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Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices.

Inflation has surged since last year, when the lira slumped after the central bank began cutting its policy rate in an easing cycle long sought by President Recep Tayyip Erdogan.

In the last three months, the central bank slashed its policy rate by a total of 350 basis points to 10.5%. It promised another cut this month as the final move in the current easing cycle, running counter to the global monetary policy tightening trend.

Month-on-month, consumer prices rose 3.54%, the Turkish Statistical Institute said, below 3.60% forecast in a Reuters poll. Annually, consumer price inflation&nbsp;was forecast to be 85.60%.

Also read |&nbsp;<a href="https://www.wionews.com/world/with-over-90-votes-counted-netanyahu-on-course-to-become-israel-pm-530821" hreflang="en">With over 90% votes counted, Netanyahu on course to become Israel PM</a>

The annual inflation in October was the highest since June 1998, when Turkiye was working to end a decade of high inflation.

Haluk Burumcekci, founder of Burumcekci Consulting, said the October print could be the peak for headline inflation if the lira does not weaken further.

"We think that the headline inflation may have seen its peak unless there is a depreciation from the lira's current level," he said. "A significant decline (in inflation) could only happen towards the 70-75% range due to the base effect in the last month of the year."

The lira's 44% decline last year and 29% this year was the main reason behind soaring inflation, in addition to surging energy prices.

Month-on-month clothing led the price rises with 8.34%, followed by food prices, which rose 5.09%, and furnishing and household equipment prices, which rose 4.38%.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/imran-khan-among-five-injured-after-firing-during-pti-rally-in-pakistan-530857">'Assassination attempt' on Imran Khan: Man fires shots, ex-Pakistan PM injured</a>&nbsp;

Transportation, which includes petrol prices, led the annual rise with 117.15%, followed by food prices at 99.05% and furniture and household equipment at 93.63%.

The median forecast for year-end inflation in the latest Reuters poll was 70.25%, while Turkiye's central bank raised its year-end forecast to 65.20% last week, its fourth upward revision this year.

The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus. The domestic producer price index was up 7.83% month-on-month in October for an annual rise of 157.69%.

Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices.

Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices. Inflation has surged since last year, when the lira slumped after the central bank began cutting its policy rate in an easing cycle long sought by President Recep Tayyip Erdogan. In the last three months, the central bank slashed its policy rate by a total of 350 basis points to 10.5%. It promised another cut this month as the final move in the current easing cycle, running counter to the global monetary policy tightening trend. Month-on-month, consumer prices rose 3.54%, the Turkish Statistical Institute said, below 3.60% forecast in a Reuters poll. Annually, consumer price inflation was forecast to be 85.60%. Also read | With over 90% votes counted, Netanyahu on course to become Israel PM The annual inflation in October was the highest since June 1998, when Turkiye was working to end a decade of high inflation. Haluk Burumcekci, founder of Burumcekci Consulting, said the October print could be the peak for headline inflation if the lira does not weaken further. "We think that the headline inflation may have seen its peak unless there is a depreciation from the lira's current level," he said. "A significant decline (in inflation) could only happen towards the 70-75% range due to the base effect in the last month of the year." The lira's 44% decline last year and 29% this year was the main reason behind soaring inflation, in addition to surging energy prices. Month-on-month clothing led the price rises with 8.34%, followed by food prices, which rose 5.09%, and furnishing and household equipment prices, which rose 4.38%. Also read | 'Assassination attempt' on Imran Khan: Man fires shots, ex-Pakistan PM injured Transportation, which includes petrol prices, led the annual rise with 117.15%, followed by food prices at 99.05% and furniture and household equipment at 93.63%. The median forecast for year-end inflation in the latest Reuters poll was 70.25%, while Turkiye's central bank raised its year-end forecast to 65.20% last week, its fourth upward revision this year. The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus. The domestic producer price index was up 7.83% month-on-month in October for an annual rise of 157.69%.

