Rising Energy Costs Expected to Drive Inflation to an All-Time High in the UK
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Rising Energy Costs Expected to Drive Inflation to an All-Time High in the UK
Rising Energy Costs, Expected to Drive Inflation , to an All-Time High in the UK.
'The Independent' reports that new data from the Office
for National Statistics will paint a clear picture of the , cost of living crisis , experienced by households across the UK.
Officials at the Bank of England
expect inflation to rise
over 10% in 2022.
According to 'The Independent,' forecasts predict 2022
will see the highest one-year increase since the
Consumer Price Index began keeping records in 1998.
April's rise in prices was reportedly
driven by a surge in energy bills, which
went up 54% for an average household.
A survey by consultancy firm McKinsey found that rising inflation was the largest concern felt by respondents in the UK, followed by the war in Ukraine and the COVID pandemic.
A survey by consultancy firm McKinsey found that rising inflation was the largest concern felt by respondents in the UK, followed by the war in Ukraine and the COVID pandemic.
'The Independent' reports that inflation figures
could affect interest rates set by the Bank of England's, Monetary Policy Committee.
If confirmed, this would place huge pressure
on the Bank of England to continue raising
interest rates at upcoming meetings, Matthew Ryan, Analyst at financial services firm Ebury, via 'The Independent'.
Communications from the MPC have
turned increasingly dovish and largely
muddled in recent weeks, although
we think that upcoming inflation prints
will likely force the bank’s hand, Matthew Ryan, Analyst at financial services firm Ebury, via 'The Independent'.
On May 16, the Bank's governor, Andrew Bailey, said that
the high price of global energy and goods will impact
consumer demand and potentially increase unemployment.
On May 16, the Bank's governor, Andrew Bailey, said that
the high price of global energy and goods will impact
consumer demand and potentially increase unemployment.
The main driver of inflation and
what brings it down is the very big,
real income shock which is coming
from outside forces and, particularly,
energy prices and global goods prices, Andrew Bailey, Bank of England Governor,
via 'The Independent'
Chancellor Rishi Sunak insists the government and Bank of England are acting to combat rising inflation, saying "I want people to be reassured that we have all the tools we need and the determination to reduce inflation and to bring it back down". Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Bank of England, Warns of Recession, as British Pound Plummets.
On May 5, the British pound was
preparing for its biggest drop since
the beginning of the COVID-19 pandemic.
NBC reports that the Bank of England
warned that Britain's economy could
see a sharp growth slowdown. .
NBC reports that the Bank of England
warned that Britain's economy could
see a sharp growth slowdown. .
Early on May 5, sterling hit a low
of 1.2393 against the dollar, reaching
its lowest level since July 1, 2020.
Policymakers at the Bank of England
voted in favor of passing the fourth
consecutive rate hike since December. .
The same policymakers reportedly
warned that GDP growth will slow sharply
and inflation is expected to peak at 10%. .
We are witnessing a clear depreciation of sterling during 2022 which is placing it as the third-worst performing major currency, Jesús Cabra Guisasola, senior associate for global capital
markets at Validus Risk Management, via NBC.
The Monetary Policy Committee
voted 6-3 to approve a 25-basis point increase
which took the base interest rate up to 1%. .
According to members of the committee,
the dissenting votes preferred a 0.5 interest
rate hike to bring the base interest rate up to 1.25%.
NBC points out that central banks around the world
are struggling to steer the economy through an inflation
surge worsened by Russia's invasion of Ukraine. .
NBC points out that central banks around the world
are struggling to steer the economy through an inflation
surge worsened by Russia's invasion of Ukraine. .
We are walking this very narrow path now. The proximate reason for raising bank rate at this point is, it’s not only the current profile of inflation, what is to come and of course what that could mean for inflation expectations to come, but the risks as well, Andrew Bailey, Bank of England Governor, via NBC.
We are walking this very narrow path now. The proximate reason for raising bank rate at this point is, it’s not only the current profile of inflation, what is to come and of course what that could mean for inflation expectations to come, but the risks as well, Andrew Bailey, Bank of England Governor, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
The Governor of the Bank of England has defended today's rise in interest rates, which will put further pressure on households, saying it was necessary amid "a series of unprecedently large shocks" to the economy.
Andrew Bailey said: "There are many people out there telling us we should do more, and we don't think that's appropriate because there are risks of further inflation … the thing that would be much worse is if inflation kept on going up." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Rising inflation will see household disposable income fall by 1.75 per cent this year in the second largest contraction on record, according to the Governor of the Bank of England.
