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 European Commission has revised its economic forecasts upwards slightly, predicting growth of almost 1% in the bloc for 2023. Inflation is expected to slow but remain high, a little more so outside the eurozone.
Relentless rains in South Africa have claimed at least a dozen victims with the bad weather forcing the government to declare a national state of disaster. It comes less than a year after the country’s deadliest floods. And, as the civilian death toll rises from rebel fighting in Eastern Congo, more people are seeking refuge in the North Kivu town of Goma.
The government in Buenos Aires has imposed price caps on many goods to rein in runaway inflation. While the curbs are welcomed among low income locals, economists doubt they will remedy the country's persistent problem.
The annual inflation among the 20 nations that use the euro has fallen, but less than expected as food costs surge.
Food prices contributed to the high inflation rates, increasing even more than fuel prices. The prices of energy products were 19.1% higher year-on-year in February.
The US Federal Reserve faces a tricky balancing act, as it tries to navigate high inflation and instability in the banking sector. Alexander Yokum, of CFRA Research, says the collapse of Silicon Valley Bank and Signature Bank could affect the Fed's next interest rate decision, despite a 6 percent jump in consumer prices.
In March 2020, Paris emptied as the first Covid-19 lockdown was announced. City dwellers fled and sought refuge in the countryside. Three years later, what has become of those Parisians who embarked on a new way of life? And how has the arrival of these "neo-rurals" affected the local landscape? Our team went looking for the answers in the Perche regional park in north-western France, an area where many Parisians have settled.
The West African nation is facing one of its worst economic crises in decades. Soaring inflation is compounding the sufferings of many Ghanaians who now have to dig deeper into their pockets to afford essential goods.
The oil production cuts will total more than a million barrels per day — the biggest reduction since OPEC slashed two million barrels a day in October.
Supply chain bottlenecks and the war in Ukraine caused inflation to soar. Now, policymakers are pointing to high corporate profits as another driver of increased consumer prices. Will governments intervene?
Ramadan this year comes at a hard time for Pakistanis. The Islamic holy month has been overshadowed by rising food inflation, and tightened budgets have made things tougher for Pakistan's poorest.
During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies.
25 mins ago
Germany's conservative opposition parties think that what the country needs is more patriotism — to overcome political polarization and make eastern Germans feel more included. But what does patriotism mean in Germany?
25 mins ago
The French medical charity Doctors Without Borders has warned of a looming health crisis in Kenya's Dadaab refugee complex. The camp hosts nearly 300,000 refugees from Somalia and neighboring countries.
29 mins ago
West Ham United might perhaps be the Oliver Twist of the year. They have survived relegation but they can end a 43-year-old trophy drought. In this edition of The Nutmeg, Ayomide Sotubo jumps on a preview of the UEFA Europa Conference League final.
1 day ago
Find these stories and much more when you grab a copy of The Guardian on Wednesday.
1 day ago
The Odisha train crash has put a fresh spotlight on safety as the government modernizes the country's extensive railway network and infrastructure.