US Fed raises interest rates to tackle inflation
05 May 2022 | 3:13 pm
The central bank has announced a 0.5% interest rate hike — its highest increase in more than 20 years. The US move comes as a number of other countries cut lending rates to deal with rising prices.
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The inflation rate in Europe's top economy dropped to 10% for November, preliminary data from Germany's federal statistics agency Destatis showed. This comes after hitting a record high in October.
The euro is performing better than expected with annual inflation dropping to 10% in November this year, partly due to energy prices. But experts are not overly optimistic.
The raise is more modest than the previous 0.75% consecutive increases, which comes as inflation starts to slow in the US. The move comes hours ahead of expected similar decisions in Europe and the UK.
The head of Germany's central bank has said it will take until 2024 for inflation to decline sharply. Joachim Nagel said it would take time for the effect of higher interest rates to kick in.
Consumers can expect more price rises in 2023 and 2024 as energy costs remain elevated, the head of a group of experts advising the German government said.
France's cost of living crisis shows signs of stabilizing, as inflation dropped from 7.1% to 6.7% in December. It's among the lowest levels in the Eurozone, but many households and businesses are still struggling. French bakers are asking for more financial aid, with the cost of flour up a staggering 45%.
France's cost-of-living crisis shows signs of stabilising, as inflation dropped from 7.1 percent to 6.7 percent in December. It's among the lowest levels in the eurozone, but many households and businesses are still struggling.
Inflation in the 19 countries using the euro stood at 9.2% year-on-year in December. Having peaked in October at 10.6%, a slight reduction in the pace of inflation is prompting hopes of the peak having passed.
Inflation in Germany stood at an aggregate of 7.9% for 2022, official figures show. That's the highest it's ever been in Germany's post-war history. Food and fuel prices in particular drove consumer prices skyward.
A building-price explosion has ruined Germany's apartment-building plans. The rental market is becoming nightmarish, and experts say the government hasn't even begun to grasp the scale of the crisis.
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