Federal Reserve Chair Jerome Powell said that recent data point to less concern that new White House tariffs will lead to a spiral of higher inflation. "The case for there being a persistent inflation outbreak is less,

The 12-month inflation rate edged up to 2.9 percent in August, according to data released last week by the Department of Labor.

Inflation accelerated in August as Americans paid more for gasoline and groceries. Over the last 12 months, consumer prices have risen 2.9%.

Inflation rose last month as the price of gas, groceries, and airfares jumped, while a measure of layoffs also increased, putting the Federal Reserve in a tough spot as it prepares to cut rates at its meeting next week despite persistent price pressures.

British inflation in August held at 3.8%, official data showed on Wednesday, the highest among major advanced economies and reinforcing expectations that the Bank of England will not cut interest rates until next year.

The New York State Office of Taxation and Finance announced that more than 8 million people will receive inflation refund checks.

The Fed’s first interest-rate cut this year is likely to be followed by similar reductions in October and December if the central bank’s so-called dot plot forecasting tool is to be believed (Powell often discounts it).

Ghana's central bank slashed its main interest rate by a record 350 basis points to 21.5% on Wednesday, citing a sustained decline in inflation and an improving macroeconomic backdrop in the West African gold and cocoa-producing nation.