U.S. CPI Exceeds Forecast, Fanning Fears of Inflation
“Prices paid by U.S. consumers rose in May by more than forecast, extending a months-long buildup in inflation that risks becoming more established as the economy strengthens. The consumer price index climbed 0.6% from the prior month after a 0.8% jump in April that was the largest since 2009. Excluding the volatile food and energy components, the so-called core CPI rose by a larger-than-forecast 0.7%, according to Labor Department data Thursday.”
ECB Renews Pledge on Faster Buying to Ensure Crisis Rebound
“The European Central Bank renewed its pledge to maintain faster emergency bond-buying despite significant upgrades to its outlook for growth and inflation, as it attempts to sustain the euro area after more than a year of debilitating economic crisis. “Uncertainties remain as near-term economic output depends on the course of the pandemic, and how the economy responds after reopening,” President Christine Lagarde said Thursday after officials pledged to keep asset purchases at a “significantly higher” pace than in the first months of 2021.”
Medical Debts Bankrupt Indians Already Ravaged by Virus
“In the shadows of the Taj Mahal, shoemaker Shyambabu Nigam worked for years to save enough money to buy his wife Anju a small house with a view of the iconic 17th century mausoleum. Yet in just a matter of months, they were forced to give it up. After Anju fell seriously ill with Covid-19 last year, the couple turned to a mix of subsidized government hospitals and more expensive private clinics to treat the illness and pay for two open-heart surgeries that followed. The total costs amounted to more than 600,000 rupees ($8,230) — roughly six times Nigam’s annual income.”
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