Prices keep soaring: Inflation rockets to a 13-year high
CNN
Prices keep rising in the United States, putting a squeeze on American consumers' wallets. That trend got worse in June.
The consumer price index, the nation's key inflation measure, jumped 0.9% in June, the largest one-month increase in 13 years. Over the last 12 months, prices were up 5.4%, the biggest jump in annual inflation in nearly 13 years. Much of the rise in prices is due to gasoline prices, which are far above last summer's levels. The pandemic caused sharp drop in driving and the price of oil. But travel is back -- and so is demand for gas and oil. Gas prices rose 45.1% compared to a year earlier.
Sex workers in Belgium are now entitled to formal employment contracts, which include sick pay and maternity leave, under a landmark law that went into effect Sunday.
Intel Monday announced CEO Pat Gelsinger has resigned after a difficult three-year stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals.
Stoli Group USA, the owner of the namesake vodka, has filed for bankruptcy as it struggled to contend with slowing demand for spirits slows, a major cyberattack that has snarled its operations and several years of fighting Russia in court.
During his second term, President-elect Donald Trump may try to fulfill the longstanding Republican goal of privatizing Fannie Mae and Freddie Mac, the mortgage giants at the center of buying a home in America.
While there’s a lot we don’t know about President-elect Donald Trump’s tariff plans, at least one thing is pretty certain: Tariffs will go up. If history is any indication, that means price increases will likely follow.
A major Australian restaurant group known for its pubs has backtracked on plans to ban celebrations during the country’s national day following public criticism and calls for a boycott, in yet another sign of how controversial the anniversary has become.
Stellantis, the maker of Jeep, Fiat and Peugeot, announced on Sunday that CEO Carlos Tavares has resigned.
Instead of lounging on the couch after Thanksgiving, Americans headed to movie theaters, as the premiere of Disney’s “Moana 2” and the draw of “Wicked” and “Gladiator II” provided a big boost to the domestic box office.
Tens of thousands of Volkswagen workers will participate Monday in strikes at plants across Germany, labor union IG Metall said, marking the largest walkouts at the carmaker’s domestic operations since 2018.
Despite retailers offering holiday discounts earlier than usual this year, US consumers did more shopping on Black Friday than the days leading up to it.
President-elect Donald Trump’s promise to impose stiff tariffs against America’s three biggest trading partners is widely expected to push prices higher, which would set the stage for the Federal Reserve to stop cutting interest rates and possibly raise them instead.