Andrew Bailey said: "I recognise the hardship this will cause for many people living in the UK, particularly those on the lowest incomes … who are hit hardest by increases in the prices of basic necessities." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Nike Joins Other , Major Western Brands, , Quits Russia Over War With Ukraine.
Nike has announced that the global sportswear brand will completely pull its business from Russia. .
'The Independent' reports that the news comes three months after Nike halted its business with Russia due to the invasion of Ukraine.
According to Nike, the company will scale down its operations in Russia over the "coming months.".
Nike, Inc has made the decision to leave
the Russian marketplace. Our priority is
to ensure we are fully supporting our
employees while we responsibly scale down
our operations over the coming months, Nike statement, via 'The Independent'.
While making the announcement, Nike also stressed
that the company gets less than 1% of its
revenue from Ukraine and Russia combined.
According to 'The Independent,'
Nike operates about 100 stores in Russia.
In May, the company announced that it would not
renew a contract with its largest Russian retail
franchisee which operated 37 Nike stores. .
The announcement comes on the heels
of other major Western brands'
decisions to pull out of Russia.
Google, Starbucks, Coca-Cola and McDonald's
have all made similar announcements
since Russia's war with Ukraine began.
Google, Starbucks, Coca-Cola and McDonald's
have all made similar announcements
since Russia's war with Ukraine began.
'The Independent' reports that the companies' exits may also have to do with new laws set to be passed in Moscow that would allow the government to seize assets and impose penalties.
'The Independent' reports that the companies' exits may also have to do with new laws set to be passed in Moscow that would allow the government to seize assets and impose penalties.
Meanwhile, governments worldwide have
unleashed damaging economic sanctions
on Russia, including on President Vladimir Putin
Credit: Wibbitz Top Stories Duration: 01:31Published
EU Commission, Proposes Plan to Reduce , the Use of Harmful Pesticides.
On June 22, the European Union proposed
setting targets to reduce the use of
chemical pesticides by 50% by 2030. .
'The Guardian' reports that a total ban on pesticides in areas like public parks, playgrounds and schools would be included.
'The Guardian' reports that a total ban on pesticides in areas like public parks, playgrounds and schools would be included.
According to the EU Commission,
the existing rules on pesticides are weak and
have not been applied consistently across the bloc.
Last month, Pesticide Action Network Europe
released a new study on the contamination
of fruit and vegetables produced in the EU.
The study found that use of the most
toxic pesticides has significantly
increased over the past ten years.
According to the commission,
EU funds will help to facilitate the transition
to alternative pesticides for five years.
Another law introduced by the commission would take steps to repair environmental damage by 2050.
Another law introduced by the commission would take steps to repair environmental damage by 2050.
Included in the measure are plans to halt the decline of pollinators by 2030 and increase bee populations.
When we restore nature, we allow it to
continue providing clean air, water, and food,
and we enable it to shield us from the worst
of the climate crisis. Reducing pesticide use
likewise helps nature recover, and protects
the humans who work with these chemicals, Frans Timmermans, European Union Commission Vice President, via 'The Independent'.
When we restore nature, we allow it to
continue providing clean air, water, and food,
and we enable it to shield us from the worst
of the climate crisis. Reducing pesticide use
likewise helps nature recover, and protects
the humans who work with these chemicals, Frans Timmermans, European Union Commission Vice President, via 'The Independent'.
The commission's proposals still
require endorsement by EU lawmakers
Credit: Wibbitz Top Stories Duration: 01:30Published
Kanye West Is Taking a, 1-Year Break From Music, Vory Says.
'The Independent' reports that recording artist Vory says Kanye West will be taking a hiatus from music while , "battling with his own s---.".
Vory appeared on three tracks
on Ye's 2021 album, 'Donda.'.
The person who made me realize my twisted thoughts weren’t so twisted was Ye, because we think alike, Vory, via Complex.
According to Vory, the two artists have only
been able to speak through Ye's personal assistant , “because [Ye] hasn’t been wanting to talk to anybody.”.
According to Vory, the two artists have only
been able to speak through Ye's personal assistant , “because [Ye] hasn’t been wanting to talk to anybody.”.
He’s taking a year off, and he was like, ‘Damn, you think Vory is going to be mad at me if I don’t go to his release party?’ And I was like, ‘Nah, you’re straight, bro.’ He’s battling his own s---, Vory, via Complex.
