Eurozone inflation reaches record 8.1% in May
01 June 2022 | 4:24 pm
Inflation in the eurozone has hit another record high, as the war in Ukraine stokes energy and food prices. Prices had already been increasing because of supply chain problems in the wake of the coronavirus pandemic.
As commodity prices spike because of the war in Ukraine, South Africa's finance minister warns that the country might face fallout from inflation of food and oil prices, but that the conflict could also lead to a boost in the country's export revenue. Plus, there are warnings of a humanitarian crisis in Burkina Faso's northern city of Djibo. Hundreds of thousands of people there are struggling to get food or water as jihadists besiege the city.
Ethnic clashes leave at least 17 people dead in Sudan's Darfur region. Observers blame. Arab militias for launching attacks to settle land and livestock disputes. The cost of living for Ghanaians is at its highest in almost 6 years. The increasing price of basic goods such as water and oil leave families and businesses struggling. And Congolese authorities vow to clamp down on shoddy construction after a tragic accident in Kinshasa. Experts blame corruption and poor urban planning.
The coronavirus seven-day incidence rate in Germany has crossed 1,600 for the first time. Meanwhile, New Zealand is opening its doors to tourists after a long wait.
Nigeria to hold second interest rate meeting of 2022 on the back of an upsurge in inflation and fragile growth. Persistent double-digit inflation could pile pressure on the central bank to reconsider its dovish stance on rates.
Inflation in France is set to surpass 4 percent in March, according to the latest estimates from the national statistics institute Insee. The pace of price rises has already hit the highest level since 2008. The rising cost of living has become a central issue in the French presidential election campaign, with promises from candidates to cut taxes and raise wages to tackle it.
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World food commodity prices reached their highest levels ever in March, as war in #Ukraine spreads shocks through markets. The @FAO Food Price Index averaged 159.3 points in March, up 12.6% from Feb 2022 and was 33.6% higher than in March 2021.
The price of staple foods like rice, onions and oil is rising in Senegal - leaving Muslim families who are celebrating Ramadan relying on charity.
Consumer prices in the US surged by 8.5 percent in March, the fastest pace since 1981. The inflation spike was fuelled by a 32 percent jump in energy costs, linked to Russia's war in Ukraine. Many American consumers are struggling to keep up with the price rises. Also in the show: Emmanuel Macron appears to waver on his pledge to raise France's retirement age to 65, and Sri Lanka enters default as its economic crisis deepens.
61% of small business owners in the US say that the current state of the economy is making it difficult for them to stay open. This is according to a survey of over 500 small business owners commissioned by Clarify Capital.
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