US President Joe Biden said the Federal Reserve has a “primary role” in fighting rising prices after a report on Wednesday showed inflation is likely to stay hot.
The Labour Department reported that the consumer price index rose by 0.3 per cent in April compared to a month earlier, and 8.3 per cent compared to the same month last year.
But the deceleration in the CPI is probably temporary. Petrol prices, which accounted for most of the pullback in the monthly inflation rate, are rising again and were about $4.161 per gallon early this week after dipping below $4 in April, the Energy Information Administration said.
“While it is heartening to see that annual inflation moderated in April, the fact remains that inflation is unacceptably high,” Mr Biden said in a statement.
The president said actions to tamp down soaring costs “starts with the Federal Reserve, which plays a primary role in fighting inflation in our country”.
Russia's unprovoked war against Ukraine is the main catalyst for the surge in gasoline prices. The war has also driven up global good prices.
Inflation was already a problem before Moscow's February 24 invasion of Ukraine because of stretched global supply chains as economies come out of the Covid-19 pandemic after governments around the world injected large amounts of money into pandemic relief and central banks slashed interest rates.
President Joe Biden on Tuesday acknowledged the pain that high inflation was inflicting on American families and said bringing prices down “is my top domestic priority”.
Mr Biden has recently acknowledged the pain inflation was causing American families and has stated bringing down prices is his top domestic and economic priority.
The Fed last week raised its policy interest rate by half a percentage point, the biggest rise in 22 years, and said it would begin trimming its bond holdings next month. The US central bank started raising rates in March.
“While I will never interfere with the Fed’s independence, I believe we have built a strong economy and a strong labour market, and I agree with what Chairman [Jerome] Powell said last week that the number one threat to that strength is inflation,” Mr Biden said.
“I am confident the Fed will do its job with that in mind.”
In the 12 months through April, the CPI increased 8.3 per cent. While that was the first deceleration in the annual CPI since last August, it marked the seventh straight month of increases in excess of 6 per cent. The CPI shot up 8.5 per cent in March, the largest year-on-year gain since December 1981.
While monthly inflation is likely to pick up, annual readings are likely to subside further as last year's large increases fall out of the calculation, but remain above the Fed's 2 per cent target at least through 2023.
China's “zero tolerance” Covid-19 policy is expected to put more strain on global supply chains, driving up goods prices. Prices for services like air travel and hotel accommodation are also seen keeping inflation elevated amid both strong demand over the summer and a shortage of workers.
Solid gains in rents, airline fares and new motor vehicle prices boosted underlying inflation last month.
Excluding the volatile food and energy components, the CPI picked up 0.6 per cent after rising 0.3 per cent in March. The so-called core CPI increased 6.2 per cent in the 12 months through April. That followed a 6.5 per cent jump in March — largest gain since August 1982.
Reuters contributed to this report
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Friday's schedule in Madrid
Men's quarter-finals
Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time
Roger Federer (4) v Dominic Thiem (5) from 7pm
Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm
Stan Wawrinka v Rafael Nadal (2) from 11.30pm
Women's semi-finals
Belinda Bencic v Simona Halep (3) from 4.30pm
Sloane Stephens (8) v Kiki Bertens (7) from 10pm
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
