Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Dali to Al Mayadeen: The agreement will be signed in the presence of Resistance leaders, led by Hamas, with senior official Khalil al-Hayya set to sign the agreement.
Trump to Fox News: I believe Iran is going to be involved in the peace situation.
Trump: Gaza will be rebuilt.
Al Mayadeen's correspondent: The occupation forces continue their violations, and warplanes are entering Gazan airspace at this moment.
Al Mayadeen's correspondent: The fate of thousands of civilians and journalists remains unknown.
Al Mayadeen's correspondent: The occupation forces continue bombing various areas of the Gaza Strip.
Hamas: We renew our pledge to our brave prisoners and their families that they will remain at the heart of our priorities, and we will not rest until the last prisoner enjoys freedom.
Hamas: We are awaiting the final approval of the names ahead of announcing them through the Prisoners’ Media Office.
Hamas: We affirm that we have submitted the lists of Palestinian prisoners according to the agreed-upon criteria within the framework of the agreement.
Gaza Media Office: We urge our people not to move around Al-Rashid and Salah al-Din streets or their surrounding areas.

US 40-year high skyrocketing inflation pressuring Biden

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Jun 2022 16:04
3 Min Read

Despite Biden's confidence that the US can overcome the 40-year high inflation, experts believe that a pause in rate hikes is unlikely.

  • x
  • According to a Labor Department report, prices continued to rise last month for goods, setting new records in multiple categories
    According to a Labor Department report, prices continued to rise last month for goods, setting new records in multiple categories.

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.

Government data released Friday put inflation at 8.6%, extending increases not seen for a generation, with gas prices hitting daily records fueled by the war in Ukraine and supply chain challenges related to the Covid-19 pandemic.

Biden claims US better positioned to overcome the global inflation

Biden, whose popularity has taken a hit as prices surge just months before November's midterm elections, has made fighting inflation his top domestic priority but is finding he has few tools to directly affect prices.

"We're better positioned (than) just about any country in the world to overcome the global inflation we're seeing and to take the next step towards forming a historic recovery," he claimed while speaking at the Port of Los Angeles.

The US President cited releasing 30 million barrels of reserve oil and repeated his call to approve legislation to go after firms such as shipping companies that are taking advantage of limited competition to impose steep price hikes.

Related News

Hamas announces reaching an agreement for ceasefire in Gaza

Hamas, Resistance factions agree to Trump deal: Sources to Al Mayadeen

Goods prices continue to rise

The new data were sad news for Biden, as the consumer price index (CPI) jumped 8.6% compared to May 2021, up from 8.3% in the 12 months ending in April and topping what most economists thought was the peak of 8.5% in March.

According to a Labor Department report, prices continued to rise last month for goods including housing, groceries, airline fares, and vehicles, setting new records in multiple categories.

Some economists expected the easing of pandemic restrictions to cause a shift of US consumer demand toward services and away from goods, which they said would ease inflation pressures, but prices for services increased as well.

Largest increase in history of CPI

Energy has soared 34.6% over the past year, the fastest since September 2005, while food jumped 10.1% - the first increase of more than 10% since March 1981, the report highlighted.

Fuel oil more than doubled, jumping 106.7%, the largest increase in the history of CPI, which dates to 1935.

Food and fuel prices have accelerated in recent weeks and American drivers are facing daily record gas prices, with the national average hitting $4.99 a gallon on Friday, according to AAA.

The Federal Reserve has begun raising interest rates aggressively, with another big hike expected next week, and more ahead in the coming months.

The CPI surge "raises the probability of even more aggressive Fed rate hikes to tamp down on inflationary expectations," explained Mickey Levy of Berenberg Capital Markets, adding that a pause in rate hikes in September is "looking increasingly unlikely."

  • United States
  • US
  • Ukraine
  • Los Angeles
  • Joe Biden

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025
The Palestinian resistance and the people of Gaza showed that after combating Israeli aggression for two years, they remain victorious in the face of oppression (Mahdi Rteil/Al Mayadeen English)

Al-Aqsa Flood two years on, a tale of victory

  • Politics
  • 6 Oct 2025

Coverage

All
War on Gaza

Read Next

All
An Israeli armored vehicle moves on a street of a local market during a military raid in the West Bank refugee camp of Balata, Wednesday, October 8, 2025 (AP)
Politics

Israeli settlers kill Palestinian youth near Ramallah amid raids

Russian Foreign Minister Sergey Lavrov speaks during the Moscow format consultations on Afghanistan in Moscow, Russia, Tuesday, Oct. 7, 2025 (AP)
Politics

Iran interested in resuming nuclear talks: Lavrov

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a news conference at the International Monetary Fund (IMF) headquarters in Washington, April 25, 2025 (AP)
Politics

IMF head flags US budget, Europe Defense spending challenges

Prime Minister of Italy Giorgia Meloni addresses the 80th session of the United Nations General Assembly, Wednesday, Sept. 24, 2025, at UN headquarters (AP)
Politics

Meloni faces ICC complaint over Gaza genocide complicity with Israelis

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS