US stocks down as consumer prices continue to hike

Tue, 31 Jan 2023

US stocks down as consumer prices continue to hike

WAM
14 Oct 2022, 07:36 GMT+10

NEW YORK, 13th October (WAM) -- A U.S. Labour Department report said that consumer prices rose more than expected last month as rents hiked by the most since 1990 and the cost of food also increased.

The development comes to reinforce projections that the Federal Reserve will introduce a fourth 75-basis-point interest rate hike next month.

The data followed on the heels of last week's strong employment report, which showed solid job gains in September and a drop in the unemployment rate to a pre-pandemic low of 3.5 percent, Reuters reported.

Food prices increased 0.8 percent, with the cost of food at home advancing 0.7 percent amid rises in all six major grocery store food groups. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.8 percent, the largest increase since June 1990.

The hefty jumps offset a 4.9 percent decline in petrol prices. But petrol prices have likely bottomed following last week's decision by the Organization of Petroleum Exporting Countries and allies to cut oil production.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.

More Information

15 ℃

Fair in Hong Kong Intl

China

Section

Long-awaited return of tourists finally arrives in Macau gambling hub

MACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...

Senator Josh Hawley will introduce law to ban TikTok throughout US

WASHINGTON D.C.: Republican US Senator Josh Hawley has said that he plans to introduce a bill to ban the use ...

As travel opens up, Thailand prepares for 5 million Chinese tourists

BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...

NSA Ajit Doval, US NSC Jake Sullivan , Secretary Raimondo participate in U.S.-INDIA Track 1.5 Strategic Dialogue

By Reena BhardwajWashington [US], January 31 (ANI): National Security Advisor Ajit Doval on Tuesday participated in a Track 1.5 event ...

Budget 2023: Growers want apples put under special category, seek subsidies on fertilisers

Shimla (Himachal Pradesh) [India], January 31 (ANI): Apple growers and other horticulturists in Himachal Pradesh said they were hopeful of ...

US General's Bellicose China Memo Highlights Civilian-Military Divide

A controversial memo from a U.S. Air Force general predicting war with China in 2025 may reflect a growing disconnect ...

Business

Section

U.S. stocks fade ahead of Federal Reserve Meeting

NEW YORK, New York - U.S. stocks closed sharply lower Monday as investors fretted over which way the Federal Reserve ...

Adani says Hindenburg Research report a 'lie'

Ahmedabad (Gujarat) [India], January 30 (ANI/Big News Network): The Adani group, in a sharp and focused response to Hindenburg Research's ...

South Korea to aid public with more energy vouchers

SEOUL, South Korea: South Korean officials have said that the government will double energy vouchers and provide discounts on gas ...

Merger talks underway between cigarette makers, Juul e-cigarettes

WASHINGTON D.C.: The Wall Street Journal has reported that e-cigarette maker Juul and three tobacco giants are negotiating potential sale, ...

Tesla pins hopes on new Nevada battery factor to bring down prices

AUSTIN, Texas: Tesla gas announced an investment of more than $3.6 billion to expand its Nevada Gigafactory complex with the ...

Opposition rising to US tax credits for EVs not meeting sourcing rules

WASHINGTON D.C.: US Senate Energy and Natural Resources Committee chair Joe Manchin has introduced legislation that imposes battery sourcing requirements ...

Movie Review

The Kid Brother

Kid Brother