President-elect Donald Trump criticizes President Biden's ban on oil and gas drilling

President-elect Donald Trump criticizes President Biden's ban on oil and gas drilling, citing economic concerns and plans to reverse the decision immediately upon taking office.

Inflation Increase in July

Inflation picked up in July, but remained cool enough to lock in a rate cut from the Federal Reserve next month. Consumer price index climbed 2.9% from a year earlier. Core inflation rose 0.2%, with energy prices remaining unchanged for the month.

Inflation and Housing Costs

Shelter prices continued to climb rapidly in May, with rent index up 5.3% YoY. Home prices and rents rising in a higher interest rate environment. Energy prices fell in May while grocery prices remained flat.

U.S. and Britain Conduct Airstrikes in Yemen; British Treasury Chief Announces Tax Cuts

The U.S. and Britain conduct airstrikes targeting Iran-backed Houthis in Yemen following attacks in Iraq and Syria. British Treasury Chief announces tax cuts to improve Conservative Party's ratings ahead of a general election. The economy faces challenges from recession, inflation, and energy price spikes.