The U.N. Food and Agriculture Organization’s Food Price Index dropped to 135.7 in November, its eighth consecutive month of decline after peaking last March at 159.7.
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GASOLINE PRICES FALL AS DEMAND WEAKENS
On 2 December, the U.S. average price of a gallon of regular unleaded gasoline was $3.43, data service OPIS reported, almost a third less than highs of $5 or more reached in June.
U.S. HEATING COSTS COULD SOAR THIS WINTER, EIA WARNS
Homes heating with natural gas this winter could see their energy bills leap up 25 percent compared to last year, while those using heating oil could experience a staggering 45-percent rise in costs, the U.S. Energy Information Administration (EIA) predicted.
U.S. CONSUMERS: BUY MORE, SAVE LESS
U.S. consumers spent 0.8 percent more on goods and services in October than in September, the U.S. commerce department reported.
ECONOMIC OUTPUT, JOB NUMBERS GROW MORE THAN EXPECTED
The U.S. GDP grew by 2.9 percent in this year’s third quarter, the U.S. commerce department reported, beating the 2.6 percent analysts had widely predicted.
ISRAEL AND U.S. RAMP UP MILITARY DRILLS WITH EYES ON IRAN
The head of the Israel Defense Forces said last week that his military plans to “significantly expand” its joint military operations with the U.S. to counter the threat from Iran and its nuclear program.
WHEN THE ECONOMY FALLS JOBS GO WITH IT
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses. This is week 20.
TOP TREND, GOING OVER THE DRIVERLESS CLIFF: INVESTORS PUT THE BRAKES ON FUNDING FOR SELF-DRIVING CARS
For years, developers have been pushing back their time frames for bringing self-driving cars to the market. Most recently, automakers have again scaled back their plans and timetables as the global economy darkens.
U.S. TO GIVE TAIWAN MORE BILLIONS TO BUY WEAPONS
A draft of the U.S.’s 2023 National Defense Authorization Act calls for a $10 billion financing program that would span five years that would provide Taiwan $2 billion a year to purchase weapons and another $1 billion in annual presidential drawdown authority as China continues to loom large in Washington.
RUSSIA AIR BASES BOMBED, GET READY FOR RAMPED-UP UKRAINE WAR
Two Russian air bases were attacked Monday by Ukrainian drones resulting in Russian troop casualties and damage to at least two aircraft, according to the Kremlin.