He’s taking a year off, and he was like, ‘Damn, you think Vory is going to be mad at me if I don’t go to his release party?’ And I was like, ‘Nah, you’re straight, bro.’ He’s battling his own s---, Vory, via Complex.
'The Independent' reports that Ye
is currently fighting for custody of his
four children with his ex-wife, Kim Kardashian. .
According to Ye,
he is not currently
"allowed" to see his children.
The couple was married
for almost seven years before
Kardashian filed for a divorce in 2021.
Ye's behavior toward his ex-wife
and her current boyfriend, Pete Davidson,
has drawn widespread criticism.
Several social media posts have highlighted West's
feelings for Davidson, and in the music video for his song
"Eazy," Ye buries a cartoon version of Davidson alive.
Several social media posts have highlighted West's
feelings for Davidson, and in the music video for his song
"Eazy," Ye buries a cartoon version of Davidson alive
Credit: Wibbitz Top Stories Duration: 01:30Published
Promising Drug Trial , Appears to Cure , Cancer Patients.
'The Independent' reports that an experimental cancer
drug used in a small clinical trial in the United States
appears to have cured all patients involved.
The 12 rectal cancer patients were given
dostarlimab over a six-month period. .
According to a study published
in the 'New England Journal of Medicine,'
all 12 patients' cancer went into remission.
This is the first time this has
happened in the history of cancer, Dr Luis Diaz, Study lead author and oncologist
at the Memorial Sloan Kettering Cancer Center (MSKCC),
via 'The New York Times'.
According to the study, patients experienced
no significant negative side effects
while receiving the treatment.
However, 'The Independent' points out that the small trial did not involve enough people to highlight the potential adverse reactions caused by the drug.
Dostarlimab is an immunotherapy drug
used to treat endometrial cancer.
This was the first trial to see whether
the drug would also be effective
against rectal cancer tumors.
'The Independent' reports that the drug works by tagging cancer cells and allowing the immune system to identify and destroy them.
According to the study, all patients
appear to still be cancer free two years
after receiving the treatment.
None of the patients went on to receive chemotherapy or undergo surgery.
Credit: Wibbitz Top Stories Duration: 01:31Published
Russia Says US Rocket Supplies to Ukraine , Could Bring ‘Third Country’ Into War.
'The Independent' reports that Russian officials say the United States' decision to supply Ukraine with weapons could increase the
risk of conflict between Moscow and Washington.
On May 31, President Joe Biden said the
United States would supply soldiers in Kyiv with
its High Mobility Artillery Rocket System (HIMARS).
We believe that
the United States is purposefully and diligently adding fuel to the fire. , Kremlin spokesperson Dmitry Peskov, via 'The Independent'.
When questioned if the United States' decision to aid Ukraine increased the chances of adding another country to the conflict.
Russian Foreign Minister Sergei Lavrov
said, "such risks certainly exist.".
It is a direct provocation (by Ukraine), aimed at involving the West in military action. , Russian Foreign Minister Sergei Lavrov, at a news
conference in Saudi Arabia, via 'The Independent'.
Biden has said he believes the crisis
in Ukraine will end with negotiation, .
and his administration must help Ukraine to have proper leverage to end the war diplomatically.
That’s why I’ve decided that we will provide the Ukrainians with more advanced rocket systems and munitions... , President Joe Biden, from 'New York Times' op-ed, via 'The Independent'.
... that will enable them
to more precisely strike
key targets on the battlefield in Ukraine. , President Joe Biden, from 'New York Times' op-ed, via 'The Independent'
Credit: Wibbitz Top Stories Duration: 01:30Published
The Bank of England has raised interest rates to one per cent - their highest level since 2009 - as the UK's cost of living crisis is intensified by the war in Ukraine.
Announcing the move, Bank of England Governor Andrew Bailey said: "There were a range of views among members of the committee about the extent of tightening required … this reflects the narrow path we are navigating." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Around 1.7 million people are estimated to have had coronavirus last week, up 23% from 1.4 million the previous week, the Office for National Statistics said. Sky News
Determine Your , Personal Inflation Rate, to Help Navigate Rising Prices.
NBC reports that the , Consumer Price Index , fell for the first time in eight months in April.
The Consumer Price Index takes
into account the price of food, airline tickets,
rent and hundreds of other goods and services. .
NBC points out that it is also a broad measure and
may not reflect an individual's experience of widespread
inflation which remains near a 40-year high. .
NBC points out that it is also a broad measure and
may not reflect an individual's experience of widespread
inflation which remains near a 40-year high. .
