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      cost of living

      ​Federal Reserve Board Chairman Jerome Powell

      Ignoring Warnings of Mass Job Loss, Fed Hikes Rates to Highest Level in Decades

      "The dangerous reflex to hike rates, no matter the causes of inflation, is both a policy failure and a failure to imagine a world in which workers are anything other than expendable," said one economist.

      Kenny Stancil
      Jul 26, 2023

      Progressives on Wednesday rebuked the U.S. Federal Reserve for raising interest rates by another 25 basis points, arguing that the move threatens to throw millions of people out of work while failing to address the root causes of inflation.

      Wednesday's interest rate hike—the 11th in 16 months—pushes benchmark borrowing costs to a target range of 5.25%-5.5%, their highest level since early 2001. It also ignores the advice of numerous academics and lawmakers who have long contended that job-killing rate hikes are incapable of tackling the corporate price gouging that is contributing significantly to the cost-of-living crisis.

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      Sierra Leone market

      Global South Reeling From High Cost of Basic Goods Amid Russian Invasion of Ukraine: Survey

      "The most vulnerable people around the world are bearing the brunt of skyrocketing food, fuel, and fertilizer prices, with women and girls the hardest hit."

      Brett Wilkins
      Jun 26, 2023

      A report published Monday by the international anti-poverty group ActionAid revealed that the cost of food, fuel, and fertilizer continues to increase in some of the world's most vulnerable communities due to Russia's ongoing 16-month invasion of Ukraine.

      The survey of more than 1,000 community leaders and members from 14 countries in Africa and Asia plus Haiti conducted by the Johannesburg-based NGO found that some families are spending up to 10 times what they paid for necessities nearly 16 months ago.

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      Climate activists march

      Pandemic and Climate Crisis Usher In a New Age of Inequality

      "The rising cost of living, joblessness, underfunded and inadequate public services, and extreme weather events with devastating consequences are at the top of people's ever-growing list of concerns."

      Jenny Ricks
      Apr 29, 2023

      Economic summits in Washington, DC rarely provoke much interest on the streets of Khartoum or Karachi. The Spring Meetings of the IMF and the World Bank, held in the United States capital during April 10-16, were no exception.

      Listening to the range of comments from ministers and other officials throughout the week, one could not help but wonder whether we will ever be able to resolve the many crises we are currently facing. As is often the case, talk was plenty in Washington, but answers were few.

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