WASHINGTON: WTO chief Ngozi Okonjo-Iweala has warned about the “economic impacts” of the war in Ukraine, a major wheat exporter, which will hurt consumers around the world. “There’s going to be a big impact with respect to wheat prices and prices of bread for ordinary people as well,” she said at a virtual event with … Read more
WASHINGTON: Americans saw their incomes climb slightly in the first month of 2022, but the gain was overtaken by rising prices, which increased at their fastest rate in 40 years, according to the government data. Rising energy prices continue to be a key factor driving inflation and global oil prices have been moving steadily higher … Read more
ANKARA: Gold has a central place in Turkish customs from birth to weddings. As the country is battling economic woes and low foreign currency reserves, the authorities want to draw the yellow metal stored by citizens into the banking system. As Turkey’s annual inflation surged to a two-decade high of 48.7 per cent in January, … Read more
When the Group of 20 finance ministers and central bank governors gather in Jakarta, in person and virtually, this week, they can take inspiration from the Indonesian phrase, gotong royong, ‘working together’ to achieve a common goal. This spirit is more important than ever as countries are facing a tough obstacle course this year. The … Read more
ISTANBUL: Kicked out in the middle of a harsh Turkish winter, 30-year-old Erdem Yilmaz calculated that he spent two and a half months’ salary to urgently relocate to a new home in Istanbul. The father of a two-year-old is not the only Turk in this situation after last year’s currency crisis. Disputes between homeowners and … Read more
BRUSSELS: Eurozone inflation soared in February to a record high of 5.8 per cent, mainly on the back of surging energy prices, the EU’s official statistics agency Eurostat said on Wednesday. The acceleration, from 5.1 per cent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on … Read more
SAO PAULO: Brazil’s vibrant mix of business, beaches and carnival has long lured expats from around the world, but a reverse migration is also in effect, as each year thousands of citizens pack up and head for new pastures. High levels of violence, unemployment, inflation and the pandemic are main reasons why Brazilians have left … Read more
Minister of State for Information and Broadcasting Farrukh Habib said the relief package announced by the Prime Minister would help reduce the burden of inflation on the people. Read more: Farrukh Habib seeks scrutiny of accounts of all political parties Talking to the media persons in Islamabad on Tuesday, he said that resources had been … Read more
KARACHI: The global wave of inflation has hit Pakistan hard. The low-income segment of the society has particularly been affected by the sharp rise in the prices of basic kitchen items. The average inflation based on the Sensitive Price Indicator (SPI) increased 18.09 per cent on a year-on-year basis by the week ended February 18, … Read more
WASHINGTON: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen told AFP. Yellen conceded in an interview she is “concerned” about inflation running at its highest level in decades, and warned … Read more
Economists debating inflation in the United States are confronting a difficult challenge: stripping out volatile price changes to gauge underlying pressures. The most common measure of underlying or “core” inflation, which excludes volatile food and energy prices, has been hard to read during the pandemic. The traditional measure came into wider use in the 1970s, … Read more
WASHINGTON: Fitch Ratings on Friday downgraded Turkey’s debt from BB- to B+ with a negative outlook, citing high inflation and a lack of confidence in policymakers to turn the tide. The downgrade comes after data released earlier in the month showed inflation hitting a two-decade record of nearly 50 per cent in January, though some … Read more
LONDON: Britain’s economy grew by a record 7.5 per cent last year on easing Covid curbs after a pandemic-driven collapse, official data showed, but analysts warned that sky-high inflation clouds the 2022 outlook. The expansion, which was the fastest since records began in 1948, followed a record 9.4 per cent slump in 2020, the Office … Read more
WASHINGTON: After two weeks of talks, the IMF has said it has advanced efforts to secure an aid program to help Lebanon overcome its “unprecedented and complex” economic crisis, but more work is needed. The country will need fiscal reforms that ensure it can manage its debt load as well as measures to establish a … Read more
