Inflation continued its downward trajectory in the United States. Yet, that does not mean that the average American can breathe a sigh of relief. Watch in for more details!

Latest inflation data sparks a sell-off on Wall Street

Easing inflation optimism has traders increasing their bets that the U.S. Central Bank will act on its pivot to rate cuts sooner than expected. The U.S. Inflation rate has been on a downward trend in recent months. That has fueled hopes the Federal Reserve would be more amenable to cutting interest rates in the months to come.

US: Fed rate cut bets rise on easing inflation optimism

India retail inflation is at a 3-month low. In January, retail inflation rate dropped to 5.10%, down from 5.69% in December. This figure is in line with the 5.09% forecast by economists.

India's inflation eases to 3-month low

Easing inflation optimism has traders increasing their bets that the US Central Bank will act on its pivot to rate cuts sooner than expected. The US inflation rate has been on a downward trend in recent months. That has fueled hopes the federal reserve would be more amenable to cutting interest rates in the months to come.

Fed rate cut bets rise on easing inflation optimism

After recent strong jobs and growth data saw markets push back bets on the timing of federal reserve interest rate cuts, all eyes will be on Tuesday's US inflation report for January.

US January inflation data expected this week

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. <o:p></o:p>

Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. <o:p></o:p>

"We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook," Reuters quoted Karahan as saying.<o:p></o:p>

This move comes on the heels of Erkan's resignation, who cited the need to protect her family amid what she described as a "reputation assassination”.<o:p></o:p>

Karahan, with nearly a decade of experience at the Federal Reserve Bank of New York and a background as an adjunct professor at prestigious institutions such as Columbia University and New York University, brings a wealth of knowledge to his new role. <o:p></o:p>

His previous stint at Amazon as a principal economist in 2022 adds a practical dimension to his academic expertise.<o:p></o:p>

&nbsp;Finance Minister Mehmet Simsek expressed optimism about Karahan's appointment, describing him as an "excellent fit" due to his extensive experience, particularly with the Federal Reserve Bank of New York.<o:p></o:p>

Simsek further highlighted the commitment to support the disinflation process through fiscal discipline and structural reforms.<o:p></o:p>

In his inaugural statement, Governor Karahan emphasised that the primary focus would be on achieving price stability. He expressed confidence in his team's ability to navigate the challenges, stating, "We will continue efforts to ensure disinflation, relying on a strong team." <o:p></o:p>

The central bank's decision to appoint one of its deputy governors, Karahan, to the top position aligns with the Turkish finance ministry's claim that the current central bank strategy enjoys full support from President Tayyip Erdogan. <o:p></o:p>

Goldman Sachs noted in a client memo that the appointment should allay concerns over potential political instability, asserting, "We view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. "We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook," Reuters quoted Karahan as saying. This move comes on the heels of Erkan's resignation, who cited the need to protect her family amid what she described as a "reputation assassination”. Karahan, with nearly a decade of experience at the Federal Reserve Bank of New York and a background as an adjunct professor at prestigious institutions such as Columbia University and New York University, brings a wealth of knowledge to his new role. His previous stint at Amazon as a principal economist in 2022 adds a practical dimension to his academic expertise. Finance Minister Mehmet Simsek expressed optimism about Karahan's appointment, describing him as an "excellent fit" due to his extensive experience, particularly with the Federal Reserve Bank of New York. Simsek further highlighted the commitment to support the disinflation process through fiscal discipline and structural reforms. In his inaugural statement, Governor Karahan emphasised that the primary focus would be on achieving price stability. He expressed confidence in his team's ability to navigate the challenges, stating, "We will continue efforts to ensure disinflation, relying on a strong team." The central bank's decision to appoint one of its deputy governors, Karahan, to the top position aligns with the Turkish finance ministry's claim that the current central bank strategy enjoys full support from President Tayyip Erdogan. Goldman Sachs noted in a client memo that the appointment should allay concerns over potential political instability, asserting, "We view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank." (With inputs from Reuters)

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns

The Organisation for Economic Co-operation and Development (OECD) raised its world economic growth forecast for 2024, on Monday (Feb 5) and lifted the outlook for India’s economy as well. However, the Paris-based organisation warned that the conflict in the Middle East posed a threat to global growth as disruptions in Red Sea shipping may increase consumer prices.

