Eurozone inflation dips to 4.3%, fueling interest rate hopes
01 October 2023 | 2:23 pm
Inflation in the eurozone fell to an almost two-year low. The news increases pressure on monetary policymakers to halt their recent string of painful interest rate hikes in the common currency area.
June 2, 2023
June 9, 2023
June 12, 2023
June 17, 2023
German consumers are looking less concerned when shopping for groceries these days, as prices for food have begun falling slowly. But is peak inflation behind them?
The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.
The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.
Two consecutive quarters of contraction have placed the eurozone economy into recession.
Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.
German stocks have rallied to a new record amid expectations that US interest rate rises are about to plateau.
The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.
Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.
African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.
The interest rate was increased to an anticipated 5.25%, the bank's 14th hike in a row. The bank is expected to continue with its policy of hiking the interest rate in the next months to combat inflation.
The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.
6 mins ago
In this edition of arts24's weekly music show, Jennifer Ben Brahim is joined by French singer-songwriter Edouard Bielle. His look and sound takes us back to the 1970s, inspired by Christophe and Etienne Daho. He's just dropped his debut EP "Loverdose", a record that delves into the addictive nature of love.
7 mins ago
Irish writer Paul Lynch won the 2023 Booker Prize on Sunday for his novel “Prophet Song,” the story of a family and a country on the brink of catastrophe as an imaginary Irish government veers towards tyranny.
7 mins ago
Germany's ruling coalition has agreed on a supplementary budget to lift a self-imposed cap on borrowing for longer than planned. Berlin is faced with a spending commitment headache after a key legal ruling.
1 hour ago
From Ridley Scott's epic about Napoleon to a film on the woman who brought the music of the tiny Cape Verde islands to a worldwide audience, join us for our film show with critic Lisa Nesselson and Ana Sofia Fonseca, the filmmaker behind the documentary "Césaria Evora — The Barefoot Diva".
1 hour ago
Italy is one of the main countries of arrival in Europe for thousands of minors crossing the Mediterranean on their own. Since the beginning of her mandate as prime minister, far-right leader Giorgia Meloni has prioritised the fight against illegal immigration. This fall, the Italian executive approved a decree targeting unaccompanied minor migrants.
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.