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Annual US inflation dipped to 3.4% in July, with food costs slowing and housing keeping prices slightly higher.

Energy is cheaper than at its peak in late April, but gas is still nearly $1 a gallon more expensive than before the Iran warUS consumer prices cooled slightly in July as the annualized inflation rate dipped down to 3.4%, though prices still remain higher than levels seen before the war with Iran.Though inflation decreased 0.7% in June during a brief ceasefire between the US and Iran that brought energy prices down, consumer prices have remained elevated. Price increases hit a three-ye

Brent crude prices hover near $90 per barrel, as fallout from Iran war hits travel firm Tui’s profitsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices are still on the rise, as fresh attacks on ships raise concerns about disruptions to Middle Eastern fuel supplies, adding to doubts over the prospects of a US-Iran peace deal.Yesterday, the rally in US crude paused for a minute after Pakistan’s Defence Minister said that

The city is no stranger to complaints about soaring prices during August - but are costs on the rise?

US president demands compensation for damage incurred by US, complicating standoff with TehranNvidia ⁠has partnered with six major Wall Street financial institutions to raise ⁠more than $500bn (£370bn) capital for artificial intelligence infrastructure.The Nvidia chief executive, Jensen Huang, said on X that the company has ⁠the option to backstop up to $125bn, or 25% of the potential deals. Continue reading...

UN index says weather is affecting wheat yields while conflicts in Ukraine and Iran hit exports and drive up pricesBusiness live – latest updatesGlobal food prices have hit their highest level in three and a half years, as summer heatwaves and conflict in Ukraine and the Middle East push up crop costs.The UN Food and Agriculture Organization (FAO) index of food commodity prices rose last month to its highest level since January 2023, after a jump in prices for cereals, sugar and vegeta

Forty years ago there were more than 22 sheep to every New Zealander, but wool prices and production declined with the uptake of synthetic alternativesJohn Hargreaves’ family has farmed sheep and beef in Kaiwaka, north of Auckland, for generations. In the 1960s they had 3,000 ewe

Property prices in ‘suspended animation’ owing to higher mortgage rates and uncertainty in Middle EastBusiness live – latest updatesUK house prices were broadly stagnant in July as prospective buyers were squeezed by higher mortgage rates, uncertainty around the Middle East and stretched affordability, according to the lender Lloyds.The average property cost £299,253 in July, down by £143 compared with June, the bank’s monthly index found. Continue reading...

Best Buy kicked off a sale on Apple products with discounts on its latest smartwatches to phones. Another deal that caught our eye is on the latest AirPods Pro, Apple’s flagship wireless earbuds, which are down to $189.99 ($60 off), with retailers like Amazon and Walmart matching

Company posts $7.81bn in revenue, a jump of 92%, after share prices crashed following IPO debutFor the first time since SpaceX went public, the world is getting a first-hand look into the trillion-dollar corporation’s financials. The Elon Musk-run business reported its second-quarter earnings on Tuesday, saying that its revenue jumped 92% since June.SpaceX beat Wall Street expectations, reporting $7.81bn in revenue, versus analysts’ predictions of $6.93bn. While expansive, the company

S&P 500 shot up 1.8% and the main measure of Wall Street’s health topped its prior all-time high set a few months agoThe US stock market rallied to records on Tuesday as profits kept piling up for companies and as oil prices eased.The S&P 500 shot up 1.8%, and the main measure of Wall Street’s health topped its prior all-time high set a couple months ago. The Dow Jones industrial average added 907 points, or 1.7%, to its own record set the day before, while the Nasdaq composite

Iran conflict windfall over three months reignites calls for companies ‘cashing in on human misery’ to pay for environmental damageEight of the biggest oil companies amassed profits of more than $90bn (£67bn) in just three months as the Iran conflict sent energy prices soaring and the emissions-fuelled climate crisis caused deadly heatwaves.The windfall war profits have reignited calls for oil and gas supermajors such as Saudi Aramco and BP to pay for the environmental damage caused by