Inflation

FILE - Cooper models are tended to in the service bay of a Mini dealership Nov. 3, 2022, in Highlands Ranch, Colo. On Friday, June 27, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed's decision on when to begin cutting interest rates in the coming months. (AP Photo/David Zalubowski, File)

Federal Reserve’s preferred inflation gauge shows price pressures easing further

A measure of prices that’s closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease.

File - People pass the New York Stock Exchange on May 28, 2024, in New York. Global shares have advanced on Friday, June 28, 2024, as traders look ahead to a key report on inflation that could influence the Federal Reserve's next move on interest rates. (AP Photo/Peter Morgan, File)

Stock market today: Stocks edge lower on Wall Street, ending a 3-week winning streak for the S&P 500

FILE - People stand outside the Czech central bank in Prague, Czech Republic, Thursday, Nov. 2, 2023. The Czech Republic’s central bank on Thursday, June 27, 2024, cut its key interest rate for the fifth straight time amid low inflation and the economy showing signs of recovery. (AP Photo/Petr David Josek, File)

The Czech central bank again cuts a key interest rate as inflation stays low and economy recovers

FILE - 2024 Ford F-150 trucks are assembled at Ford's Dearborn Truck Plant on April 11, 2024, in Dearborn, Mich. On Thursday, June 27, 2024, the government issues the third and final estimate of economic growth – the gross domestic product – in the January-March quarter. (AP Photo/Carlos Osorio, File)

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, June 28, 2024. (AP Photo/Ahn Young-joon)

Stock market today: Asian shares mostly rise ahead of U.S. inflation report

The global luxury market is headed for a slowdown in 2024 | AP Explains

The post-pandemic surge in global sales of luxury handbags, shoes and apparel is on pace to stall this year amid a creativity crisis and price hikes focused on the biggest spending customers.

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The Fearless Girl statue stands in front of the New York Stock Exchange on Wednesday, June 26, 2024 in New York. Shares have advanced in Europe and Asia after a rebound for Nvidia offset weakness on Wall Street. (AP Photo/Peter Morgan)

Stock market today: Asian shares are mostly lower ahead of key US inflation report

Shares have fallen in most Asian markets ahead of a key U.S. inflation report due Friday. Benchmarks fell more than 1% in Tokyo, Hong Kong and Sydney.

FILE - In this image provided by the U.S. Army, paratroopers assigned to the 82nd Airborne Division, assist with unloading humanitarian goods in support of the United States Agency for International Development (USAID) in preparation of potential evacuees from Ukraine at the G2A Arena in Jasionka, Poland, on Feb. 25, 2022. Charitable giving dropped 2.1% in 2023 after inflation, according to the most recent Giving USA report, the key findings of which were released Tuesday, June 25, 2024. (Sgt. Robert Whitlow/U.S. Army via AP, File)

Charitable donations continue to decline, down 2.1% in 2023, according to a new Giving USA report

Charitable giving dropped 2.1% in 2023 after inflation, according to the most recent Giving USA report, the key findings of which were released Tuesday.

Bottles of virgin olive oil, sealed with an anti-theft system, are photographed on a shelf in a shop in Barcelona, Spain, Tuesday, June 25, 2024. Spain will temporarily eliminate sales tax on olive oil to help consumers cope with skyrocketing prices, the government said Tuesday. (AP Photo/Emilio Morenatti)

Spain eliminates sales tax on olive oil to help consumers cope with skyrocketing prices

Spain’s government says it will temporarily eliminate the sales tax on olive oil to help cushion skyrocketing prices.

This Week: Consumer confidence, inflation data, GDP update

The Conference Board on Tuesday issues its consumer confidence index for June. The Commerce Department issues its final reading of first-quarter economic growth Thursday.

FILE - A sign at the New York Stock Exchange is shown on June 18, 2024 in New York. Global shares are mostly lower on Friday, June 21, 2024, after a retreat on Wall Street, where a drop in Nvidia stock pulled stocks lower. (AP Photo/Peter Morgan, File)

Stock market today: Wall Street coasts to the close of another winning week as Nvidia cools again

U.S. stocks coasted to the close of their latest winning week, as Nvidia’s stock continued to cool from its startling, supernova run.

Britain's Prime Minister Rishi Sunak is given a tour of the Sizewell B nuclear power facility by Station Director Robert Gunn in Sizewell, England, Wednesday, June 19, 2024. (Leon Neal/Pool Photo via AP)

Bank of England keeps main interest rate at 16-year high of 5.25% despite inflation fall

The Bank of England has kept its main interest rate at a 16-year high of 5.25%, even though inflation has fallen to its target of 2%.

