Eurozone inflation jumps to record-high 10.7%
01 November 2022 | 11:45 am
The increase outpaced the predictions from economists. The European Central Bank hinted that another interest rate hike was likely on the horizon.
The European Central Bank has left the interest rate unchanged but indicated that it will rise in July — the first hike since 2011. It is also halting a program which ultimately amounts to printing electronic money.
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Germany's Bundesbank has predicted annual inflation of 7.1% as prices spiral upward. The central bank also cut its economic growth forecast, warning that the situation could get worse depending on the war in Ukraine.
The 8.6% yearly increase is the biggest since 1981. President Biden's efforts to stem the tide are having little effect as the impact of Russia's invasion of Ukraine continues to hit global economies.
Traders across various markets in Nigeria have lamented the fast-growing inflation as food prices have continued to record an exponential growth in price. GuardianTV went to the market to speak with both sellers and buys about how expensive things have become.
The Japanese and Indian currencies plunged to their lowest records in decades against the US dollar as Washington looked set to hike interest rates in a bid to tackle inflation.
Wall Street had one of its worst days in recent weeks on Monday as a worse-than-expected US inflation figure last Friday fuelled concern about more aggressive rate hikes to come from the Federal Reserve. Cryptocurrencies also continued to tank after a lender froze withdrawals. Plus, as Europe looks to bolster the continent's energy security, France's TotalEnergies signs a deal with Qatar on a major gas field project.
Inflation is a problem everywhere but in Turkey it is currently a staggering 73.5%, with no end in sight. Still, President Erdogan insists on maintaining low interest rates.
Federal Reserve raises key interest rate 0.75% as it tries to calm inflation. The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades.
Since Russia invaded Ukraine four months ago, the cost of living crisis has become a global issue. Prices have gone up around the world. In Europe, the countries that use the euro saw an average of 8.1 percent inflation in May. Pressure on prices, combined with stuttering economic growth, has sparked fears of a recession. These concerns could still come into play regarding the EU's response to the Russian invasion of Ukraine. In this programme, we're joined by two MEPs to discuss how the EU should balance sanctions against Russia with the risk of recession.
Zimbabwe's central bank has announced plans to sell gold coins in a bid to tame runaway inflation that has considerably weakened the local currency.
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