Wall Street buoyant on US inflation data

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Are prices finally stabilising for American consumers? The latest numbers appear to suggest it's the case - and the markets have reacted with optimism. We examine why the rate of inflation has slowed in the US, and whether the cooling-off will last. Flooding in Pakistan has brought devastation to millions of lives. At the COP27 climate summit, the country's prime minister has warned the total bill could top $30 billion. Also on World Business Report: the latest on the demise of crypto platform FTX, more bad news at Elon Musk's Twitter, and fast food chain KFC apologises for referencing the atrocities of Nazi Germany in a marketing campaign. (Picture: Traders in New York digesting the latest US economic data. Credit: Getty Images.)