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London, United Kingdom | AFP | by Valentine GRAVELEAU A “full English breakfast” is not full without eggs. Whether fried or scrambled, they round out the calorific mainstay of traditional British cafes. But on top of inflationary pressures which have sent the price of ingredients soaring — including bacon, sausages and baked beans — Britain is also contending with a devastating outbreak of avian influenza. The result is a shortage of eggs, which has forced two […]
Tokyo, Japan (AFP) by Katie Forster / Mathias CENA Japanese inflation hit a four-decade high last month, government data showed Friday, fuelled by high energy costs and a weak yen and ramping up pressure on the central bank to move away from its ultra-loose monetary policies. Core consumer prices excluding volatile fresh food rose 3.6 percent on-year in October, marginally higher than analyst expectations. The reading marked the fastest pace since 1982, although it remains […]
by Beiyi SEOW Agence France-Presse WASHINGTON, United States (AFP) — US consumer prices cooled in October but remained at decades-high levels, according to government data released Thursday, keeping the pressure on President Joe Biden as his Democratic party struggles to retain control of Congress. The closely-watched report showed more evidence of rising costs, including a rebound in gasoline prices, in a year when surging inflation topped voter concerns, and as Americans headed to the polls […]
Brussels, Belgium | AFP | by Marc BURLEIGH European workers squeezed by the soaring cost of living went on strike in Belgium and Greece on Wednesday, with stoppages threatening to paralyse parts of Britain, France and Spain in coming days. Spreading industrial unrest poses a problem for governments which are already spending billions trying to blunt the worst effects of rising prices, at least for the most vulnerable. Europe is acutely affected by the fall-out […]
Tokyo, Japan | AFP | Japan is on Friday expected to announce an economic stimulus package that local media said could be worth $200 billion to cushion the impact of inflation and a weak yen. Prices are rising in the world’s third-largest economy at the highest rate in eight years, although its three-percent inflation remains below the sky-high levels seen in the United States and elsewhere. The yen has also lost over 20 percent of […]
Frankfurt, Germany | AFP | by Michelle FITZPATRICK The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming. The ECB’s 25-member governing council repeated last month’s unprecedented move and opted for another bumper increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5 and […]
Atlanta, United States | AFP | by Camille CAMDESSUS There is no such thing as a free lunch, economists chide, but one alternative store in the southern US city of Atlanta is offering the next best thing to those struggling with spiraling prices. Locals load up on plantains, frozen meat and other ingredients free of charge at The Grocery Spot, a small, neon-lit outlet in the Georgia state capital. In three weeks, Americans get to […]
London, United Kingdom (AFP) British inflation jumped back above 10 percent in September on soaring food prices, official data showed Wednesday, with the country gripped by a cost-of-living crisis bedevilling the government. The Consumer Prices Index accelerated to 10.1 percent on an annual basis, up from 9.9 percent in August, the Office for National Statistics said in a statement. The September rate matched the level in July and is the highest in 40 years as […]
New York, United States | AFP | US inflation jumped more than expected in September, according to government data released Thursday, in the latest sign that pricing pressures have become more intractable despite aggressive central bank action. US prices rose 0.4 percent in September compared to August, twice the 0.2 percent projected by analysts, with price increases for food, shelter and medical care weighing on consumers, according to data from the Bureau of Labor […]
Washington, United States | AFP | by Heather SCOTT IMF chief Kristalina Georgieva urged global policymakers Thursday to take concerted action to avoid a “dangerous ‘new normal,’” as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund’s annual meetings next week, the IMF’s managing director said it was critical to “stabilize the global economy by addressing the most immediate challenges” — including […]
London, United Kingdom (AFP) — Britain’s largest retailer Tesco on Wednesday announced tumbling profits in its first half as higher costs fuelled by rocketing inflation offset a jump in revenue. Profit after tax slumped to £253 million ($290 million) in the six months to late August from £781 million a year earlier, the supermarket giant said in a statement. The group noted “cost inflation is significant” and said full-year profits would be towards the lower […]
(Eagle News) — Inflation accelerated to 6.9 percent in September, the Philippine Statistics Authority reported on Wednesday, Oct. 5. According to the PSA, this is the highest recorded inflation since October 2018. In August, inflation was at 6.3 percent. The PSA said the acceleration was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages, which was at 7.4 percent from the 6.3 percent in August. This was followed […]