Supply disruptions coupled with strong demand for goods, rising wages and higher commodities prices continue to challenge economies worldwide, pushing inflation above central bank targets. To contain price pressures, many economies have started tightening monetary policy, leading to a sharp increase in nominal interest rates, with long-term bond yields, often an indicator of investor sentiment, … Read more
LAHORE: The rupee depreciation, high input costs and inflation are big challenges. The situation will not improve until or unless the government give due importance to other sectors, Small and Medium Enterprises (SMEs) and cottage industry and check inflation, said Tahir Manzoor Chaudhry, chief executive officer of Lever Group of Companies. The government is only … Read more
HONG KONG – Asian markets rebounded Wednesday and Europe extended gains on hopes that Russia will not invade Ukraine after Moscow said some of its troops on the countries’ border had started pulling back. While not verified, the claims by Russia provided some much-needed relief for investors, who had grown increasingly fearful of a conflict … Read more
LONDON: UK annual inflation has hit the highest level since 1992, data showed Wednesday, adding pressure to the cost of living and on the Bank of England to keep raising rates. The Consumer Prices Index (CPI) edged up to 5.5 per cent in January from 5.4 per cent in December, also a level not seen in … Read more
KARACHI: Korangi Association of Trade and Industry (Kati) acting president Maheen Salman has expressed reservations over the sharp rise in inflation in the country, a statement said. The inflation rate for the working class has crossed 21 per cent, which is a matter of great concern. According to the data released by the Bureau of … Read more
HAVANA: Cuba on Saturday announced a new 10 per cent tax on retail food sales, as the country endures economic woes marked by rampant inflation. The levy taking effect on Monday will target self-employed people and small- and medium-sized companies in the retail food sector, said the decree published in the official government gazette. These … Read more
KINGSTON UPON HULL, United Kingdom: On the banks of the River Humber in northern England, the winds of change are blowing through Hull, where factory workers busily craft turbine blades in a green revolution. Hull, known for a once-thriving fishing industry, the poet Philip Larkin, rugby league, and the city’s eponymous football club recently bought … Read more
The continuing global recovery faces multiple challenges as the pandemic enters its third year. The rapid spread of the Omicron variant has led to renewed mobility restrictions in many countries and increased labor shortages. Supply disruptions still weigh on activity and are contributing to higher inflation, adding to pressures from strong demand and elevated food … Read more
LAHORE: Volatile exchange rates, higher markup and the weakening rupee are the key hurdles in tapping the full potential of the Rs20 trillion packaging industry, said Zaki Aijaz Qureshi, director of Roshan Packages Limited. “The manufacturing sector mostly relies on imported raw material and the packaging industry is no exception. Plastic, paper and tinplate packaging … Read more
LAHORE: Volatile exchange rate and higher inflation are the key challenges for the businesses, said Mian Nauman Kabir, president of the Lahore Chamber of Commerce and Industry. “Volatile exchange rate is a big challenge. Usually, shipments are received months after placing import orders. Change in the exchange rates squeezes profit margins and in many cases … Read more
BRUSSELS: Inflation in the eurozone soared to a new record high in January, official data showed on Wednesday, adding pressure on the European Central Bank ahead of a monetary policy meeting this week. The figure hit 5.1 per cent last month, a first since the official Eurostat agency started to compile the data in 1997. … Read more
Pakistan Peoples Party (PPP) Parliamentary Leader in the Senate, Senator Sherry Rehman, slammed the incumbent government on its policies and inflation. Speaking on the presidential system, she said, “It was Shaheed Mohtarma Benazir Bhutto who signed the historical Charter of Democracy after finding consensus with Pakistan Muslim League – Nawaz (PML-N), the party that was … Read more
KARACHI: The headline inflation based on Consumer Price Index (CPI) hit two-year high of 13 per cent in January 2022. The CPI inflation general increased by 13 per cent on year-on-year basis in January 2022, as compared to an increase of 12.3 per cent in the previous month and 5.7 per cent in January 2021, … Read more
WASHINGTON: President Joe Biden on Friday praised Intel’s plans to spend $20 billion on a new US semiconductor facility, hailing the ‘historic’ investment even as a global chip shortage fans the inflation wave weighing on his leadership. Biden is urging manufacturers to bring production back to the United States, which was once a leader in … Read more