Turkiye's inflation shoots up to a 24-year high of 85.5% after rate cuts

Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024.&nbsp;

The BoE announced after a meeting that it was raising borrowing costs by 0.75 percentage points to three per cent, the highest level since the global financial crisis of 2008. The decision to an interest rate hike is taken to curb UK inflation, which it predicts will soon reach a four-decade high of close to 11 per cent.&nbsp;

BoE governor Andrew Bailey told a press conference: "It is a tough road ahead. The sharp increase in energy prices caused by Russia's invasion of Ukraine has made us poorer as a nation. The level of economic activity is likely to be flat and even fall for some time."&nbsp;

With rising food and energy prices, the most recent rate increase is a reflection of aggressive rate tightening by central banks around the world. The US Federal Reserve abruptly raised interest rates by 0.75 percentage points on Wednesday, and its chairman, Jerome Powell, hinted that rates will rise more than anticipated.&nbsp;

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WATCH |&nbsp;US Fed hikes interest rates by 0.75%&nbsp;

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The BoE predicted that British inflation would reach a top of 10.9 percent this year, but because the rate is so high, analysts believe it may reach as high as five percent in the near future.&nbsp;

Millions of Britons are expected to experience a worsening cost-of-living problem as a result of the BoE rate increase, as increases by central banks cause retail lenders to raise interest rates on their own loans.&nbsp;

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Bailey also agreed to it as he said that these are "big changes" and they have a real impact on people's lives. He said they are increasing bank rate at the time when so many people are already struggling with higher energy and food prices and other bills, because inflation is too high and it is the bank's job to "bring it down".&nbsp;

Meanwhile, Craig Erlam, an analyst at trading platform OANDA, said: "The central bank has had the unenviable job of fighting soaring inflation amid enormous economic and political uncertainty."&nbsp;

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Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024.

Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024. The BoE announced after a meeting that it was raising borrowing costs by 0.75 percentage points to three per cent, the highest level since the global financial crisis of 2008. The decision to an interest rate hike is taken to curb UK inflation, which it predicts will soon reach a four-decade high of close to 11 per cent. BoE governor Andrew Bailey told a press conference: "It is a tough road ahead. The sharp increase in energy prices caused by Russia's invasion of Ukraine has made us poorer as a nation. The level of economic activity is likely to be flat and even fall for some time." With rising food and energy prices, the most recent rate increase is a reflection of aggressive rate tightening by central banks around the world. The US Federal Reserve abruptly raised interest rates by 0.75 percentage points on Wednesday, and its chairman, Jerome Powell, hinted that rates will rise more than anticipated. ALSO READ | UK climate minister Stuart concedes language used by Braverman 'unfortunate' WATCH | US Fed hikes interest rates by 0.75% × The BoE predicted that British inflation would reach a top of 10.9 percent this year, but because the rate is so high, analysts believe it may reach as high as five percent in the near future. Millions of Britons are expected to experience a worsening cost-of-living problem as a result of the BoE rate increase, as increases by central banks cause retail lenders to raise interest rates on their own loans. ALSO READ | Liz Truss effigy to go up in flames in Britain’s annual bonfire celebrations Bailey also agreed to it as he said that these are "big changes" and they have a real impact on people's lives. He said they are increasing bank rate at the time when so many people are already struggling with higher energy and food prices and other bills, because inflation is too high and it is the bank's job to "bring it down". Meanwhile, Craig Erlam, an analyst at trading platform OANDA, said: "The central bank has had the unenviable job of fighting soaring inflation amid enormous economic and political uncertainty." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid cost-of-living crisis, Bank of England hikes interest rates and warns UK faces two-year recession

On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high.&nbsp;

In a statement, the central bank said, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” while reiterating its commitment to returning inflation to its 2% objective. This comes after the two-day meeting of the Federal Open Market Committee (FOMC).&nbsp;

The interest rate affects the cost of borrowing and investment in the economy which the Federal Reserve has been increasing since March in a bid to slow the economy down and bring down the soaring inflation in the country. This rate hike marks the central bank’s sixth consecutive increase just this year.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/us-federal-reserve-hikes-interest-rates-to-highest-level-since-2008-518597">US Federal Reserve hikes interest rates to highest level since 2008</a>

The policy decision set the target federal funds rate in a range between 3.75%-4% which is the highest since 2008. The Fed’s policy tightening has sparked a debate about its impact on the US and world economies, additionally, many fear that any further hikes could stress the financial system or even trigger a recession.&nbsp;

“Ongoing increases in the target range will be appropriate,” said the FOMC, indicating that they are “highly attentive” to the risks inflation poses which means that there could be further hikes in the future. This comes as the rate of inflation is at least triple the central bank’s target which has led them to increase rates marking the fastest rounds of increase since the 1980s.&nbsp;

Fed Chairman Powell: chances of&nbsp;‘soft landing’ for economy have&nbsp;‘narrowed’

