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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Price index rises despite Fed bids to combat inflation

  • By Al Mayadeen English
  • Source: Al Mayadeen English & Agencies
  • 28 Oct 2022 17:12
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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