Vulnerable Democrats sound the alarm over inflation crisis

CNN — The cost of consumer goods has jumped to its highest point in four decades. But in some of the most important battleground races in the country, the situation is even more dire for Democrats, who saw their constituents hit with price increases that were higher than the national average. In Phoenix, Arizona – … Read more

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Biden returns from the Middle East trip with a narrowing window for political wins ahead of November

CNN — President Joe Biden and his team were enthusiastic Saturday when they boarded Air Force One in Saudi Arabia, congratulating each other on what they viewed as a successful four-day swing through the Middle East. The political environment Biden returned to in Washington appears far less inspiring. While he was gone, his polling hit … Read more

Economics of war: Pain for Europe now, later for Russia

Across Europe, signs of distress are multiplying as Russia’s war in Ukraine drag on. Food banks in Italy are feeding more people. German officials are turning down the air conditioning as they prepare plans to ration natural gas and restart coal plants. A giant utility is asking for a taxpayer bailout, and more may be … Read more

Zelensky challenges the world to help end Russia’s war by December

Ukrainian President Volodymyr Zelensky has thrown down the gauntlet for the US and allies to help Kyiv bring an end to Russia’s war by December. The imperative is to stop the bloodshed. Ukrainian forces are suffering as many as 200 casualties per day, and Russian artillery has killed dozens of civilians in recent attacks, with … Read more

US inflation reached a new 40-year high in June of 9.1%

WASHINGTON (AP) – Surging prices for gas, food and rent catapulted US inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reservewith higher borrowing costs to follow. Consumer prices soared 9.1% compared with a year earlier, the government said … Read more

The euro faces its day of reckoning – POLITICO

Press play to listen to this article It should have been a day of celebration as the euro welcomed Croatia as its 20th country. But as finance ministers were endorsing the newest member of their club, the single currency slid towards a less welcome milestone: parity with the US dollar. Analysts are now asking how … Read more

Oil Prices Crash By More Than 7% On Demand Destruction Fears

Oil prices crashed by more than seven percent on Tuesday morning as demand destruction fears due to new lockdowns in China, soaring inflation, and a strong dollar took center stage. – The International Energy Agency has warned that, despite the current energy crisis being potentially the worst ever, it is still far from being over. … Read more

High UAE gas prices stand out where cheap fuel was the norm

DUBAI, United Arab Emirates (AP) – Mere years ago, fuel was cheaper than bottled water in the oil-rich United Arab Emirates. Now, long lines snake outside gas stations on the eve of price hikes each month. Fuel prices in the major OPEC producer, set in line with global oil price benchmarks, have soared over 70% … Read more

Global food prices falling, but Asia’s food costs could still soar

A worker holds grains of wheat at a storage barn in Polykastro, Greece on July 1, 2022. A truck unloads harvested wheat into heaps at a grain storage barn in Polykastro, Greece, on Friday, July 1, 2022. Global food prices surged to a record after Russia’s Feb. 24 invasion disrupted exports of grain and vegetable … Read more

Mexico, US presidents to meet amid newly tense relationship

MEXICO CITY – The US-Mexico relationship – a straightforward tradeoff during the Trump administration, with Mexico tamping down on migration and the US not pressing on other issues – has become a wide range of disagreements over trade, foreign policy, energy and climate change. President Andrés Manuel López Obrador is to visit Washington on Tuesday … Read more