Federal Reserve Board Chairman Jerome Powell addressed a news conference after the closing of the two-day meeting and said that the “ultimate level” of the central bank’s benchmark policy rate is higher than previously anticipated. Furthermore, chances for the so-called “soft landing” for the economy have “narrowed” but are “still possible”, said Powell.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/videos/federal-reserve-raises-rates-by-75-basis-point-most-aggressive-rate-hike-since-1994-488624">Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994</a>

While investors have supposedly been speculating about the 75-basis point rate hike, they had been anticipating a decrease in the rate hikes after its meeting in December. After the speech, US stocks reportedly went volatile with Dow falling more than 500 points, S&amp;P 500 sinking by 2.5% and the Nasdaq Composite fell 3.4%, as of Wednesday, reported CNN.&nbsp;

(With inputs from agencies)&nbsp;

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On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high.

On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high. In a statement, the central bank said, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” while reiterating its commitment to returning inflation to its 2% objective. This comes after the two-day meeting of the Federal Open Market Committee (FOMC). The interest rate affects the cost of borrowing and investment in the economy which the Federal Reserve has been increasing since March in a bid to slow the economy down and bring down the soaring inflation in the country. This rate hike marks the central bank’s sixth consecutive increase just this year. ALSO READ: US Federal Reserve hikes interest rates to highest level since 2008 The policy decision set the target federal funds rate in a range between 3.75%-4% which is the highest since 2008. The Fed’s policy tightening has sparked a debate about its impact on the US and world economies, additionally, many fear that any further hikes could stress the financial system or even trigger a recession. “Ongoing increases in the target range will be appropriate,” said the FOMC, indicating that they are “highly attentive” to the risks inflation poses which means that there could be further hikes in the future. This comes as the rate of inflation is at least triple the central bank’s target which has led them to increase rates marking the fastest rounds of increase since the 1980s. Fed Chairman Powell: chances of ‘soft landing’ for economy have ‘narrowed’ Federal Reserve Board Chairman Jerome Powell addressed a news conference after the closing of the two-day meeting and said that the “ultimate level” of the central bank’s benchmark policy rate is higher than previously anticipated. Furthermore, chances for the so-called “soft landing” for the economy have “narrowed” but are “still possible”, said Powell. ALSO READ: Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994 While investors have supposedly been speculating about the 75-basis point rate hike, they had been anticipating a decrease in the rate hikes after its meeting in December. After the speech, US stocks reportedly went volatile with Dow falling more than 500 points, S&P 500 sinking by 2.5% and the Nasdaq Composite fell 3.4%, as of Wednesday, reported CNN. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In a historic move, US Federal Reserve raises interest rate by 0.75% again

Reports say U.S banks and financial institutions have processed roughly 1.2 billion dollars in likely ransomware payments last year. Watch this report.

U.S. Banks' record ransomware payments: 50% of attacks attributed to Russian cyber attacks

After several people left the Foxconn factory in China amid the rising number of covid-19 cases in the country and severe restrictions, the company told its staff that it would quadruple their bonuses, if they stay.

WION Business News | China: Foxconn plant to increase bonuses if workers remain at the plant

Toyota Motor Corp on Tuesday posted a worse-than-expected 25% drop in quarterly profit and cut its annual output target, as the Japanese firm battles surging material costs and a persistent semiconductor shortage.

WION Business News | Toyota cuts output target amid chip crunch

The biggest festival season of Diwali is over and the data has shown Indian consumers were grabbing up everything from cars, houses, TV sets to travel and jewelry.

WION Business News | India's monthly indirect tax collection witnessed jump post Diwali season

Asian shares wobbled in cautious trading on Wednesday while the dollar sagged slightly as investors braced for the US Federal Reserve's policy outcome later in the day today with many looking for any signs of a slowdown in future rate hikes.

WION Business News | Global markets brace for US Fed decision

Tony Fernandes has stepped down from his role as acting group CEO of Air Asia with immediate effect. Reports quoted him saying he wants to focus on other commitments.

WION Business News | Tony Fernandes resigns as acting group CEO of AirAsia X

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

WION Business News | OPEC raises long-term oil demand view

Malaysia's manufacturing sector has registered further loss of momentum during October. Reports read that sector slowdown was slightly stronger than in September and reportedly stemmed from sluggish global market conditions and muted customer demand.

