Janet Yellen Predicts Year Of ‘Uncomfortably High’ Inflation After Ukraine Invasion
2 years, 9 months ago

Janet Yellen Predicts Year Of ‘Uncomfortably High’ Inflation After Ukraine Invasion

Huff Post  

“You know, we’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high," Treasury Secretary Janet Yellen said. Associated Press Treasury Secretary Janet Yellen said Americans should prepare for a year of “uncomfortably high” inflation amid surging gas and commodity prices linked, in part, to Russia’s invasion of Ukraine. “We’ve seen a very meaningful increase in gas prices, and my guess is that next month we’ll see further evidence of an impact on U.S. inflation of Putin’s war on Ukraine,” Yellen said Thursday on CNBC’s “Closing Bell.” “I think there’s a lot of uncertainty that is related to what’s going on with Russia in Ukraine. Yellen said Thursday that she couldn’t predict what would happen in the second half of the year if Russian President Vladimir Putin’s invasion drags on but said she has confidence that the Federal Reserve will be able to make a “meaningful difference going forward” to help keep inflation down.

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History of this topic

Fears Budget, Ukraine war and global trade tensions could spark fresh cost of living crisis after inflation spikes to 2.3% in October - more than expected and above BoE's target
1 month ago

Fears Budget, Ukraine war and global trade tensions could spark fresh cost of living crisis after inflation spikes to 2.3% in October - more than expected and above BoE's target

Daily Mail  

Inflation spiked to 2.3 per cent in October as fears grow over the impact of the Budget, Ukraine war and global trade tensions. Inflation spiked to 2.3 per cent in October as fears grow over the impact of the Budget and global trade tensions The effects of the huge borrowing and spending splurge by Rachel Reeves have also yet to …

The world economy will slow next year because of inflation, high rates and war, OECD says
1 year ago

The world economy will slow next year because of inflation, high rates and war, OECD says

Associated Press  

WASHINGTON — The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. China’s “consumption growth will likely remain subdued due to increased precautionary savings, gloomier prospects for employment creation and heightened uncertainty,″ the OECD said. The world economy has endured one shock …

Inflation in Europe drops to lowest level since Russia invaded Ukraine
1 year, 6 months ago

Inflation in Europe drops to lowest level since Russia invaded Ukraine

CNN  

London CNN — Inflation in Europe has fallen to its slowest pace since Russia invaded Ukraine, bolstering the case for the region’s central bank to bring interest rate hikes to an end soon. That’s the lowest rate of inflation since February 2022, when Moscow launched a full-scale invasion of its neighbor, sending global energy prices soaring. That could give the …

Inflation rocked Biden’s second year as president. There’s more economic trouble on the horizon
1 year, 11 months ago

Inflation rocked Biden’s second year as president. There’s more economic trouble on the horizon

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery President Joe Biden listens during an event about infrastructure in …

High inflation and efforts to tame it defined 2022 economy
2 years ago

High inflation and efforts to tame it defined 2022 economy

Associated Press  

WASHINGTON — For the economy, 2022 was a throwback year. The Fed’s officials, it turns out, underestimated how pay increases, federal aid, supply shortages and a pent-up desire by consumers to spend would conspire to accelerate inflation — and keep it high. “We will see much better inflation numbers over the course of the next 12 to 18 months.’’ Yet …

Stock market surges after inflation report shows the pain of high prices may ease
2 years, 1 month ago

Stock market surges after inflation report shows the pain of high prices may ease

NPR  

Stock market surges after inflation report shows the pain of high prices may ease Enlarge this image toggle caption FREDERIC J. BROWN/AFP via Getty Images FREDERIC J. BROWN/AFP via Getty Images Stocks surged in their biggest rally in two years on Thursday, after a better-than-expected inflation report showed that the galloping price increases that consumers have endured all year are …

Russia’s war to keep hitting EU economy, push up inflation
2 years, 5 months ago

Russia’s war to keep hitting EU economy, push up inflation

Associated Press  

BRUSSELS — Russia’s war in Ukraine is expected to wreak havoc with the European Union’s economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc’s economic forecast showed Thursday. “Russia’s war against Ukraine continues to cast a long shadow over Europe and our economy,” EU Vice President Valdis Dombrovskis said. Further reductions in gas supply …

US inflation surges again in June, raising risks for economy
2 years, 5 months ago

