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by Ben PERRY Agence France Presse LONDON, United Kingdom (AFP) — British inflation surged to a new 40-year high in July on soaring food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession. The Consumer Prices Index (CPI) accelerated to 10.1 percent last month from 9.4 percent in June — itself a four-decade high — the Office for National Statistics said. The Bank of England […]
The Philippines’ economic growth slowed in the second quarter, officials said Tuesday, as they warned that surging inflation and the coronavirus pandemic would weigh on the outlook for the rest of the year. Gross domestic product rose 7.4 percent, slightly weaker than the 7.5 percent expected and down from 8.2 percent in the previous three months, Economic Planning Secretary Arsenio Balisacan told reporters. “We’re likely to face challenges indeed in sustaining that growth,” he […]
But PSA notes inflation in NCR slowed down to 5.1 percent (Eagle News) — The country’s inflation rose to 6.4 percent in July, the highest recorded since October 2018, with the growth in the food index as the main driver of inflation, Philippine Statistics Authority (PSA) said on Friday, August 5. But at the same time, the PSA noted that the inflation in Metro Manila slowed down in July to 5.1 percent. This was […]
COLOMBO, Sri Lanka (AFP) — Sri Lanka issued an urgent appeal on Monday to tackle rapidly spreading malnutrition among children as its economic crisis leaves nine out of 10 people dependent on state handouts. The Ministry for Women and Child Affairs said they were seeking private donations to feed possibly several hundred thousand children wasting due to insufficient food. The bankrupt state, grappling with Sri Lanka’s worst economic crisis since independence, was unable to […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — The Federal Reserve is set to announce another big interest rate increase on Wednesday, the fourth this year, in its ongoing battle to tamp down price pressures that have been squeezing American families. US central bankers are hoping that their aggressive stance will start to cool red-hot inflation that topped nine percent in June, the highest in more than 40 years, without derailing the world’s […]
LONDON, United Kingdom (AFP) — British annual inflation surged to a fresh 40-year high in June on rising motor fuel and food prices, official data showed Wednesday, adding to a cost-of-living crisis. The Consumer Prices Index (CPI) jumped to 9.4 percent last month from 9.1 percent in May, the Office for National Statistics said in a statement. Analysts said the data put pressure on the Bank of England to raise interest rates by as […]
WELLINGTON, New Zealand (AFP) — Inflation in New Zealand rose to a 32-year high of 7.3 percent on-year in the second quarter, according to official figures released Monday. The main drivers were rising fuel, food and housing costs, said Stats NZ, putting inflation at a level last seen in 1990. “Supply chain issues, labor costs, and higher demand have continued to push up the cost of building a new house,” said Jason Attewell of Stats […]
by Jack MOORE Agence France Presse Russia’s war in Ukraine poses the greatest threat to the global economy, US Treasury Secretary Janet Yellen said Thursday as G20 ministers prepare to start talks in Indonesia. Moscow’s invasion has sent inflation soaring at a time when the world is struggling to recover from the Covid-19 pandemic, endangering the gains of the past two years and threatening widespread hunger and poverty. “Our greatest challenge today comes from […]
by Heather SCOTT Agence France Presse US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on President Joe Biden, whose approval ratings have taken a battering from the relentless rise in prices. Government data released Wednesday showed a sharp, faster-than-expected increase in the consumer price index compared to May driven by significant increases in gasoline prices. The 9.1 percent CPI spike over the past […]
SEOUL, South Korea (AFP) — South Korea’s central bank on Wednesday delivered a historic half-point interest rate hike to tame fast-growing inflation, particularly soaring energy costs linked to the war in Ukraine. The Bank of Korea (BOK) raised its benchmark policy rate by 50 basis points to 2.25 percent, it said in a tweet, the largest increase since its current framework was implemented in 1999. The decision comes as Asia’s fourth-biggest economy recovers from […]
HONG KONG, China (AFP) — Asian markets were mixed Thursday as another forecast-busting US inflation print ramped up bets on a series of sharp interest rate hikes by the Federal Reserve, and other central banks race to tighten monetary policy. The keenly awaited consumer price index came in at a blistering 9.1 percent in June, the highest since November 1981, as energy costs continued to rocket on the back of rising demand and weak […]
PORT-AU-PRINCE, Haiti (AFP) — A week of gang violence in Haiti’s capital has left at least 89 people dead, a rights group said Wednesday, as soaring prices, fuel shortages and gang warfare accelerate a brutal downward spiral in the security situation in Port-au-Prince. The unrest erupted on July 7 between two rival factions in Cite Soleil, an impoverished and densely populated neighborhood of Port-au-Prince. As gunfire crackled in the slums for nearly a week, […]