WION Business News | Malaysia: Manufacturing sector loses momentum in October

India layoffs hits Byju's, founder and CEO Byju Raveendran has apologized to firms' employees for the clumsy layoffs. The company stated that around 2,500 job cuts were necessitated to avoid role duplication.

WION Business News | Byju's founder apologizes to employees for clumsy layoffs

Elon Musk is making electric cars, shooting people into orbit populating Mars, building underground tunnels to solve traffic problems and now he also owns Twitter.

WION Business News | Elon Musk: Tech visionary turned social media king

Tesla&nbsp;aims to start&nbsp;mass&nbsp;production&nbsp;of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the&nbsp;plans&nbsp;told Reuters.

Tesla&nbsp;said last month that it was working on readying its Austin, Texas plant to build the new model with “early&nbsp;production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts.

A gradual ramp in the second half of next year to full output for the sharp-angled electric truck would mean that&nbsp;Tesla&nbsp;would not be recording revenue until early 2024 for a full-quarter of&nbsp;production&nbsp;on a new model seen as key to its growth.

It would also mean a wait of another year for the estimated hundreds of thousands of potential buyers who have paid $100 to reserve a Cybertruck in one of the most highly anticipated, and closely tracked electric vehicle launches ever.

Tesla&nbsp;did not immediately respond to a request to comment.

It has not announced final pricing on the Cybertruck, showed the&nbsp;production&nbsp;version of the vehicle or specified how it will manage the battery supply for the new model.

In 2019,&nbsp;Tesla&nbsp;had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and&nbsp;Tesla&nbsp;has raised prices across its lineup.

CRACKED WINDOWS&nbsp;

Musk introduced Cybertruck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back&nbsp;production&nbsp;timing three times since: from late 2021 to late 2022, then to early 2023 and most recently to the mid-2023 target for initial&nbsp;production.

The launch of the Cybertruck will give&nbsp;Tesla&nbsp;an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor Co and Rivian Automotive, both of which have launched models in still-limited numbers.

In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023.

In May,&nbsp;Tesla&nbsp;stopped taking orders for the Cybertruck outside North America. Musk said then the company had "more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of&nbsp;production."

Automakers often ramp&nbsp;production&nbsp;slowly for an all-new model like the Cybertruck.

Analysts have also cautioned that a weakening global economy will start to weigh on sales for&nbsp;Tesla, which has so far been able to sell every car it makes. Musk has said he expected a coming recession would last “probably until Spring of ’24.”

IDRA Group, the Italian company making the Giga Press that will be used for die casting parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-ton machine for truck part&nbsp;production&nbsp;was packed and ready to be shipped.

The post did not name&nbsp;Tesla.&nbsp;Tesla&nbsp;has been using the Giga Press to cut the cost and complexity of&nbsp;production&nbsp;of its Model Y, an innovation other automakers, including Toyota, have studied.

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Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters.

Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters. Tesla said last month that it was working on readying its Austin, Texas plant to build the new model with “early production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts. A gradual ramp in the second half of next year to full output for the sharp-angled electric truck would mean that Tesla would not be recording revenue until early 2024 for a full-quarter of production on a new model seen as key to its growth. It would also mean a wait of another year for the estimated hundreds of thousands of potential buyers who have paid $100 to reserve a Cybertruck in one of the most highly anticipated, and closely tracked electric vehicle launches ever. Tesla did not immediately respond to a request to comment. It has not announced final pricing on the Cybertruck, showed the production version of the vehicle or specified how it will manage the battery supply for the new model. In 2019, Tesla had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and Tesla has raised prices across its lineup. CRACKED WINDOWS Musk introduced Cybertruck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back production timing three times since: from late 2021 to late 2022, then to early 2023 and most recently to the mid-2023 target for initial production. The launch of the Cybertruck will give Tesla an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor Co and Rivian Automotive, both of which have launched models in still-limited numbers. In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023. In May, Tesla stopped taking orders for the Cybertruck outside North America. Musk said then the company had "more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of production." Automakers often ramp production slowly for an all-new model like the Cybertruck. Analysts have also cautioned that a weakening global economy will start to weigh on sales for Tesla, which has so far been able to sell every car it makes. Musk has said he expected a coming recession would last “probably until Spring of ’24.” IDRA Group, the Italian company making the Giga Press that will be used for die casting parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-ton machine for truck part production was packed and ready to be shipped. The post did not name Tesla. Tesla has been using the Giga Press to cut the cost and complexity of production of its Model Y, an innovation other automakers, including Toyota, have studied. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Tesla plans mass production start for Cybertruck at end of 2023

Macau authorities reinstated tough COVID-19 curbs including locking down a major casino over the weekend after a handful of cases were detected, even as China announced a loosening of visa rules for visitors to the world's biggest gambling hub.

