With Fed Chairman Ben Bernanke sounding alarms about inflation, the consumer price index is expected to have risen by 0.5 percent in May.
The Bank of Japan kept interest rates on hold at 0.5% in a unanimous vote on Friday, as widely expected, as it balanced concerns about rising inflation with a worsening economic outlook.
China's retail sales held up in May despite the devastating Sichuan earthquake. May retail sales growth edged down to 21.6% from 22.0% in April, slightly below a consensus forecast of 21.8%.
Domestic demand in Australia is cooling in the face of higher interest rates but coming stimulus from a trade boom means a tight monetary policy remains essential, the country's top central banker said on Friday.
The euro was on track for its worst week versus the dollar in three years Thursday, hurt by tempered expectations of euro zone interest rate hikes even as positive retail data bolstered U.S. rate hike expectations.
Driven up by the cheap dollar, U.S. import prices surged nearly 18 percent above year-ago levels, according to a new report out today. Even removing all energy-related fuels, the surge is still 6 percent.
There's definitely no inventory shortage -- when it comes to Fast Money viewer opinions over the rampant speculation in commodities, particularly crude.
Inflation may be climbing faster than the humidity level, but there are still some things that actually cost less than they did a year ago.
Is there a July Fed action coming to take back a one-quarter rate cut? I think so. That would put up the target to 2.25%. It would be a shot heard round the world, strengthening the dollar and attracting new liquidity and capital flows into the US economy.
U.S. business inventories rose 0.5 percent in April, more than expected, while sales were their strongest since November, a government report showed.
Here are some things you can cut out of your budget to offset higher prices everywhere you look.
Total sales at U.S. retailers rose a full percentage point in May as many consumers had more spending cash in their wallets from government rebate checks, a report on Thursday showed.
The Federal Reserve's leading inflation hawk told CNBC that interest rates will have to rise soon in order to keep a lid on rising prices.
The inflation outlook for 2008 in the U.S., Japan, euro zone and the UK rose again in June, triggering big revisions to economists' interest rate forecasts, Reuters polls showed on Thursday.
Chinese annual inflation fell in May to 7.7%, the first major break in a year-long surge, as food price increases slowed and other products resisted rising global commodity costs, the government said on Thursday.
Australian employment fell in May for the first time in 19 months, an unexpected sign of softness in one of the strongest parts of the economy which should lessen the risk of another increase in interest rates.
South Korea's central bank held interest rates steady for a 10th consecutive month on Thursday, as expected, but warned Asia's fourth-largest economy faced a bigger risk from rising inflation than a domestic slowdown.
The US economy remained "weak" in May as consumer spending slowed due to higher energy and food prices, the Federal Reserve said in its Beige Book summary.
Federal Reserve Vice Chairman Donald Kohn hinted that the central bank is inclined to leave rates steady despite rising inflation worries among US consumers...
Fed Vice Chairman Donald Kohn hinted that the central bank is inclined to leave rates steady despite rising inflation worries.