

Reserve officials sharply reduce economic forecast

(Newser) - The Federal Reserve issued a bleak assessment of the economy today, predicting weak growth and rising unemployment this year. Fed officials expect the economy to grow between 1.3% and 2% in 2008, the slowest in five years, the New York Times reports. A separate report today showed consumer prices...

Market Up After Seesaw Session
Market Up After Seesaw Session
MARKETS
Feb 20, 2008 3:45 PM CST

Market Up After Seesaw Session

Investors shrug off inflation; sluggish growth seen

(Newser) - The Dow rose 90.04 points to 12,427.26 today in roller-coaster trading despite rising fears of inflation, MarketWatch reports. US consumer prices rose 0.4% last month in what one investment officer called “a nagging problem for the Fed.” The Nasdaq climbed 20.90 to 2,...

Inflation Spikes, Cut in Jeopardy
Inflation Spikes, Cut in Jeopardy
Feb 20, 2008 9:04 AM CST

Inflation Spikes, Cut in Jeopardy

Fed may have hands tied, as CPI soars past expectations

(Newser) - Core inflation bounded ahead of expectations in January, which is bad news for anyone betting on a big rate cut from the Fed–and for the Fed itself. The consumer price index rose 0.4%, with core CPI rising 0.3%, putting the year-over-year figures at 4.3% and 2....

Fed Battles to Balance Rate Cuts, Inflation

Officials fret over steep drop hampering possible recovery

(Newser) - Inflation worries have some Fed officials hinting that interest-rate cuts may slow down, sparking concerns among investors who expect the central bank to trim rates 75 more basis points at its March 18 meeting, reports the Wall Street Journal. Rates have been reduced 2.25% since September—to 3%--in an...

Rally Fizzles on Inflation Fears
Rally Fizzles on Inflation Fears
MARKETS
Feb 6, 2008 3:26 PM CST

Rally Fizzles on Inflation Fears

Comments by Fed official dampen spirits

(Newser) - An early rally fizzled late over inflation fears, and stocks ended down today. The Philly Fed chief raised inflation worries when he said the Fed had to concentrate on "price stability" when considering future rate cuts, the Wall Street Journal reports. The Dow fell 65.03 to 12,200....

China Exports Inflation to US
China Exports Inflation to US
Feb 1, 2008 1:35 PM CST

China Exports Inflation to US

Coinciding factors exert upward pressure on prices

(Newser) - After years of pumping out cheap consumer goods, China is driving up American price tags, the New York Times reports. As costs rise domestically, prices down the supply chain rise at the same time that recession threatens in the US. “China has been the world’s factory,” said...

Unrest in Financial World Gives Gold a New Luster

Investors looking for safe haven have driven futures up 42% since Aug.

(Newser) - Mainstream investors looking for a hedge against inflation and a volatile stock market have taken a shine to gold, driving prices for the precious metal to historic highs, the Wall Street Journal reports. Gold futures have risen more than 42% since mid-August. The latest Fed interest-rate cut bumped prices in...

China Storms Wallop Winter Crops
China Storms Wallop
Winter Crops
Jan 31, 2008 6:05 AM CST

China Storms Wallop Winter Crops

Worst storms in 50 years wreak 'catastrophic' impact on food supply

(Newser) - Winter storms battering China have hit crops hard, the AP reports. "The impact on fresh vegetables and on fruit in some places has been catastrophic," said a Communist Party official, who added that emergency plans were in place to ensure a food supply to people and protect what...

China Economy Adrift as Snow Keeps Falling

Inflation spirals as weather highlights precarious conditions

(Newser) - As more snow fell today across China, the unusual inclement weather continued to highlight how vulnerable the country's economy is to disruption. The snow has prevented deliveries of food and fuel—particularly coal—and dozens of factories remain closed. State television announced that the government would mount an "all-out...

Mugabe Foe Briefly Arrested Ahead of Rally

Zimbabwe opposition leader rounded up in nighttime raid

(Newser) - Robert Mugabe's main opponent was arrested in the middle of the night ahead of a planned rally today in the Zimbabwean capital of Harare, reports the Mail and Guardian. He was later released without charge. Police have banned Morgan Tsvangirai and his Movement for Democratic Change from holding a demonstration,...

Bernanke Backs Quick Bailout
Bernanke Backs Quick Bailout
Jan 17, 2008 10:50 AM CST

Bernanke Backs Quick Bailout

Fast, temporary stimulus would buoy flagging economy, Fed chief tells Congress

(Newser) - The country needs a federal stimulus package ASAP, Federal Reserve Chairman Ben Bernanke told the House Budget Committee today, advocating immediate legislation designed “so its effects on aggregate spending are felt as much as possible within the next 12 months.” But he said the package should be “...

Retail Sales In Surprise Swoon
Retail Sales In Surprise Swoon
Jan 15, 2008 8:42 AM CST

Retail Sales In Surprise Swoon

Sales drop 0.4% in Dec.; consumers finally slowed by housing woes, gas prices

(Newser) - Retail sales fell 0.4% in December, an unexpected drop that capped off retailers’ worst year since 2002 and is sure to fuel rampant recession fears. “Consumer spending slowed down pretty dramatically,” one economist tells Bloomberg. “We are kind of flying very close to a stall speed....

Bernanke Hints at Hefty Interest Rate Cuts

Fed hopes to thwart troubled markets, unemployment

(Newser) - The Federal Reserve may make "substantive" cuts to interest rates later this month in the face of rising economic difficulties, Ben Bernanke said today. Citing troubled financial markets and rising unemployment, the Fed chairman implied that it might drop its target short-term interest rate by .5% from 4.25%....

Goldman Predicts Recession
Goldman Predicts Recession
Jan 10, 2008 12:31 PM CST

Goldman Predicts Recession

Wall Street's top firm sees two unhappy quarters ahead

(Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we...

Fed Remains Open to More Rate Cuts
Fed Remains Open to More Rate Cuts
Jan 2, 2008 7:33 PM CST

Fed Remains Open to More Rate Cuts

Minutes from last meeting display growing concern about markets

(Newser) - Fed officials will consider deeper rate cuts and a "substantial further easing of policy" if the turmoil in the credit and housing markets continues, according to minutes of last month's meeting. Officials displayed surprise at the extent of the housing crisis and acknowledged that market strains "could persist...

Iran's Prez Under Fire for Rising Inflation

Even Ahmadinejad's own party finds fault with his policies

(Newser) - Skyrocketing inflation in Iran is sparking criticism of President Mahmoud Ahmadinejad—even from within his own conservative party, the AP reports. Prices for food and homes have surged in recent months. Ahmadinejad, who ran in 2005 on promises to use oil revenue to boost the economy, blames his predecessors for...

Stocks Climb After Rough Day
Stocks Climb After Rough Day
MARKETS
Dec 18, 2007 3:40 PM CST

Stocks Climb After Rough Day

Contrary instincts make for roller-coaster session

(Newser) - The market was up and down all day today as investors divided on whether to applaud cash injections and welcome good earnings reports or fret over bad housing numbers and inflation concerns. The Dow ultimately climbed 65.27 to 13,232.47, the Nasdaq added 21.57 to 2,596....

Global Food Prices Soar
Global Food Prices Soar
Dec 17, 2007 4:44 PM CST

Global Food Prices Soar

Wheat and rice futures reach new highs; costs sure to be passed on to consumers

(Newser) - Expect another surge in the cost of breakfast cereal: The benchmark price for wheat rose above $10 a bushel for the first time today, further fueling the inflation in global food costs that kicked in last summer. Benchmark prices for rice futures also hit a new high, and corn and...

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