WION Business News | China imposes Covid curbs in Macau as infections surge

At a time when Global oil Giants have made enormous profits in the backdrop of higher oil prices, U.S President Biden has criticized oil companies. Biden even threatened a windfall tax on companies that are earning big profits while Americans pay a tidy sum to fill up their cars.

U.S. President Joe Biden threatens windfall tax on oil giants

Global bankers are flying back to Hong Kong as it returns as a financial hub. A financial event is also aimed at showing that the city is back in business.

Global bankers fly into Hong Kong as it returns as a financial hub

Tehran has been sending mixed signals to Riyadh. One day Iran says embassies should be reopened in the two countries and the next day they warned Saudi Arabia against relying on Israel. Is Iran trying to mend ties with its greatest West Asian rival?

Iran trying to mend ties with Saudi Arabia?

Hong Kong's tumbling residential market combined with a commercial downturn has impacted Hong Kong's property badly. The country's most prestigious skyscrapers have more empty office space now than ever before.

WION Business News | Hong Kong's property vacancies hit record

Japan's factory output fell in September for the first time in four months as manufacturers grappled with rising raw materials costs and global economic slowdown, and is likely to fall again next month before picking up in November, the government said.

WION Business News | Japan: First factory output fall in four months

Hong Kong's Cathay Pacific Airways Ltd will resume using Russian airspace on some flights, the Hong Kong-based airline said on Sunday, restarting flights it had stopped after Moscow invaded Ukraine in February.

WION Business News | Cathay to resume flights in Russian airspace

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation.

Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches.

Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills

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The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth.&nbsp;

Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent.&nbsp;

Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year.

Also Read | <a href="https://www.wionews.com/world/eu-thinking-of-more-sanctions-against-iran-over-excessive-crackdown-says-scholz-529994">EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz</a>

But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless.

"It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. &nbsp;

"Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent."

(With inputs from agencies)

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The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation. Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches. Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills × The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth. Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent. Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year. Also Read | EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless. "It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. "Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Eurozone inflation hits a new record high, says Eurostat

The Japanese government spent at least $42.8 billion (a record 6.35 trillion yen) in the month of October to bolster the country’s currency, the yen, said a report released by the country’s Ministry of Finance, on Monday. This also comes after the government spent 2.8 trillion yen ($20 billion) in September amid the currency’s decline for almost 32-year-lows.&nbsp;

Reports suggest that the Japanese government started buying the yen last month, a first since 1998, to counter the sharp decline of the currency against the dollar. The finance ministry report disclosed the data for the period between September 29 to October 27, however, does not indicate the number of times the government intervened.&nbsp;

Earlier this year, in September, Japanese Finance Minister Shunichi Suzuki had talked about the government’s move to buy the yen, a first in over two decades, while repeatedly implying that he would not tolerate any speculative moves in the yen.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/japan-pm-announces-260bn-stimulus-package-to-combat-rising-inflation-529139">Japan PM announces $260bn stimulus package to combat rising inflation</a>

However, reports suggest that despite these actions and warnings currency has continued to hover near the 150 yen level and have attributed this to the increasing gap between the Bank of Japan, the country’s central bank and their ultra-loose monetary policy and tightening by most other large central banks across the world.&nbsp;

This comes amid global concern about the strength of the dollar this year with the US Federal Reserve’s push to increase interest rates to combat inflation in the country attracting larger investments in dollar-denominated assets while the BoJ is reportedly keeping interest rates near zero. On October 21, the yen hit a 32-year intraday low of 151.93 yen to the dollar, said&nbsp;reports.

Meanwhile, the country’s top currency official, Masato Kanda, suggested that the government with its almost $1.3 trillion in foreign reserves has a “limitless” amount of funds to conduct interventions, said a report by Financial Times. On the other hand, analysts have questioned the effectiveness of such unilateral actions while others have expressed caution about this move increasing market volatility.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/japan-after-fall-in-tax-revenues-government-launches-competition-to-encourage-alcohol-consumption-507929">Please drink more: As tax revenues fall, Japan launches competition to encourage alcohol consumption</a>

As of Monday evening in Tokyo, the yen was nearly 148.57 per dollar. As interest rates continue to widen between the US and Japan the yen is expected to stay under downward pressure against the dollar. However, a report by Bloomberg citing economist Atsushi Takeda at Itochu Research Institute speculates that the US Federal Reserve may be approaching its peak on rate hikes which should ease some pressure on the yen.&nbsp;

(With inputs from agencies)&nbsp; 
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The Japanese government spent at least $42.8 billion (a record 6.35 trillion yen) in the month of October to bolster the country’s currency, the yen, said a report released by the country’s Ministry of Finance, on Monday.

