US: Inflation hits highest rate in four decades
13 January 2022 | 10:43 am
US consumer prices rose last year at the highest rate in four decades. With inflation at 7% in 2021, US consumers have not seen prices soar so much since the early 1980s.
The 8.6% yearly increase is the biggest since 1981. President Biden's efforts to stem the tide are having little effect as the impact of Russia's invasion of Ukraine continues to hit global economies.
At rallies held across the US, protesters had one message for lawmakers: They have had enough. Protesters called for stricter gun laws following another spate of mass shootings.
In a bid to reassert US influence in Latin America and counter Chinese influence, Biden signed a new pact to take more laborers and offer greater humanitarian assistance to migrants.
The US Defense Secretary said Chinese military activity around the self-governing island threatened to change the status quo. Lloyd Austin said Washington would continue to stand by Taiwan at an event in Singapore.
Starting on Sunday, international passengers flying to the United States will no longer have to present a negative COVID-19 test before boarding the plane.
The Japanese and Indian currencies plunged to their lowest records in decades against the US dollar as Washington looked set to hike interest rates in a bid to tackle inflation.
The Yellowstone National Park was closed down for the first time since 1988 due to torrential rains, flooding and melting snow. The park was just opening for the summer tourist season.
Former US President Donald Trump's closest advisors and family described the effort to push election lies. His former Attorney General William Barr at one point said he was "detached from reality" in Monday's hearing.
Wall Street had one of its worst days in recent weeks on Monday as a worse-than-expected US inflation figure last Friday fuelled concern about more aggressive rate hikes to come from the Federal Reserve. Cryptocurrencies also continued to tank after a lender froze withdrawals. Plus, as Europe looks to bolster the continent's energy security, France's TotalEnergies signs a deal with Qatar on a major gas field project.
Joe Biden is set to travel to Israel on July 13 before heading to the occupied West Bank and Saudi Arabia. The trip's announcement comes despite pledges to side-line the "pariah" Saudi state.
Inflation is a problem everywhere but in Turkey it is currently a staggering 73.5%, with no end in sight. Still, President Erdogan insists on maintaining low interest rates.
Federal Reserve raises key interest rate 0.75% as it tries to calm inflation. The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades.
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