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Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
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Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

Price index rises despite Fed bids to combat inflation

  • By Al Mayadeen English
  • Source: Al Mayadeen English & Agencies
  • 28 Oct 2022 18:12
3 Min Read

The Bureau of Economic Analysis department of the Fed says that the price index is still on the rise, an indication of sharp market inflation.

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    Price index increased by 6.2% in the US during one year.

The price index in the United States,  the main indicator used by the Federal Reserve to monitor inflation, has increased by 6.2% year on year in September, the US Commerce Department said Friday.

Read more: Wall Street sees worst month of stocks since 2020

"From the same month one year ago, the PCE price index for September increased 6.2 percent," the Bureau of Economic Analysis said during a press briefing. Compared to last year, the agency said, energy prices jumped by 20.3%, food prices by 11.9%, while costs of services rose by 5.3%, and prices of goods by 8.1%.

Read more: Inflation could become rooted in US economy

The US Federal Reserve has hiked interest rates since the beginning of this year from 25 points back in February to 300 in September. However, the report shows that the rate hikes have had little impact on the soaring domestic inflation.

Despite the weak results shown by the rate increase on inflation,  Fed chief Jerome Powell announced that the central bank is not considering a pause or decrease in interest rates, adding that until the end of the year another 125 basis points might be added.

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The Fed has been on a combative campaign to further hike interest rates, and Powell made it clear that the fight against inflation was not over.

Read more: US sanctions on Russia likely to boomerang, drive inflation higher: Banker

US inflation surged to a new four-decade high in May, defying hopes that price pressures had peaked and deepening President Joe Biden's political troubles as Americans struggle to meet the cost of essentials like food and gas.

Earlier in the month, a new Bloomberg Economics model projected that in the next 12 months, a recession in the United States is effectively certain.

These projections come just before the midterms in November and shortly after Biden announced, while in an ice cream shop, that the US "economy is strong as hell", which plunged him into hot waters as his comment comes amid one of the country's worst economic crises since 2008.

Read more: Biden pins US inflation on Putin, again

It is worth noting that the economic situation affecting the financial standpoints of American families and businesses is burdening Biden's popularity, which will affect his chances of winning the November midterm congressional elections.

Read more: MBS head to head with Biden, US officials not invited to Davos

  • United States
  • Federal reserve
  • Dollar
  • inflation
  • US interest rate hikes
  • US economy

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