Inflation hits 13-year-high in South Africa
24 July 2022 | 12:50 pm
Headline consumer inflation in South Africa surged to 7.4% in June, higher than analysts' predictions and ahead of a central bank interest rate announcement. Rhiannon Oliver has more.
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.
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.
A new deal paves the way for the development of the first African-owned Covid-19 vaccines. Cape Town-based Afrigen is working with a Belgian biotech company to develop mRNA shots. Also, Kenya has no reproductive health legislation but the public is going to give its input on a regional bill that could make a big difference to sexual health services. Finally, in football news, Senegal's Sadio Mané moves to Bayern Munich.
A new deal paves the way for the development of the first African-owned Covid-19 vaccines. Cape Town-based Afrigen is working with a Belgian biotech company to develop mRNA shots. Also, Kenya has no reproductive health legislation but the public is going to give its input on a regional bill that could make a big difference to sexual health services. Finally, in football news, Senegal's Sadio Mané is moving from Liverpool to Bayern Munich.
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.
A new judicial report claims Jacob Zuma is "a critical player" in a massive theft from state enterprises in South Africa. But the ex-president pledged to challenge the findings.
Here are a few reasons to pick up a copy of The Guardian on Monday. Find these stories and much more when you grab a copy of The Guardian on Monday.
South Africa's small businesses, still reeling from the impact of the COVID-19 pandemic and squeezed by inflation at a five-year peak, are now taking further strain during the worst power cuts in over two years.
In South Africa, a xenophobic movement called Operation Dudula is accusing illegal immigrants of taking jobs from South Africans. Operation Dudula vigilantes are known to raid small businesses owned by foreigners. With an unemployment rate close to 35 percent, the situation is tense and the populist rhetoric of Operation Dudula supporters is raising fears of new xenophobic riots in South Africa, like in 2008, 2015 and 2019. Our correspondents report.
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