Inflation hits 25-year high across OECD as Fed warns of threat to jobs
12 January 2022 | 12:04 pm
The rate of price rises across the 38 members of the OECD hit 5.8 percent in November, the highest since 1996. In the United States, the head of the Federal Reserve, Jerome Powell, has warned that high inflation poses a "severe threat" to the jobs market, ahead of the release of the latest figures there on Wednesday. FRANCE 24's Business Editor Stephen Carroll examine the factors driving the spike in inflation, and how long it might last.
The Fed raises interest rates by the most in over 20 years The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.
After a sell-off on Wall Street, global investors are grappling with price increases and rising borrowing costs. Inflation is particularly brutal in Turkey, and the Greek government unveils a program to protect households from soaring energy prices.
Nearly 5 million jobs lost since start of invasion, labour markets disrupted in neighbouring countries. An estimated 4.8 million jobs have been lost in Ukraine since the start of the Russian invasion, according to a report from the International Labour Organisation.
Inflation is at its highest level in decades in many parts of the world. In the US, consumer prices were 8.3 percent higher in April than a year earlier. In the eurozone, they rose by around 7.5 percent. Energy prices have been driving the surge, with Russia's war in Ukraine further fuelling the trend. But higher inflation tends to have a bigger impact on low-income households. Xavier Jaravel from the London School of Economics discusses this and more with FRANCE 24's Kate Moody.
British inflation surged last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up his help for households facing a worsening cost-of-living crisis.
Prices in Germany have increased by 7.9% this month, the highest amount since reunification.
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.
French inflation comes in higher than expected at 5.2 percent at May, with consumer prices also on the rise across the continent, driven by skyrocketing food and fuel costs. We take a closer look at how French consumers are looking for discounts in supermarkets. Also, we see how the fashion industry's sustainability efforts continue to fall short.
The German government is supporting Ukraine, battling inflation, and combatting climate change. A monthly survey has asked voters how they rate the efforts.
Russia's war in Ukraine is derailing the global economy's recovery from the pandemic. The Organisation for Economic Cooperation and Development (OECD) is the latest to slash its forecast for economic growth, warning of high inflation and a possible food crisis. Also in the show: India's central bank raises interest rates for the second time in less than a month, while Turkey's government refuses to do so, despite spiralling inflation.
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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