Currency traders pass by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 19, 2024. (AP Photo/Ahn Young-joon)

Stock market today: Global stocks are mixed after Wall Street edges to more records

Global stocks are mixed after U.S. benchmarks ticked to more records following the latest signs that the U.S. economy may be slowing without falling into recession.

Labour Party leader Keir Starmer, left, and shadow chancellor Rachel Reeves to a supermarket while on the general election campaign trail, in Wiltshire, England, Wednesday, June 19, 2024. (Stefan Rousseau/PA via AP)

With election looming, UK’s governing Conservatives seize on inflation fall to 2% target

Inflation in the U.K. has returned to the Bank of England’s target rate of 2% for the first time in nearly three years.

FILE - A woman walks past the Gucci store window at the Via Montenapoleone fashion district, during the Milan's fashion week in Milan, Italy, Friday, Sept. 25, 2020. The post-pandemic surge in global sales of luxury handbags, shoes and apparel is on pace to stall this year amid a creativity crisis and price hikes focused on the biggest spending customers. (AP Photo/Luca Bruno, File)

Luxury sales are flattening amid a self-inflicted creativity crisis and price hikes, study finds

The post-pandemic surge in global sales of luxury handbags, shoes and apparel is on pace to stall this year amid a creativity crisis and price hikes focused on the biggest spending customers.

FILE - Purchases are made in a retail store in Northbrook, Ill., Monday, May 13, 2024. On Tuesday, June 18, 2024, the Commerce Department releases U.S. retail sales data for May. (AP Photo/Nam Y. Huh, File)

Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending

Consumers barely increased spending in May from April as still high inflation and high interest rates curbed spending.

Shoppers consider rug samples on display in a furniture store Sunday, June 2, 2024, in Lone Tree, Colo. On Friday, June 14, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for June. (AP Photo/David Zalubowski)

Anxiety over persistent inflation helps drive down US consumer sentiment for third consecutive month

U.S. consumer sentiment fell in June for the third straight month as Americans took a dimmer view of their own finances and worried about persistent inflation.

Greece's Prime Minister Kyriakos Mitsotakis casts his ballot during the European Elections in Athens, Sunday, June 9, 2024. Polling stations opened across Europe on Sunday as voters from 20 countries cast ballots in elections that are expected to shift the European Union's parliament to the right and could reshape the future direction of the world's biggest trading bloc. (AP Photo/Yorgos Karahalis)

Greece’s prime minister tweaks his government to focus on cost of living and labor

Greek Prime Minister Kyriakos Mitsotakis is tweaking his Cabinet with a focus on cost-of-living and labor policies after his center-right party’s victory in last week’s European parliamentary elections.

FILE - Mark Woodruff loads soybean seeds into a planter on April 22, 2024, in Sabina, Ohio. On Thursday, June 13, 2024, The labor department releases producer prices data for May. (AP Photo/Joshua A. Bickel, File)

US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling

Wholesale price increases fell in May, the latest sign that inflation pressures in the United States may be easing as the Federal Reserve considers a timetable for cutting interest rates.

How major US stock indexes fared Wednesday, 6/12/2024

U.S. stocks closed higher following a surprisingly encouraging update on inflation. The S&P 500 rose 0.9% Wednesday, closing at another record high, after the Federal Reserve also gave reassurance that it still sees a cut to interest rates as likely this year.

Text of the policy statement the Federal Reserve released Wednesday

WASHINGTON (AP) — Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:

A woman walks her dog strolling past monitors showing Japan's foreign exchange rate against the U.S. dollar and other foreign currencies at a securities firm in Tokyo, Thursday, June 13, 2024. (AP Photo/Hiro Komae)

Stock market today: Asia shares rise amid Bank of Japan focus after the Fed stands pat

Asian shares are mostly higher as investors turned their attention to what the Bank of Japan might decide on monetary policy later this week.

FILE - A screen displays a news conference with Federal Reserve Chairman Jerome Powell on the floor at the New York Stock Exchange in New York, May 1, 2024. On Wednesday, June 12, 2024, the Federal Reserve ends its latest meeting by issuing a policy statement, updating its economic and interest-rate projections and holding a news conference with Powell. (AP Photo/Seth Wenig, File)

Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Federal Reserve officials said inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year.

A shopper pauses at a display in a furniture store Sunday, June 2, 2024, in Englewood, Colo. On Wednesday, June 12, 2024, the Labor Department issues its report on prices at the consumer level in May. (AP Photo/David Zalubowski)

US inflation cooled in May in a sign that price pressures may be easing

Inflation in the United States eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed.

People walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, June 12, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Stock market today: Asian shares are mostly lower ahead of Fed decision on interest rates

Shares are mostly lower in Asia ahead of a decision by the Federal Reserve on interest rates. In Japan, higher inflation and falling wages have raised questions about how the central bank can navigate away from near-zero interest rates.

FILE - Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, May 1, 2024. On Wednesday, June 12, 2024, the Federal Reserve will end its latest meeting by issuing a policy statement, updating its economic and interest-rate projections and holding a news conference with Powell.(AP Photo/Susan Walsh, File)

Inflation data this week could help determine Fed’s timetable for rate cuts

After Federal Reserve officials meet this week, a statement they will issue may suggest that they’ve seen meaningful progress on inflation this year — a prelude to eventual interest rate cuts.

This Week: Oracle earns, Federal Reserve policy update, consumer price index

Software giant Oracle reports quarterly results Tuesday. The Federal Reserve delivers its latest interest rate policy update Wednesday.

FILE - United States Postal Service letter carrier Gabriel Peña carries mail in Los Angeles on March 22, 2024. On Friday, June 7, 2024, the U.S. government issues its May jobs report. (AP Photo/Damian Dovarganes, File)

US hiring and wage growth picked up last month in sign of sustained economic health

America’s employers added a strong 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates.

Ambulance services for some in New Mexico will rise after state regulators approve rate increase

Ambulance rates will rise for some in New Mexico, particularly those without health insurance after state regulators approved a rate hike for a Presbyterian-affiliated nonprofit ambulance company.

FILE - Salesmen examine an unsold 2024 Cooper Clubman S utility vehicle at a Mini dealership May 1, 2024, in Highlands Ranch, Colo. On Friday, May 31, 2024, the Commerce Department issues its report on consumer spending for April. (AP Photo/David Zalubowski, File)

An inflation gauge closely tracked by Federal Reserve rises at slowest pace this year

A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year.

FILE - The European Central Bank is pictured next to containers in Frankfurt, Germany, on April 9, 2024. Inflation ticked up to an annual 2.6% in Europe in May, according to official figures on Friday, May 31, 2024. That's more than expected as a painful spike in consumer prices takes its time to fade away.(AP Photo/Michael Probst, File)

Inflation ticked up in Europe in May. That likely won’t stop a central bank rate cut next week

Inflation ticked up to an annual 2.6% in Europe in May. The new figure released on Friday is more than expected as a painful spike in consumer prices takes its time to fade away.

Specialist Meric Greenbaum works at his post on the floor of the New York Stock Exchange, Thursday, May 30, 2024. Most U.S. stocks are rising following mixed profit reports from big companies and signals that the economy may be cooling. (AP Photo/Richard Drew)

Stock market today: Wall Street rallies to close out a bloom-filled May

An already verdant May for Wall Street finished with another push higher as stocks rallied after a report showed inflation is at least not worsening.

FILE - A 2024 Ford F-150 truck is assembled at the Dearborn Truck Plant, Thursday, April 11, 2024, in Dearborn, Mich. On Thursday, May 30, 2024, the Commerce Department issues its second estimate of how the U.S. economy performed in the first quarter of 2024. (AP Photo/Carlos Osorio, File)

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending

The U.S. economy grew at a sluggish 1.3% annual pace from January through March, the weakest quarterly rate since the spring of 2022, the government said in a downgrade from its previous estimate.

FILE - A McDonald's sign is seen, March 14, 2024, in Wheeling, Ill. McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases. (AP Photo/Nam Y. Huh, File)

McDonald’s says $18 Big Mac meal was an ‘exception’ and news reports overstated its price increases

McDonald’s is fighting back against media reports it says have exaggerated its price increases. In a post on the company’s website Wednesday, McDonald’s U.S. president said reports suggesting the price of the average Big Mac has doubled since 2019 were false.

A line of unsold 2024 Edge utility vehicles sit at a Ford dealership Sunday, May 19, 2024, in Denver. Policymakers' willingness to keep their key rate at a two-decade peak — thereby keeping costs painfully high for mortgages, auto loans and other forms of consumer borrowing — carries its own risks.(AP Photo/David Zalubowski)

Inflation pressures lingering from pandemic are keeping Fed rate cuts on pause

Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.

A line of unsold 2024 F150 pickup trucks sit at a Ford dealership Sunday, May 19, 2024, in Denver. The Conference Board reports on U.S. consumer confidence for May on Tuesday, May 28, 2024. (AP Photo/David Zalubowski)

US consumer confidence rises in May after three months of declines

Consumer confidence in the U.S. rose in May following three straight months of declines, but Americans remain anxious about elevated inflation and interest rates.