- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
US consumers unlikely to get respite from inflation in May
The torrid pace of US inflation may have eased slightly in May, but prices have remained high to the detriment of Americans' wallets, sending President Joe Biden and the Federal Reserve racing to help.
Consumer prices in the world's largest economy have soared by the fastest pace in more than four decades, with gas prices at the pump hitting new records daily amid the fallout from Russia's invasion of Ukraine as well as ongoing supply chain challenges due to the Covid-19 pandemic.
Biden, whose popularity has taken a hit as prices surge, has made fighting inflation his top domestic priority, but is finding he has few tools to directly impact prices.
"Inflation is the bane of our existence," Biden acknowledged in an interview Wednesday with late-night television host Jimmy Kimmel.
The Labor Department is set to release the May consumer price index (CPI) data on Friday, which analysts expect will show a slightly higher monthly increase than in the prior month, but potentially saw a modest slowdown in the torrid annual pace.
US consumer prices jumped 8.3 percent in the 12 months ending in April, and though economists say the rate probably peaked in March at 8.5 percent, it is likely to remain high for months to come, something the White House has acknowledged.
"We estimate the 12-month change in overall CPI eased only slightly" to 8.2 percent, said Rubeela Farooqi of High Frequency Economics.
Sam Stovall of CFRA expects the rate slow to 8.1 percent but warned further declines are likely to be "glacial."
However, a consensus forecast sees the rate holding steady at the 8.3 percent the pace seen April.
Biden has tried to hammer home his optimistic message about the economic progress in the wake of the pandemic, including rapid GDP growth and record job creation, while pressing Congress to take action to lower costs on specific products, and go after firms such as shipping companies that are taking advantage of limited competition to impose steep price hikes.
"We have the fastest-growing economy in the world," he said. "That's allowed us at least to stay on top of and a little bit ahead of what's happening around the world."
- Inflation remains 'elevated' -
The United States has come roaring back from the economic damage inflicted by the Covid-19 pandemic, helped by bargain borrowing costs and massive government stimulus measures.
But with the pandemic still gripping other parts of the world, global supply chain snarls have caused demand to far outstrip resources. Meanwhile, the conflict in Ukraine has sent global oil prices above $100 a barrel.
The Federal Reserve has begun raising interest rates aggressively, with another big hike expected next week, as policymakers attempt to combat inflationary pressures without triggering a recession.
The White House acknowledged inflation is likely to remain "elevated" in May, though Press Secretary Karine Jean-Pierre said Wednesday the administration continues "to believe the economy can transition from what has been a historic recovery... to stable steady growth."
In a video posted on Twitter on Thursday, Biden urged Congress to pass a bill aimed at easing the cost of shipping containers to US ports, which in turn would bring down prices.
The bill passed the Senate in March, and the House of Representatives is set to vote on the legislation next week.
Another step Washington could take is to lift some of the punitive tariffs Biden's predecessor Donald Trump imposed on China, which supporters argue would help ease price pressures by making imports cheaper.
Treasury Secretary Janet Yellen told lawmakers Wednesday that such a move was under "active consideration" and the administration would provide more information in "in coming weeks."
C.Garcia--AMWN