US inflation surges again in June, raising risks for economy

Associated Press  

WASHINGTON — U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively -- trends that raise the risk of a recession. The government’s consumer price index soared 9.1% over the past year, the biggest yearly increase since 1981, …

US inflation jumps 9.1 percent in June to fresh four-decade high
2 years, 5 months ago

US inflation jumps 9.1 percent in June to fresh four-decade high

Al Jazeera  

The rise in the CPI gives the Federal Reserve – the US central bank – free rein to hike interest rates further later this month. US inflation roared again to a fresh four-decade high last month, likely strengthening the Federal Reserve’s resolve to aggressively raise interest rates that risks upending the economic expansion. The consumer price index rose 9.1% from …

U.S. inflation reached a new 40-year high of 9.1% in June
2 years, 5 months ago

U.S. inflation reached a new 40-year high of 9.1% in June

LA Times  

U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively — trends that raise the risk of a recession. The government’s consumer price index soared 9.1% in June from June 2021, the biggest year-over-year increase since 1981, with …

Inflation hits record 8.6% for 19 countries using the euro
2 years, 5 months ago

Inflation hits record 8.6% for 19 countries using the euro

Associated Press  

LONDON — Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia’s war in Ukraine. Annual inflation in the eurozone’s 19 countries hit 8.6% in June, surging past the 8.1% recorded in May, according to the latest numbers published Friday by the European Union statistics agency, Eurostat. …

US inflation at new 40-year high as price increases spread
2 years, 6 months ago

US inflation at new 40-year high as price increases spread

Associated Press  

WASHINGTON — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%, the Labor Department said Friday. Friday’s report underscored fears that inflation …

Treasury Secretary Yellen expects inflation to ‘remain high’
2 years, 6 months ago

Treasury Secretary Yellen expects inflation to ‘remain high’

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen acknowledged Tuesday that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” when describing the expected run of inflation in the U.S. economy. “I do expect inflation to remain high although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee …

Janet Yellen: ‘Unacceptable’ inflation is a global problem
2 years, 6 months ago

Janet Yellen: ‘Unacceptable’ inflation is a global problem

CNN  

New York CNN — US Treasury Secretary Janet Yellen conceded on Tuesday that inflation is at “unacceptable levels,” but she also sought to underscore that this is not a problem exclusive to the United States. I do expect inflation to remain high, although I very much hope it will be coming down.” Echoing comments she made last week to CNN’s …

UK inflation hits 40-year high of 9% amid Russia-Ukraine war
2 years, 7 months ago

UK inflation hits 40-year high of 9% amid Russia-Ukraine war

India TV News  

Highlights Britain’s inflation rate rose to the highest level in 40 years last month It's due to Russia’s war in Ukraine which fueled further increases in food & fuel prices Consumer price inflation accelerated to 9% in the 12 months through April, up from 7% previous month Britain’s inflation rate rose to the highest level in 40 years last month …

UK inflation hits 40-year high amid Russia’s war in Ukraine
2 years, 7 months ago

UK inflation hits 40-year high amid Russia’s war in Ukraine

Associated Press  

LONDON — Britain’s inflation rate rose to the highest level in 40 years last month as Russia’s war in Ukraine fueled further increases in food and fuel prices. Millions of households across Britain were hit with a 54% jump in gas and electricity bills last month after regulators boosted the energy price cap to reflect increases in wholesale prices. Inflation …

Biden says fighting high inflation is his ‘top domestic priority’
2 years, 7 months ago

Biden says fighting high inflation is his ‘top domestic priority’

Al Jazeera  

US President Joe Biden said the COVID-19 pandemic, coupled with supply chain issues and Russia’s war on Ukraine, is to blame for the inflation spike. “I don’t blame them.” With a spike in inflation having pushed annual consumer prices more than eight percent higher, the president highlighted his release of oil from strategic petroleum reserves and pressure on companies to …

Inflation hits record high of 7.5% in countries using euro
2 years, 7 months ago

Inflation hits record high of 7.5% in countries using euro

Associated Press  

BRUSSELS — Inflation hit a record in April for the 19 countries that use the euro as skyrocketing fuel prices boosted by the war in Ukraine weigh on the region’s economic recovery from the coronavirus pandemic. Eurostat said energy prices jumped 38%, an indication of how Russia’s invasion of Ukraine is affecting the eurozone’s 343 million people. Eurostat said economic …