The Japanese government spent at least $42.8 billion (a record 6.35 trillion yen) in the month of October to bolster the country’s currency, the yen, said a report released by the country’s Ministry of Finance, on Monday. This also comes after the government spent 2.8 trillion yen ($20 billion) in September amid the currency’s decline for almost 32-year-lows. Reports suggest that the Japanese government started buying the yen last month, a first since 1998, to counter the sharp decline of the currency against the dollar. The finance ministry report disclosed the data for the period between September 29 to October 27, however, does not indicate the number of times the government intervened. Earlier this year, in September, Japanese Finance Minister Shunichi Suzuki had talked about the government’s move to buy the yen, a first in over two decades, while repeatedly implying that he would not tolerate any speculative moves in the yen. ALSO READ: Japan PM announces $260bn stimulus package to combat rising inflation However, reports suggest that despite these actions and warnings currency has continued to hover near the 150 yen level and have attributed this to the increasing gap between the Bank of Japan, the country’s central bank and their ultra-loose monetary policy and tightening by most other large central banks across the world. This comes amid global concern about the strength of the dollar this year with the US Federal Reserve’s push to increase interest rates to combat inflation in the country attracting larger investments in dollar-denominated assets while the BoJ is reportedly keeping interest rates near zero. On October 21, the yen hit a 32-year intraday low of 151.93 yen to the dollar, said reports. Meanwhile, the country’s top currency official, Masato Kanda, suggested that the government with its almost $1.3 trillion in foreign reserves has a “limitless” amount of funds to conduct interventions, said a report by Financial Times. On the other hand, analysts have questioned the effectiveness of such unilateral actions while others have expressed caution about this move increasing market volatility. ALSO READ: Please drink more: As tax revenues fall, Japan launches competition to encourage alcohol consumption As of Monday evening in Tokyo, the yen was nearly 148.57 per dollar. As interest rates continue to widen between the US and Japan the yen is expected to stay under downward pressure against the dollar. However, a report by Bloomberg citing economist Atsushi Takeda at Itochu Research Institute speculates that the US Federal Reserve may be approaching its peak on rate hikes which should ease some pressure on the yen. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Japanese government spent more than $40 billion to bolster the yen in October

Dogecoin increased by more than 70 per cent&nbsp;on Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week.&nbsp;

The CEO of Tesla Inc., a fervent supporter of cryptocurrencies, has a significant impact on dogecoin and bitcoin values.&nbsp;

Early this year, Tesla began taking dogecoin as payment for its products. Musk's recently launched perfume line now accepts Dogecoin.&nbsp;

The cryptocurrency exchange Binance, which contributed $500 million to Musk's acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter.

Under previous CEO Jack Dorsey, who is a supporter of bitcoin, and co-founder Evan Williams, Twitter has started looking at how to apply blockchain technology.&nbsp;

This month, Musk tweeted that he was purchasing Twitter to build an "everything app." Asian companies like WeChat, which enables users to not only send messages but also make payments, shop online, and hail a cab, are where the concept of an all-encompassing software first emerged.&nbsp;

Dogecoin, which started as a social media joke, was formerly unknown until Elon Musk's tweets about it, like the one where he labelled it the "people's crypto," transformed it into a speculator's paradise.

Also Read:&nbsp;<a href="https://www.wionews.com/world/painting-by-piet-mondrian-hanging-upside-down-for-77-years-529505">Painting by Piet Mondrian hanging upside down for 77 years</a>

World leaders and banned account holders are pleading with Musk to reactivate their accounts after he pledged to restore free expression on Twitter.&nbsp;

A content moderation committee "with widely diverse viewpoints" will be formed by Twitter, he said on Friday. Before the council meets, no significant content decisions or account reinstatements will be made, he added.&nbsp;

In a tweet posted on Saturday, the billionaire claimed Twitter users would soon be able to select the version of the social networking site they prefer by ranking their tweets.