Figuring out your personal inflation rate
can help you get control of your budget
and navigate rapidly rising prices.
Step 1: , Pick a month. , Find your expenses for that
month from 2022 and 2021. .
Step 1: , Pick a month. , Find your expenses for that
month from 2022 and 2021. .
Step 2: , Determine your biggest expenses.
This includes food, housing, entertainment,
transportation, clothing, education and more. .
Step 2: , Determine your biggest expenses.
This includes food, housing, entertainment,
transportation, clothing, education and more. .
Don't forget to include bills that you pay quarterly
or annually. Take the time to figure out how much
each of those bills would cost each month. .
Don't forget to include bills that you pay quarterly
or annually. Take the time to figure out how much
each of those bills would cost each month. .
Step 3: , Total your monthly expenses and determine
the difference between 2022 and 2021. .
Step 4: , Divide by the total amount
of your expenses from 2021. .
This can help you figure out just how much of an impact rising prices are having on your budget. .
Determining how your expenses have changed offers a starting point for bringing your costs down and regaining control of your finances
Credit: Wibbitz Top Stories Duration: 01:31Published
Social Security Recipients Could See , Biggest Cost-of-Living Increase Since 1981.
On May 11, taking April inflation data into account, .
the Senior Citizens League estimated that social security recipients could receive a cost-of-living increase of up to 8.6% in 2023.
Each year, the Social Security change is based on the Consumer Price Index for Urban Wage Earner and Clerical Workers (CPI-W).
Fox News reports that over the past year,
the CPI-W rose 9.4%.
If Social Security checks do see an 8.6% increase in 2023, it would be the largest annual adjustment in 40 years.
The final adjustment percentage will be announced by the Social Security Administration in October.
It may still be subject to change
depending on inflation.
According to the Senior Citizens League,
Social Security benefits have risen 64% since 2000 because of the cost of living.
but standard senior
expenses have grown by
130% through March 2022.
Fox News reports that monthly benefits would need to be increased by $539.80 to have the same purchasing power as 22 years ago
Credit: Wibbitz Top Stories Duration: 01:31Published
Reasons Why the US Stock Market , Is Volatile in 2022.
The first months of 2022 have been
exceptionally volatile for the U.S. stock market. .
From January through April,
the S&P 500 fell by 13.3 percent.
Not since 1939 has the
stock market benchmark
experienced such a
dramatic beginning to the year.
With a continued fall equating to nearly
16 percent for the year, .
analysts are seeing signs of a bear market as
the drop approaches the 20 percent mark.
Tech stocks have experienced even steeper declines, with the Nasdaq Composite hovering at a 25 percent loss.
Analysts say part of the reason why the market
has been so volatile has to do with the way the
Federal Reserve has responded to inflation.
Raising interest rates has had a complex effect on the stock market, causing some stocks to fall and others to rise.
For instance, bonds have become more competitive in the present market, causing tech stocks to lose some luster.
Other factors contributing to the difficult market include the war in Ukraine...
... and massive COVID lockdowns
implemented in China, which also
affect the country's production.
So what signs are analysts looking for to predict the immediate and long-term health of U.S. financial markets?.
The rate of inflation is one key factor.
The release of the Consumer Price Index on May 11 has provided some hope that the rate of inflation may have stabilized.
Analysts also point to the markets themselves
and whether certain levels can be maintained
Credit: Wibbitz Top Stories Duration: 01:31Published
US Inflation Slows in April , for First Time Since August.
CNN reports that while prices continued
to increase last month, they did so at a
slower pace compared to previous months.
On May 11, the Bureau of Labor Statistics reported that the Consumer Price Index was up 8.3% for the year ending in April.
While that percentage was a bit higher than economists had expected, .
it was still less than the 40-year high
of 8.5% recorded in March.
When overlooking volatile categories such as food and energy, the Consumer Price Index was at 6.2% during the same period.
Taking seasonal swings into account, prices rose 0.3% in April.
CNN reports that the recent data
seems to indicate that the worst
of the inflation trend is over, .
though prices will likely
remain elevated over the summer.
The war in Ukraine and COVID lockdowns
in China continue to affect the supply chain
and food and energy prices.
The war in Ukraine and COVID lockdowns
in China continue to affect the supply chain
and food and energy prices
Credit: Wibbitz Top Stories Duration: 01:31Published
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Bitcoin Struggles , As Sellers Lose , Historic $7.3 Billion.
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