Possibility of ‘large’ economic shocks in future, Yellen warns
2 years, 7 months ago

Possibility of ‘large’ economic shocks in future, Yellen warns

Al Jazeera  

US Treasury Secretary Janet Yellen said Thursday the global pandemic and Russia’s invasion of Ukraine highlight the possibility of big economic shocks in the future, adding that downturns are “likely to continue to challenge the economy”. With “large negative shocks” inevitable, she said, policymakers have learned from the Great Recession that it’s imperative to exit economic downturns “as quickly as …

US inflation at over 40-year high, boosting Fed’s case for aggressive hikes
2 years, 8 months ago

US inflation at over 40-year high, boosting Fed’s case for aggressive hikes

Live Mint  

US consumer prices rose 8.5% annually in March, highest since December 1981, bolstering a case for Fed to hike rates at a faster pace. The widely followed inflation gauge rose 1.2% from a month earlier, the biggest gain since 2005. The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of …

US inflation jumped 8.5 percent in past year, highest since 1981
2 years, 8 months ago

US inflation jumped 8.5 percent in past year, highest since 1981

Al Jazeera  

March inflation numbers are the first to include the hike in petrol prices spurred by Russia’s invasion of Ukraine in February. The United States Department of Labor said Tuesday that its consumer price index jumped 8.5 percent in March from 12 months earlier — the biggest year-over-year increase since December 1981. The March inflation numbers were the first to capture …

Janet Yellen warns of ‘enormous’ economic repercussions from war in Ukraine
2 years, 8 months ago

Janet Yellen warns of ‘enormous’ economic repercussions from war in Ukraine

CNN  

New York CNN Business — US Treasury Secretary Janet Yellen warned Wednesday about the economic shock waves set off by the war in Ukraine, including disruptions to the global flow of food and energy. “Russia’s actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond,” Yellen said during her testimony …

US inflation is expected to have reached a new high in February
2 years, 9 months ago

US inflation is expected to have reached a new high in February

Live Mint  

U.S. inflation is estimated to have climbed to another four-decade high in February with skyrocketing energy and commodity prices related to the Russian invasion of Ukraine expected to push costs even higher. One rule of thumb, which Fed Chairman Jerome Powell referenced last week, holds that a $10-per-barrel increase in oil prices boosts overall U.S. inflation by 0.2 percentage point. …

Getting hotter: US inflation hits fresh 40-year high of 7.9%
2 years, 9 months ago

Getting hotter: US inflation hits fresh 40-year high of 7.9%

Al Jazeera  

U.S. consumer price gains accelerated in February to a fresh 40-year high on rising gasoline, food and housing costs, with inflation poised to rise even further following Russia’s invasion of Ukraine. The consumer price index jumped 7.9% from a year earlier following a 7.5% annual gain in January, Labor Department data showed Thursday. The widely followed inflation gauge rose 0.8% …

RBA warns Russia-Ukraine war will trigger new wave of inflation and possible interest rate rises
2 years, 9 months ago

RBA warns Russia-Ukraine war will trigger new wave of inflation and possible interest rate rises

ABC  

Reserve Bank governor Philip Lowe has warned Russia's invasion of Ukraine will send a new wave of inflation around the world. He said this was a "critical issue" because, if people started to believe that prices would keep rising, it could challenge the ability for central banks to keep inflation under control. Dr Lowe said, at the moment, financial market …

What Russia’s invasion of Ukraine could mean for the US economic recovery
2 years, 9 months ago

What Russia’s invasion of Ukraine could mean for the US economic recovery

CNN  

Editor’s Note: Mark Zandi is chief economist of Moody’s Analytics. Painfully high inflation has become the nation’s number one economic problem, ignited by the pandemic, and set to get worse as Russia’s invasion of Ukraine sends gasoline prices higher. If sustained, $100-a-barrel oil would ultimately add as much as half a percentage point to year-over-year consumer price inflation, based on …

Fed’s Powell: Russia’s war on Ukraine will worsen inflation
2 years, 9 months ago

Fed’s Powell: Russia’s war on Ukraine will worsen inflation

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy. At the same time, Powell said he is committed to doing whatever it will take to slow inflation, underscoring the Fed’s high-risk challenge in raising interest …

