while gas prices are down from a year ago they ve rising in recent weeks. how are americans dealing with it. welcome everyone. i m charles for neil cavuto. we have team coverage from new york city on shoppers feeling the pinch. how this is going to play on the campaign trail. it s consumer price index report shows prices increased 3.2 percent over last year, just slightly below expectations. 2/10 percent month over month suggesting inflation is not resurging some calling this report encouraging news but the numbers show how consumer wallets con to be stretched. you can see here charles that cost for shelter up 7.7 percent over last year. new vehicles up in price 3.5 percent. food prices higherpy 4.9 percent. basics popping, white bread 10.7 percent higher than last year, cereal bakery products up 7 percent, apples up 7.5 percent. even this slow down we have seen inflation from nine to three is of no benefit to the consumer. that just means the price of everything they re
the ecb s decision to raise its benchmark rate by a 0.25% to 3.75% matches a peak last reached in 2001, at a time when it was trying to boost the value of the newly launched euro currency, which is now used in 20 countries. ecb president christine lagarde has warned consumer prices are still rising too fast and kept its options open for further increases. what i can assure you of, is that we are not going to cut. that is a definite no. but, on the other side, it could be a hike, it could be a pause. if it is a pause, it would not necessarily be for an extended period of time, because as i said, it will vary from meeting to meeting, because we continue to decide on a meeting by meeting basis, every time, informed by the data. a day after the us federal reserve raised its interest rate for the 11th time, new data suggests that it s not excessively dampening the world s biggest economy. a preliminary estimate suggests that the us economy grew 2.4% on an annualised basis between
use the euro currency. next week, it s the turn of the bank of england with another rise widely expected. but with inflation starting to ease, are we finally seeing the peak in the cost of borrowing? and when can we expect rates to start coming down again? let s hear first from michelle fleury in new york. the federal reserve has moved with unprecedented speed to get inflation under control. since march of last year, it has raised its benchmark rate by 5.25 percentage points. its latest move is likely to push up the cost of borrowing for american businesses and consumers even further. with inflation showing prices rising more slowly than a year ago, the key question at the press conference was whether this rate increase was the last or would it hike again later this year? fed chairjerome powell wouldn t be drawn. i would say it is certainly possible that we would raise funds again at the september meeting if the data warranted it. and i would also say it is possible that we w
the only thing he did say is that the federal reserve was determined to carry on its fight against inflation and said it wasn t over yet. part of the reason for that is that those inside america s central bank are worried the us economy is still growing too fast. you can blame it on everything from travel bookings to the cell of concert tickets. even the success of the barbie movie and its strong box office weekend. all of these are driving growth and the fear is that will feed through to higher inflation and that s why the federal reserve are staying rigid. reserve are staying rigid. right. it s all about reserve are staying rigid. right. it s all about barbie reserve are staying rigid. right. it s all about barbie spending. . reserve are staying rigid. right. i it s all about barbie spending. can we talk about what sort of knock on effect that will be? the bank of england has been criticised for not going quickly enough on interest rates. it s always been in catch up m
i choose. sinead o connor, nothing compares 2 u. # i can eat my dinner in a fancy restaurant. quite why a song becomes such a huge global hit is often a bit of a mystery. but one thing is for certain. the emotion, the heartbreak. # nothing compares 2 u. there was nothing fake here. herfirst hit, mandinka marked her out as a performer with an edge. when a record executive had started talking about her hair, she shaved it off. she was wary, angry. she had a troubled upbringing and spent part of it in care. butjoining a band revealed her gift. # chiquitita, tell me what s wrong. she had the voice and charisma to be a chart friendly pop star. used to worship god as a mother. now look at what we re doing each other. but saw herself as a protest singer. in an era before the truth about the abuse of children within the catholic church had been widely accepted, her views marked her out as a troublemaker. # i have sinned a lot. but she had a global platform to speak her mind and she w