The U.S. dollar was little changed against a basket of currencies. The data showed the world’s largest economy created more jobs than expected in June. The report cemented expectations of another 75 basis-point hike at the Federal Reserve’s policy meeting later this month. The dollar has hit consecutive 20-year peaks this week. The United States … Read more
LONDON: Britain’s unemployment rate has fallen below four percent to reach its pre-pandemic level, official data showed Tuesday. The UK unemployment rate dropped to 3.9 percent in the three months to the end of January from 4.1 percent in the final quarter of last year, “returning to pre-coronavirus pandemic levels”, the Office for National Statistics … 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
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
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
TOKYO: Japan’s core consumer prices edged up year-on-year in December for the fourth month running, buoyed partly by higher energy prices, government data showed on Friday. The core consumer price index, which excludes volatile fresh food prices but includes fuel costs, was up 0.5 per cent in December, following similar rises from September to November. The … Read more
BEIJING: China’s central bank cut a benchmark interest rate on Monday for the first time in nearly two years in a bid to kick-start growth in the world’s number two economy, as it creaks under the impact of a real estate crisis and coronavirus flare-ups. The People’s Bank of China said in a statement that it … Read more
RIYADH: The annual rate of consumer inflation in Saudi Arabia has averaged 3.3 per cent in the year through November 2021, according to the data compiled by Arab News. However, several organisations expect it to be in the lower range of 1 per cent to 2 per cent next year. The 3.3 per cent rate is … Read more
ISTANBUL: The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip Erdogan’s “economic war of independence” by cutting interest rates for the fourth successive month. The reduction of the main rate to 14 per cent from 15 per cent comes in face of an annual inflation … Read more
LONDON: The Bank of England (BoE) will likely hold interest rates at their record lows on Thursday, as policymakers balance decade-high inflation against the economic fallout of the Covid-19 Omicron variant. The BoE’s monetary policy committee will announce its latest decision at 1200 GMT, in a whirlwind 24 hours that includes interest rate calls from both … Read more
RIYADH: Annual inflation rate in Saudi Arabia hit 1.1 per cent in November, up from 0.8 per cent in the previous month, Arab News quoted Gastat report, as saying. This is the highest level since June and the third month in a row in which inflation rate rose, yet it remains within analysts’ expectations. Specifically, … Read more
RIYADH: Saudi Arabia is set to experience strong economic growth in the fourth quarter of 2021, thanks to oil production hitting its highest level since April 2020, Arab News quoted a report from Capital Economics. Some 9.76 million barrels per day were produced in October, broadly in line with pre-virus levels of output, analysts at the London-based … Read more
BEIJING: Manufacturing activity in China edged up in November on the back of an easing in power shortages and a drop in some raw material costs, official data showed on Tuesday. The Purchasing Managers’ Index (PMI) — a key gauge of manufacturing activity — in the world’s second-biggest economy rose to 50.1, returning above the … Read more
CAIRO: Economic research firm Capital Economics expects the Saudi economy to grow 2.5 per cent this year and by an impressive 7.3 per cent in 2022, Arab News reported. When compared to the firm’s pre-pandemic estimates, the country’s GDP would be about 3 per cent higher by the end of 2023. William Jackson, Chief Emerging Market Economist … Read more
