The rate of US inflation fell in July, government data showed, with falling petrol prices providing some relief for Americans who dealt with price increases in June.
Consumer prices were up 8.5 per cent year-on-year in July, the US Labour Department reported, down from a 9.1 per cent rise in June.
Besides petrol, other consumer prices which sank from June to July were airfares, which dropped nearly 8 per cent. Hotel room costs fell 2.7 per cent and used car prices dropped 0.4 per cent. Such items had previously delivered some of the economy’s steepest price jumps.
Those declines lowered so-called core inflation, a measure that excludes the volatile food and energy categories to provide a clearer picture of underlying inflation. Core prices rose 0.3 per cent from June, the smallest month-to-month increase since April.
Wednesday's report raised hopes that the Federal Reserve will announce a less-aggressive interest rate increase at its meeting in September. The central bank has raised the key interest rate by 75 basis points in back-to-back meetings in an attempt to cool down the nation's 40-year high inflation.
President Joe Biden said the report was “some good economic news” that showed the “kind of economy we’ve been building”. But he acknowledged that the work is “far from over”.
Last week's job report, which showed that the economy added 528,000 jobs in July, heightened expectations the Fed would issue another three-quarter-point increase.
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The White House has pointed to lowering gas prices as a sign that its policies are easing costs that have strained Americans' finances, while the topic has become a central issue for Republicans as they look to gain control of at least one chamber of Congress in the midterm elections.
Mr Biden's approval rating has jumped to its highest in two months, data from a recent Reuters/Ipsos poll showed. Approval rose to 40 per cent, while disapproval fell to 55 per cent.
The president's modest poll boost comes as he has scored several notable victories, including passing a multibillion dollar semiconductor bill, expanding healthcare access for veterans and conducting a successful drone strike on Al Qaeda leader Ayman Al Zawahiri.
On Friday, the US House is expected to approve a renewed economic and climate package pushed by Mr Biden and top Democratic politicians.
Some analysts have said the legislation, named the Inflation Reduction Act, would have a negligible effect on soaring consumer prices.
Agencies contributed to this report
Killing of Qassem Suleimani
ENGLAND%20SQUAD
%3Cp%3EFor%20Euro%202024%20qualifers%20away%20to%20Malta%20on%20June%2016%20and%20at%20home%20to%20North%20Macedonia%20on%20June%2019%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGoalkeepers%3C%2Fstrong%3E%20Johnstone%2C%20Pickford%2C%20Ramsdale.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EDefenders%3C%2Fstrong%3E%20Alexander-Arnold%2C%20Dunk%2C%20Guehi%2C%20Maguire%2C%20%20Mings%2C%20Shaw%2C%20Stones%2C%20Trippier%2C%20Walker.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EMidfielders%3C%2Fstrong%3E%20Bellingham%2C%20Eze%2C%20Gallagher%2C%20Henderson%2C%20%20Maddison%2C%20Phillips%2C%20Rice.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EForwards%20%3C%2Fstrong%3EFoden%2C%20Grealish%2C%20Kane%2C%20Rashford%2C%20Saka%2C%20Wilson.%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
%3Cp%3E%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20card%3Cbr%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERobert%20Whittaker%20defeated%20Ikram%20Aliskerov%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EHeavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EAlexander%20Volkov%20def%20Sergei%20Pavlovich%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EKelvin%20Gastelum%20def%20Daniel%20Rodriguez%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EShara%20Magomedov%20def%20Antonio%20Trocoli%20via%20knockout%20(Round%203)%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EVolkan%20Oezdemir%20def%20Johnny%20Walker%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EPreliminary%20Card%0D%3Cbr%3ELightweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ENasrat%20Haqparast%20def%20Jared%20Gordon%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EFeatherweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EFelipe%20Lima%20def%20Muhammad%20Naimov%20via%20submission%20(Round%203)%0D%3Cbr%3E%3Cstrong%3EWelterweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERinat%20Fakhretdinov%20defeats%20Nicolas%20Dalby%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMuin%20Gafurov%20def%20Kang%20Kyung-ho%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMagomed%20Gadzhiyasulov%20def%20Brendson%20Ribeiro%20via%20majority%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EChang%20Ho%20Lee%20def%20Xiao%20Long%20via%20split%20decision%3C%2Fp%3E%0A
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
More on animal trafficking
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs: 2019 Audi A8
Price From Dh390,000
Engine 3.0L V6 turbo
Gearbox Eight-speed automatic
Power 345hp @ 5,000rpm
Torque 500Nm @ 1,370rpm
Fuel economy, combined 7.5L / 100km