(with inputs from agencies) 
&nbsp;

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Dogecoin increased by more than 70 per cent on Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week. The CEO of Tesla Inc.

Dogecoin increased by more than 70 per cent on Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week. The CEO of Tesla Inc., a fervent supporter of cryptocurrencies, has a significant impact on dogecoin and bitcoin values. Early this year, Tesla began taking dogecoin as payment for its products. Musk's recently launched perfume line now accepts Dogecoin. The cryptocurrency exchange Binance, which contributed $500 million to Musk's acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter. Under previous CEO Jack Dorsey, who is a supporter of bitcoin, and co-founder Evan Williams, Twitter has started looking at how to apply blockchain technology. This month, Musk tweeted that he was purchasing Twitter to build an "everything app." Asian companies like WeChat, which enables users to not only send messages but also make payments, shop online, and hail a cab, are where the concept of an all-encompassing software first emerged. Dogecoin, which started as a social media joke, was formerly unknown until Elon Musk's tweets about it, like the one where he labelled it the "people's crypto," transformed it into a speculator's paradise. Also Read: Painting by Piet Mondrian hanging upside down for 77 years World leaders and banned account holders are pleading with Musk to reactivate their accounts after he pledged to restore free expression on Twitter. A content moderation committee "with widely diverse viewpoints" will be formed by Twitter, he said on Friday. Before the council meets, no significant content decisions or account reinstatements will be made, he added. In a tweet posted on Saturday, the billionaire claimed Twitter users would soon be able to select the version of the social networking site they prefer by ranking their tweets. (with inputs from agencies)

Dogecoin surges more than 70% after Musk's Twitter deal

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes.&nbsp;

A rising US&nbsp;dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell.&nbsp;

The STOXX index for Europe recovered from session lows of as much as 1.1 per cent&nbsp;to close up 0.1 per cent&nbsp;at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid&nbsp;restrictions in China hurt mining and oil companies.

The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data.&nbsp;

By 1:52 pm&nbsp;ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent&nbsp;and the S&amp;P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning.&nbsp;

Also Read:<a href="https://www.wionews.com/world/let-the-good-times-roll-musk-says-after-becoming-the-new-twitter-boss-529241">&nbsp;‘Let the good times roll’: Musk says after becoming the new Twitter boss</a>

"This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York.

Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar.

(with inputs from agencies)

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On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities.

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell. The STOXX index for Europe recovered from session lows of as much as 1.1 per cent to close up 0.1 per cent at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid restrictions in China hurt mining and oil companies. The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data. By 1:52 pm ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent and the S&P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning. Also Read: ‘Let the good times roll’: Musk says after becoming the new Twitter boss "This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York. Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar. (with inputs from agencies)

Wall Street's upswing lifts global and European markets while oil prices decline

Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India.

"As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022," the company spokesperson said.

The company's Mi Pay app, which allowed users to make bill payments and do money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India's (NPCI) website.

NPCI is an industry body that oversees UPI, country's state-backed peer-to-peer payments network. Reuters said that NPCI declined to comment over the development.

Xiaomi recently pulled its Mi Credit, which connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday.

India is Xiaomi's strongest market outside China. The company has found itself to be subject of government probe for allegedly dodging tax regulators.

In India, the company has been subject to government probes for allegedly dodging tax regulators.

In April, India's federal financial crime agency froze $676 million worth of Xiaomi's assets, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments.

The Chinese smartphone group, which denies any wrongdoing, has said the action "effectively halted" its operations in its key Indian market.

(With inputs from agencies)

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Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India. "As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022," the company spokesperson said.

Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India. "As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022," the company spokesperson said. The company's Mi Pay app, which allowed users to make bill payments and do money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India's (NPCI) website. NPCI is an industry body that oversees UPI, country's state-backed peer-to-peer payments network. Reuters said that NPCI declined to comment over the development. Xiaomi recently pulled its Mi Credit, which connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday. India is Xiaomi's strongest market outside China. The company has found itself to be subject of government probe for allegedly dodging tax regulators. In India, the company has been subject to government probes for allegedly dodging tax regulators. In April, India's federal financial crime agency froze $676 million worth of Xiaomi's assets, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments. The Chinese smartphone group, which denies any wrongdoing, has said the action "effectively halted" its operations in its key Indian market. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Chinese smartphone maker Xiaomi shuts financial services business in India