Italian officials convened crisis talks last week to address the price of pasta, which was up a whopping 17.5% year-over-year in March. But it's far from the only country seeing a rise in food prices.
Finance ministers and central bank chiefs ended talks in Japan with a joint statement pledging to bring inflation under control while aiding those suffering the most from surging prices.
Consumer prices in April were 4.9% higher than a year ago, according to the Labor Department. Prices rose 0.4% between March and April.
The U.S. job market may be getting a second wind. Employers added 253,000 jobs in April, a modest uptick from the month before. The unemployment rate dipped to 3.4%.
The Federal Reserve raised interest rates by a quarter percentage point Wednesday in an effort to curb persistent inflation. It was the tenth rate hike in 14 months, and possibly the last for a while.
The country's GDP growth is slowing as banks cut back on credit and the Federal Reserve tries to crack down on inflation.
Consumer prices in March were up 5% from a year ago. While inflation has eased from a four-decade high last summer, prices are still rising faster than the Federal Reserve would like.
U.S. employers added 236,000 jobs in March as hiring slowed from the previous month. Unemployment dipped to 3.5%, from 3.6% in February.
Hundreds of corporate employees are set to lose their jobs as McDonald's closes its U.S. offices this week. Journalist and author Adam Chandler offers his perspective on the causes of the layoffs.
Voters hate bank bailouts. But letting them fail without a safety net for customers could have been even worse for President Biden ahead of the 2024 presidential race.
The Federal Reserve raised its benchmark interest rate by a quarter percentage-point in an effort to curb high inflation. Some had called for the Fed to wait after two recent bank failures.
Consumer prices in February were 6% higher than a year ago, as inflation continues to ease. The data comes just days after the collapse of two regional lenders is roiling the banking system.
U.S. employers added 311,000 jobs in February, only a modest slowdown from the previous month, indicating the labor market remains hot. The unemployment rate rose to 3.6% from 3.4% in January.
Speaking before the Senate Banking Committee, Powell warned the central bank may have to raise interest rates even more, sending stock markets sharply lower.
Many big banks offer shockingly low interest rates on savings accounts. Moving your money to a smaller institution could bring better returns.