International
US inflation slows in November in smallest spike in year
| By AFP | Beiyi Seow |
US consumer inflation eased in November, according to government data released Tuesday, bringing some relief to policymakers with the smallest annual increase in nearly a year.
Officials are closely eying the monthly inflation report for signs that painfully high consumer prices are definitively moderating at last, as surging costs of living force households to dip into their savings.
The consumer price index (CPI), a closely-watched measure of inflation, jumped 7.1 percent from a year ago, down from 7.7 percent in October, according to Labor Department figures.
But the overall number is still about three times the pre-pandemic pace.
Prices ticked up 0.1 percent from October to November, a smaller-than-expected increase after a prior 0.4 percent jump, the latest data showed.
President Joe Biden reacted with cautious optimism about the US economy, saying the figures gave “a reason for some optimism for the holiday season and I would argue for the year ahead.”
Core prices, which exclude the volatile food and energy segments, rose 0.2 percent in November, down from a 0.3 percent pick-up in October.
“The index for shelter was by far the largest contributor to the monthly all items increase, more than offsetting decreases in energy indexes,” the Labor Department said in a statement.
Food inflation nudged up as well, underscoring the financial squeeze that households are still experiencing.
While an improvement from before, the data likely reinforces official views that costs remain far too high, and US central bankers are poised to push on in their quest to cool the world’s biggest economy.
The Federal Reserve has raised the benchmark lending rate six times this year in hopes of lowering demand, walking a fine line between reining in prices and triggering a recession.
The lower inflation figure is likely to fuel optimism for easing in the Fed’s aggressive campaign as its policy-setting committee starts a two-day meeting Tuesday that is widely expected to culminate in a smaller rate hike.
Right direction
Consumer inflation remains much higher than the Fed’s longer-term goal of two percent, even as prices are “moving in the right direction,” said economist Rubeela Farooqi of High Frequency Economics Tuesday.
But “further sustained improvement” over the coming months could allow the Fed to slow its pace of rate hikes more, she added.
While goods prices are decelerating, they still contribute heavily to CPI changes and a reversal of the trend will take time, she warned in an earlier analysis.
James Knightley of ING told AFP that while the asking price for rents appears to be falling in many cities, most people are still paying “considerably more” than last year.
Analysts have also been watching price increases in services, given that quickly rising wages feed into this segment and “continue to run hot,” he noted.
“This is clearly an area of concern for the Fed,” he said.
International
Kristi Noem credits Trump for mass migrant deportations by mexican president
U.S. Secretary of Homeland Security Kristi Noem claimed that Mexican President Claudia Sheinbaum has deported “more than half a million” migrants due to pressure from former President Donald Trump.
During a cabinet meeting highlighting the “achievements” of Trump’s administration in its first 100 days, Noem asserted that under the Republican leader’s influence, “Mexico has finally come to the table” to negotiate on migration and fentanyl trafficking.
“The president of Mexico told me she has returned just over half a million people before they reached our border,” Noem stated, criticizing media reports that suggest the Biden administration deported more migrants than Trump’s.
“I wish those deportations were counted,” Noem added, “because those people never made it to our border—she sent them back because you made her.” She went on to thank Trump: “They never made it here because they got the message—because you were so aggressive.”
Noem has made controversial claims about Sheinbaum in the past, prompting the Mexican leader to refute them.
On April 1, Sheinbaum responded to one such statement by declaring, “The president answers to only one authority, and that is the people of Mexico,” after Noem said on Fox News that she gave Sheinbaum “a list of things Trump would like to see” and that Mexico’s actions would determine whether Trump granted tariff relief.
International
Vatican releases special “Sede Vacante” stamps ahead of papal transition
he Vatican’s post offices and select collector shops began selling special edition stamps this week to mark the period between the death of Pope Francis and the election of his successor.
Known as “Sede Vacante” stamps, they feature an image used on official Vatican documents during the interregnum between popes — two crossed keys without the papal tiara. These stamps went on sale Monday and will remain valid for postal use only until the new pontiff appears at the window overlooking St. Peter’s Square.
Until then, they can be used to send letters, postcards, and parcels. “Once the new pope is elected, the stamps lose their postal validity, but their collectible value rises,” said Francesco Santarossa, who runs a collectors’ shop across from St. Peter’s Square.
The Vatican has issued the stamps in four denominations: €1.25, €1.30, €2.45, and €3.20. Each is inscribed with “Città del Vaticano” and “Sede Vacante MMXXV” — Latin for “Vacant See 2025.”
International
Conclave to choose pope Francis’ successor could begin in early may
The conclave, which in the coming weeks must choose the successor to Pope Francis, will strictly follow a precise protocol refined over centuries.
The 135 cardinal electors, all under the age of 80, will cast their votes four times a day — except on the first day — until one candidate secures a two-thirds majority. The result will be announced to the world through the burning of the ballots with a chemical that produces the eagerly awaited white smoke, accompanied by the traditional cry of “Habemus Papam.”
The start date for the conclave could be announced today, as the cardinals are set to hold their fifth meeting since the pope’s passing. Luxembourg Cardinal Jean-Claude Hollerich suggested it could begin on May 5 or 6, following the traditional nine days of mourning. According to German Cardinal Reinhard Marx, the conclave could last only “a few days.”
Although the late Argentine pontiff appointed the majority of the cardinal electors, this does not necessarily ensure the selection of a like-minded successor. Francis’ leadership style differed significantly from that of his predecessor, Benedict XVI, a German theologian who was less fond of large public gatherings. It also marked a contrast with the popular Polish pope, John Paul II.
The Argentine Jesuit’s reformist papacy drew strong criticism from more conservative sectors of the Church, who are hoping for a doctrinally focused shift. His tenure was marked by efforts to combat clerical sexual abuse, elevate the role of women and laypeople, and advocate for the poor and migrants, among other causes.
Kristi Noem credits Trump for mass migrant deportations by mexican president
Vatican releases special “Sede Vacante” stamps ahead of papal transition
Conclave to choose pope Francis’ successor could begin in early may
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