First lockdown, now inflation: could surging prices wipe out spending power?
17 February 2022 | 6:10 am
Could inflation prove more perilous to livelihoods than lockdown? The latest figures from France and its neighbours show light at the end of the public health crisis tunnel, but there's no time to celebrate. The recovery has spawned a bidding war over goods and raw materials that's cancelled out wage hikes for an in-demand labour force.
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.
Inflation in the United States has jumped to 7%, the highest increase in nearly four decades. The Federal Reserve has already begun removing pandemic-related stimulus.
Small business owners and shoppers in a Washington, D.C. neighborhood on Wednesday said they were struggling to adjust to rising prices, amid the highest inflation in nearly 40 years.
US consumer prices rose last year at the highest rate in four decades. With inflation at 7% in 2021, US consumers have not seen prices soar so much since the early 1980s.
British Prime Minister Boris Johnson has acknowledged he attended a party at Downing Street during the coronavirus lockdown in May 2020. He claimed he was not aware of the nature of the gathering before arriving, but the opposition wants him to step down.
Boris Johnson has apologized for attending an event in the back garden of 10 Downing Street on May 20, 2020, at which point Britons were prohibited from gathering due to strict coronavirus restrictions. At the start of the weekly session of Prime Minister's Questions, Johnson said he did attend the gathering for 25 minutes before going inside to work. He said he believed the gathering to be a work event, but with hindsight conceded he should have sent attendees back inside.
Boris Johnson has insisted he believed a gathering in No 10’s garden during the first lockdown would be a “work event” after being accused of lying to Parliament by Dominic Cummings. The PM was speaking at the Finchley Memorial Hospital in North London.
Brent crude topped $88 a barrel in Tuesday trading, its highest level since October 2014 - creating a further potential headache for squeezed UK consumers if the increase is passed on to petrol pumps.
With prices at the pump surging and a showdown looming with major gas supplier Russia, the French president addressed the European Parliament to mark France's rotating presidency of the bloc. We ask about what Emmanuel Macron said and didn't say about the highest fuel prices in seven years with some of Paris's petrol stations asking two euros a litre at the pump.
During a press conference to mark his first year in office, US President Joe Biden cited high prices as one of the biggest problems facing the United States. Inflation hit a 40-year high of 7 percent in December. Our correspondents report from Washington on how a higher cost of living is driving many workers to change jobs for higher pay, and FRANCE 24's Business Editor Stephen Carroll looks at how the French government is tackling this issue.
The US saw 7% year-over-year price increases in December, the largest hike in nearly four decades. This comes as omicron threatens to snarl supply chains once again.
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