US sees highest inflation in over 40 years
July 14, 2022, 1:39 pm

US sees highest inflation in over 40 years

US dollar (File photo: Pixabay)

The US Department of Labor said on Wednesday (July 13), inflation in the country has once again exceeded forecasts, jumping by 9.1% in June compared to the same period of last year.

A release by the US Bureau of Labor Statistics reads: “In June, the Consumer Price Index for All Urban Consumers rose…9.1 percent over the last 12 months, not seasonally adjusted." This is the largest increase since 1981.

The Bureau’s data shows that all items measured except for food and energy became on average 5.9% more expensive over the year.

Economists, meanwhile, had predicted an 8.8% year-on-year print, according to Bloomberg. The higher reading reflects larger than anticipated increases in gasoline, accommodation and food costs, the We For News reported.

Bloomberg noted that the report has pushed Treasury yields and the dollar higher, while US stock futures have fallen.

UK inflation hits new 40-year high of 9.1 pct amid cost-of-living crisis

In an effort to tame the soaring inflation, the Federal Reserve has embarked on a rate-hike cycle, which included a 75 basis-point increase at its most recent policy meeting in June, the most aggressive hike since 1994.

Another hike of similar scale is expected later this month. Critics of the Fed’s policy have warned that further rate hikes could plunge the country into a recession.

Source: wefornews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”