Few signs of relief expected in September inflation data
WASHINGTON (AP) — Any Americans hoping for relief after months of punishing inflation might see little in Thursday’s government report on price hikes in September. Lower gasoline prices will likely reduce headline consumer inflation for a third consecutive month. But measures of “core” inflation, which are closely watched because they exclude volatile food and energy costs, are expected to return to a four-decade high. Economists estimated that the government’s consumer price index jumped 8.1% in September from 12 months earlier. This is an extremely large gain, although less than the 9.1% year-over-year peak reached in June.
Social Security recipients set to get big benefit boost
WASHINGTON (AP) — Millions of Social Security recipients will soon learn just how much they will get from an increase in their benefits next year. The increase will be announced Thursday morning. It is expected to be the highest in 40 years, fueled by record inflation and is intended to help cover the higher cost of food, fuel and other goods and services. How much depends on inflation next year. The benefit increase will take effect in 2023. It will be coupled with a 3% drop in Medicare Part B premiums, meaning that retirees will fully benefit from the increase in Social Security benefits.
Social Security payments are expected to increase significantly. What there is to know.
NEW YORK (AP) — Tens of millions of older Americans are about to get what could be the biggest raise of their lives. On Thursday, the US government is set to announce what is virtually certain to be the biggest increase in Social Security benefits in 40 years. The boost is intended to allow recipients to keep up with inflation, and there is much controversy over how it is generated. Critics say the data used to peg the increase doesn’t reflect what older Americans are actually spending. It’s also a one-time increase, meaning recipients get the same increase no matter where they live or how big their nest egg is.
Ukraine’s Kyiv region hit by Iranian-made suicide drones
KYIV, Ukraine (AP) — The president’s office in Ukraine said Russian forces used Iranian-made suicide drones to bomb Kyiv and Odessa regions as Moscow punished the country for a fourth day for an attack to the truck bomb on a historic Russian bridge. A strike carried out near Makrariv, a small town 50 kilometers (31 miles) west of Kyiv, destroyed critical infrastructure on Thursday. It was unclear whether the explosive-packed drones had caused any casualties. Ukrainian officials said 13 people were killed and 37 injured over the past day in Russian missile strikes that targeted nine regions of Ukraine. Russia has resumed widespread attacks following an explosion that damaged a 12-mile bridge that connects Russia to the annexed Crimean peninsula.
Wall Street futures gain ahead of US inflation update
U.S. markets were significantly higher ahead of U.S. inflation data that investors fear will bolster the Federal Reserve’s plans for more aggressive interest rate hikes. Dow futures and S&P 500 futures each rose more than 1%. US indices fell on Wednesday after the government’s producer price report showed inflation at the wholesale level eased slightly but was still near a multi-decade high of 8.5%. The most closely watched consumer price index is due out later on Thursday and Friday’s retail sales data could give a clearer picture of where prices are hottest and how investors are reacting. consumers.
Delta posts $695 million third-quarter profit, expects big holiday rush
Delta Air Lines posted a profit of $695 million for the third quarter, which includes much of the peak summer travel season. Delta said Thursday it expects its fourth-quarter revenue to be higher than the comparable 2019 figure, before the pandemic. Delta’s bottom line is boosted by higher average fares and a lucrative credit card business. This helps the airline weather rising fuel prices. Delta CEO Ed Bastian says he sees no indication that growing concerns about inflation and the economy are discouraging people from buying plane tickets. He predicts a busy holiday season.
International climate change agencies win humanity prize
LISBON, Portugal (AP) — A prize worth 1 million euros ($970,000) is being awarded to two intergovernmental bodies for their work on climate change. Organizers of the annual Gulbenkian Prize for Humanity announced on Thursday that this year’s winners are the Intergovernmental Panel on Climate Change and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. Former German Chancellor Angela Merkel, who chairs the prize’s jury, said the prize would help keep the issue of climate change in the public mind even as Russia’s war in Ukraine and its aftermath dispute the ‘Warning. The prize was created in 2020 by the Calouste Gulbenkian Foundation, based in Lisbon, Portugal.
France starts exporting gas to Germany amid energy crisis
PARIS (AP) — French gas network operator GRTgaz said it has started shipping gas to Germany via pipeline for the first time, as Berlin strives to diversify its energy sources. GRTgaz announced on Thursday that the gas pipeline linking the two countries to the French border village of Obergailbach has started delivering an initial daily capacity of 31 gigawatt hours. This amount should eventually increase to a maximum of 100 gigawatt hours, which represents less than 2% of overall gas consumption in Germany, according to French figures. The move follows French President Emmanuel Macron’s announcement last month that France and Germany had agreed an energy solidarity deal. France will help Germany with gas supply, while Germany will produce more electricity to supply France during peak consumption periods.
Spain unveils €3 billion energy aid plan for households
MADRID (AP) — Spanish Prime Minister Pedro Sánchez has announced 3 billion euros in grants to help people cope with high gas and electricity prices exacerbated by Russia’s invasion of Ukraine. The measures include fixed gas tariffs for collective residential heating systems and more subsidies for electricity and heating for low-income households. Sánchez said the measures to be approved at a Cabinet meeting next Tuesday will benefit 40% of households in Spain. The centre-left coalition government plans to raise taxes for high earners in its budget for 2023. It is also seeking to introduce a temporary wealth tax to raise 3.1 billion euros to help fund initiatives for low-income people.
NATO holds nuclear talks amid war tensions and threats from Putin
BRUSSELS (AP) – NATO’s secretive nuclear planning group has met as the alliance pushes ahead with plans to hold a nuclear exercise next week despite tensions over Russia’s war on Ukraine . Russia must organize its own nuclear maneuvers in the coming weeks. It comes amid deep concern over President Vladimir Putin’s insistence that he will use any means necessary to defend Russian territory. NATO is keeping a cautious eye on Russia’s moves, but has so far seen no change in its nuclear posture. NATO’s ‘Steadfast Noon’ exercise was planned before Russia invaded Ukraine in February. UK Defense Secretary Ben Wallace said NATO’s job “is to make sure that all 30 partners together are ready to deal with what is thrown at us”.
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