Economist Larry Summers was right before on inflation—and has another contrarian call now

In attempts to get inflation under control, the latest interest rate increase by the U.S. central bank is 0.75%—for the third consecutive time. But some experts, like Harvard economics professor Larry Summers, warn the Fed’s actions are too little and possibly too late. My Fortune colleague Shawn Tully’s new feature article recalls his day with … Read more

Economic activity still below pre-pandemic level; RBI to slow down on rate cuts till next year: Asian Development Bank

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Buyers are paying ‘well above sticker’

Forget getting a deal; these days, anyone in the market for a new car could pay thousands over the sticker price before they drive off the lot. Limited inventory due to a persistent shortage of computer chips, along with other supply-chain challenges, helped propel new car prices up 10% from a year ago, according to … Read more

How to get nutritious foods on a budget, from a RD nutritionist

Though gas prices are the lowest now than they’ve been in months, inflation continues to send the price of groceries higher than it’s been in 43 years, making it a bit more difficult for many Americans to afford the food they need. The food-at-home index rose by 13.5% since last year, according to Consumer Price … Read more

UK inflation rate unexpectedly dips to 9.9% as fuel prices decline

ONS figures showed that real wages in the U.K. over the three months to May experienced their steepest decline since records began in 2001. Henry Nicholls | Reuters LONDON — U.K. inflation slowed in August on the back of a fall in fuel prices, though food prices continued to rise as the country’s cost-of-living crisis … Read more

The biggest Fed rate hike in 40 years? It could be coming next week.

Desperate times call for desperate measures, and times are, arguably, increasingly desperate. The persistence of high inflation might force the Federal Reserve to resort to the biggest increase in a key U.S. interest rate in more than 40 years. After another dismal U.S. inflation report, economists at the brokerage Nomura Securities on Tuesday became the … Read more

Letters to the Editor dated September 8, 2022

Incentivising PSB staff Apropos ‘PSB staff need exposure and incentives for performance’ (September 8), public sector banks have played a major part in transforming the lives of rural poor. Rapid branch expansions in unbanked rural/semi-urban areas under Lead bank schemes and mobilisation of small unorganised savings for lending were among the strategic steps undertaken by … Read more

Inflation fears spur shoppers to get early jump on year-end holidays

Inflation is a Scrooge. Although the holiday season is still months away, consumers are already concerned about how they will afford this year’s gifts as prices continue to rise, several studies show. Roughly 40% of holiday shoppers said inflation is changing the way they shop, with most trying money-saving strategies, according to a new Bankrate.com … Read more