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(Eagle News) – The Bangko Sentral ng Pilipinas set its key policy rate at 3.25 percent, after the Monetary Board decided to raise the interest rate on the BSP’s overnight reverse repurchase by 75 basis points. This is effective Thursday, July 14, after the morning’s regular meeting of the Monetary Board. BSP Governor Felipe Medalla said that “accordingly, the interest rates on the the overnight deposit and lending facilities were raised to 2.75 percent […]
The White House said it expects June inflation data due out on Wednesday to be “highly elevated,” hours before the release of the latest consumer price index. US President Joe Biden has seen his approval ratings plummet as Americans face the worst inflation surge in more than 40 years. Promising to do whatever it takes to rein in price rises, the Federal Reserve has launched a series of aggressive interest rate hikes that have […]
by Sonia Avalos Agence France-Presse BUENOS AIRES, Argentina (AFP) — A political crisis in inflation-ravaged Argentina that was sparked by the economy minister’s resignation has spooked markets and generated fears resulting in panic buying and hasty price hikes, as the informal exchange rate soars. “Every day it’s like going out to hunt a lion,” Luis Sacco told AFP in front of his electronics store in the capital Buenos Aires. Since Monday, prices have risen dramatically […]
Pres. Marcos Jr., says inflation is currently a problem everywhere, disagrees with the 6.1 percent inflation rate cited by PSA (Eagle News) – The Philippines’ annual headline inflation reached 6.1 percent last June, considered the “highest recorded inflation since October 2018” mainly due to the rise of inflation in food and transport sector, according to data from the Philippine Statistics Authority (PSA). But President Ferdinand Marcos Jr., believes that the inflation may not be […]
BRUSSELS, Belgium (AFP) — Eurozone inflation accelerated to another record high in June, official data showed on Friday, as the consequences of the Ukraine war continued to hammer the European economy. The EU’s Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since […]
COLOMBO (AFP) – Sri Lanka’s inflation hit a ninth consecutive record in June, official data showed Friday, rising to 54.6 percent a day after the IMF asked the bankrupt nation to rein in galloping prices and corruption. It was the first time the increase in the Colombo Consumer Price Index (CCPI) crossed the psychologically important 50 percent mark, according to the department of census and statistics. The figures came hours after the International Monetary Fund […]
WASHINGTON, June 22, 2022 (AFP) US President Joe Biden will ask Congress Wednesday to suspend the federal gas tax for three months as skyrocketing prices cause widespread anger among Americans just months before crucial mid-term elections. The White House wants to discontinue the tax of 18 cents per gallon (3.78 liters) until September and will call on US states, which also tax at the pump, to do the same to “provide direct relief to […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — A massive interest rate hike by the US Federal Reserve and promises of more to come are fueling warnings that the only offramp from the searing price hikes engulfing American families is a full-blown recession. The Fed remains hopeful it can slow activity and demand, cooling the blistering pace of inflation, without derailing the world’s largest economy. But skepticism is growing about the chances of […]
SYDNEY , Australia (AFP) — Australia raised the minimum wage by over five percent on Thursday, a slower-than-inflation increase as prices for basic goods soar. The Fair Work Commission set the new minimum rate at Aus$21.38 (US$14.75) an hour, a 5.2 percent increase. Inflation is forecast to hit seven percent by the end of the year, according to central bank governor Philip Lowe. Food, fuel and other costs have been pushed higher by Russia’s invasion […]
by Beiyi Seow Agence France-Presse BEIJING, China (AFP) — Bedevilled by high fuel and fertilizer costs, along with a labor crisis driven by Covid-19 restrictions, China risks a smaller autumn harvest that could supercharge demand for commodities just as the world can afford it least. Global food prices have spiked since Russia’s February invasion of Ukraine, a major world producer of wheat, corn and sunflower oil, driving costs to record highs. Moscow stands accused of […]
HONG KONG, China (AFP) — Markets tumbled in Asia and Europe on Monday to extend a global rout while the dollar soared after a forecast-beating US inflation print ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes. Fresh Covid outbreaks in Shanghai and Beijing have also seen authorities reimpose containment measures soon after lifting them, leading to fears about the world’s number two economy. The possibility of more restrictions […]
World food prices fell slightly for the second consecutive month in May but wheat prices rose again as Russia’s war in Ukraine rages on and India banned exports of the commodity, a UN agency said Friday. Russia’s invasion of Ukraine sent food prices to a record high in March as both countries are major exports of agricultural goods, sparking fears of a global hunger crisis. The United Nations Food and Agriculture Organization’s food price index […]