Economic dangers from Russia’s invasion ripple across globe
2 years, 9 months ago

Economic dangers from Russia’s invasion ripple across globe

Associated Press  

WASHINGTON — Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashed are not only inflicting an economic catastrophe on President Vladimir Putin’s Russia. “We know there are consequences that we cannot predict.’’ For now at least, the damage to the overall global economy appears to be relatively slight, if only because Russia and Ukraine are not economic powerhouses. …

Inflation in 19 nations using euro sets record for 4th month
2 years, 9 months ago

Inflation in 19 nations using euro sets record for 4th month

Associated Press  

LONDON — Surging energy costs have driven inflation in Europe to another record high, raising questions about when the central bank should step in to ease the pain to people’s wallets while Russia’s invasion of Ukraine rattles the global economy. The latest numbers underscore continuing pain for the continent’s consumers and pile more pressure on the European Central Bank as …

How The War In Ukraine Could Hurt The U.S. Economy
2 years, 9 months ago

How The War In Ukraine Could Hurt The U.S. Economy

Huff Post  

LOADING ERROR LOADING WASHINGTON ― Russia’s war on Ukraine could spike gasoline prices in the U.S., increasing overall inflation as well as the odds of a layoff-inducing slowdown. “Landing the economic plane on the tarmac was already going to be difficult for the Fed because of the pandemic and high inflation, but Russia’s invasion makes it more likely the economic …

Russia Ukraine War: Key inflation gauge hit 6.1% in January, highest since 1982
2 years, 9 months ago

Russia Ukraine War: Key inflation gauge hit 6.1% in January, highest since 1982

India TV News  

Highlights An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January The figure reported by the Commerce Department was the largest year-over-year rise since 1982. I will do everything I can to keep gas prices in check: US president Joe Biden An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in …

Key inflation gauge hit 6.1% in January, highest in 40 years
2 years, 9 months ago

Key inflation gauge hit 6.1% in January, highest in 40 years

Al Jazeera  

Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine. An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1 percent in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine. At the same time, consumers …

What war in Ukraine could mean for you on the home front
2 years, 9 months ago

What war in Ukraine could mean for you on the home front

The Telegraph  

Oil prices have already been pushed to a seven-year high of $97 a barrel, as investors fear that Russia will tighten its supply on the commodity. Mortgage rate rises The Bank of England has already put interest rates up twice in three months in a bid to rein in these building inflationary pressures, but economists warn Threadneedle Street’s rate-setters could …

Inflation to hit 10% if Russia-Ukraine conflict grows worse, new analysis finds
2 years, 10 months ago

Inflation to hit 10% if Russia-Ukraine conflict grows worse, new analysis finds

CNN  

New York CNN Business — The cost of living is already very high in America. If the Russia-Ukraine crisis drives oil to about $110 a barrel, inflation in the United States would exceed 10% on a year-over-year basis, according to a new analysis by RSM shared exclusively with CNN. Brusuelas estimates that a roughly 20% increase in oil prices to …

Treasury Secretary Janet Yellen says she's confident inflation will ease next year
3 years, 1 month ago

Treasury Secretary Janet Yellen says she's confident inflation will ease next year

NPR  

Treasury Secretary Janet Yellen says she's confident inflation will ease next year Enlarge this image toggle caption Paul Ellis/AFP via Getty Images Paul Ellis/AFP via Getty Images Treasury Secretary Janet Yellen said on Wednesday she expects inflation to come down from its three-decade highs in the second half of next year as pandemic pressures on the economy ease. "I expect …

Yellen clarifies she is not predicting Fed rate increases
3 years, 7 months ago

Yellen clarifies she is not predicting Fed rate increases

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen said Tuesday that she is not predicting when the Federal Reserve may need to start raising interest rates. Yellen suggested early Tuesday that interest rates may need to rise slightly to keep the economy from overheating. “It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t …

Powell expects inflation to bump up but it won’t get out of hand
3 years, 9 months ago

Powell expects inflation to bump up but it won’t get out of hand

Live Mint  

Federal Reserve Chairman Jerome Powell said prices would rise this year as the pandemic recedes and Americans are able to go out and spend, but he played down the risk that this would spur unwanted inflation. “We do expect that inflation will move up over the course of this year,” Powell told the House Financial Services Committee on Tuesday, citing …

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