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
China calls for dialogue amid rising Iran-Israel conflict
The Chinese government emphasized on Monday the importance of “creating the conditions to return to the proper path of dialogue” between Iran and Israel, which have exchanged attacks in recent days resulting in more than 20 Israeli and over 220 Iranian deaths.
Chinese Foreign Ministry spokesperson Guo Jiakun expressed deep concern at a press conference over the Israeli attacks on Iran and the “sudden escalation” of the military conflict.
Guo called on all parties to “take immediate measures to ease tensions and prevent the region from descending into further turmoil,” stating that “force cannot bring lasting peace.”
“If the conflict between Israel and Iran continues to intensify or even expand, the countries of the Middle East will be the first to suffer the consequences,” he added, while noting that China “will continue to maintain communication with the relevant parties, promoting peace and dialogue.”
Chinese Foreign Minister Wang Yi spoke last Saturday with his Iranian and Israeli counterparts to condemn the Israeli airstrike on Iranian territory, which he described as a “violation of international law” with the potential to trigger “disastrous” consequences.
In both calls, Wang reiterated China’s rejection of the use of force, defended diplomacy as the only solution to the Iranian nuclear dispute, and offered China’s mediation to prevent further destabilization in the Middle East.
International
Suspect arrested in killing of Minnesota legislator and husband, governor Says
Minnesota Governor Tim Walz announced on Sunday the arrest of Vance Luther Boelter, 57, the main suspect in the killing of Democratic legislator Melissa Hortman and her husband in a Brooklyn Park suburb on Friday night.
Boelter, who also reportedly shot State Senator John Hoffman and his wife early Saturday morning, was apprehended in Sibley County following an intensive manhunt involving hundreds of law enforcement officers.
In a public statement, Governor Walz condemned Boelter’s “unthinkable actions,” which resulted in the death of a woman who “shaped the core of who we are as a state.”
“We cannot become numb to this. We are a deeply divided nation,” Walz said in a statement posted on his X account.
“We move forward not with hatred or violence, but with humility, grace, and civility,” he added.
Expressing solidarity with the victims’ families, Walz said the entire state of Minnesota is in mourning. He also thanked law enforcement for their bravery and professionalism: “They have saved lives,” he emphasized.
“As we heal, we will not let fear win,” Walz concluded. “We must honor Melissa by moving forward with understanding, service, and above all, humanity.”
Throughout Sunday, police and sheriff units searched a rural area in Minnesota for Vance Luther Boelter, a security company director and preacher who, according to Governor Walz, acted out of politically motivated violence.
International
40,000 tourists stranded in Israel amid airspace shutdown over Iran conflict
Approximately 40,000 tourists are stranded in Israel following the closure of the country’s airspace amid escalating hostilities with Iran, the Israeli Ministry of Tourism reported on Monday.
The ministry has set up a virtual office to provide information via email (virtual@goisrael.gov.il) and phone (+972-53-583-5808), as well as a Facebook page called Israel Virtual Tourist Office.
Israeli Tourism Minister Haim Katz is in contact with hotels and accommodations across the country to offer support to tourists in need, the ministry added.
Many stranded travelers are considering crossing overland into Jordan or Egypt to seek flights from those countries. The Israel Airports Authority reminded the public that land border crossings remain open.
Three German tourists stranded in Jerusalem told EFE today that they have not received any assistance from their country’s embassy in Israel, and their primary option currently is to cross into Jordan to catch a flight from there.
Since early Friday morning, Israel launched operations against Iran, targeting military personnel and infrastructure, including energy and nuclear facilities, as well as numerous residential areas in Tehran.
In response, Iran has fired hundreds of ballistic missiles at Israel, some of which have struck various locations across the country, leaving at least 24 dead so far, according to Israeli authorities.
Iranian health officials report at least 224 deaths, mostly civilians, including at least 17 senior military officials—nine from the Revolutionary Guard—and more than a dozen nuclear scientists.
The Israeli military has warned that many more “targets” remain, while Iran’s Revolutionary Guard declared on Monday that it will continue missile attacks against Israel until its “destruction.”
China calls for dialogue amid rising Iran-Israel conflict
Suspect arrested in killing of Minnesota legislator and husband, governor Says
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