<h2>About India’s growth forecast</h2>

According to the OECD’s latest growth forecast, the Indian economy is expected to grow 6.2 per cent which is up from 6.1 per cent predicted in its November report. Meanwhile, the prediction for 2025 in both reports remained unchanged at 6.5 per cent.&nbsp;

The OECD’s latest report noted that “clear signs of strong near-term momentum continue in India, relative weakness in Europe, and mild near-term growth in most other major economies.”&nbsp;

ALSO READ |<a href="https://www.wionews.com/india-news/cancel-culture-to-370-seats-key-takeaways-from-pm-modis-parliament-speech-687202">&nbsp;'Cancel culture to 370+ seats': Key takeaways from PM Modi's Parliament speech</a>

India is also expected to expand steadily over the next two years, according to the OECD, due to “strong investment growth” and GDP rising by more than six per cent per annum.&nbsp;

The report also noted that in countries like Brazil, India, Indonesia, Mexico and South Africa, the inflation is expected to ease and converge on or towards the central bank targets by the end of next year.&nbsp;

<h2>What about global growth?</h2>

According to the Paris-based organisation, the global economy is on course to hold up better this year than expected with world economic growth expected at 2.9 per cent, which is up from 2.7 per cent predicted in its previous forecast.&nbsp;

Global growth “proved unexpectedly resilient” in 2023, reaching 3.1 per cent, according to the report and the inflation declined faster than anticipated.&nbsp;

“The global economy has shown real resilience amid the high inflation of the past two years and the necessary monetary policy tightening. Growth has held up, and we expect inflation to be back to central bank targets by the end of 2025 in most G20 economies,” said OECD Secretary-General Mathias Cormann, in a statement.&nbsp;

The global growth is also said to have been expanded as the United States economy is expected to grow 2.1 per cent in 2024 which is up from 1.5 per cent predicted in OECD’s November forecast as lower inflation boosted wage growth and is expected to trigger interest rate cuts, said the organisation.&nbsp;

The growth forecast for the US economy for 2025 remained unchanged at 1.7 per cent.&nbsp;

<h2>The Middle East factor</h2>

According to the OECD, the attacks on Red Sea shipping lanes by Yemen’s Houthi rebels and the ongoing war between Israel and the Palestinian militant group Hamas in Gaza could add to inflationary pressures.&nbsp;

Houthis have said that they are targeting Israel-linked ships in solidarity with the Palestinians. Meanwhile, the US and the United Kingdom have responded with strikes against the Houthis.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/federal-reserve-chair-powell-signals-prudence-in-considering-rate-cuts-amid-strong-economy-687124">Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy</a>

“High geopolitical tensions are a significant near-term risk to activity and inflation, particularly if the conflict in the Middle East were to disrupt energy markets,” said the OECD report.&nbsp;

Similarly, OECD chief economist Clare Lombardelli, noted that the attacks on Red Sea shipping are already affecting the trade. “Freight rates have more than doubled since the end of last year,” Lombardelli said at a news conference.&nbsp;

The OECD warned that the increase in shipping costs, if persistent, could add 0.4 percentage points to consumer prices inflation after about a year.&nbsp;

(With inputs from agencies) 
&nbsp;

The Organisation for Economic Co-operation and Development (OECD) raised its world economic growth forecast for 2024, on Monday (Feb 5) and lifted the outlook for India’s economy as well.

The Organisation for Economic Co-operation and Development (OECD) raised its world economic growth forecast for 2024, on Monday (Feb 5) and lifted the outlook for India’s economy as well. However, the Paris-based organisation warned that the conflict in the Middle East posed a threat to global growth as disruptions in Red Sea shipping may increase consumer prices. About India’s growth forecast According to the OECD’s latest growth forecast, the Indian economy is expected to grow 6.2 per cent which is up from 6.1 per cent predicted in its November report. Meanwhile, the prediction for 2025 in both reports remained unchanged at 6.5 per cent. The OECD’s latest report noted that “clear signs of strong near-term momentum continue in India, relative weakness in Europe, and mild near-term growth in most other major economies.” ALSO READ | 'Cancel culture to 370+ seats': Key takeaways from PM Modi's Parliament speech India is also expected to expand steadily over the next two years, according to the OECD, due to “strong investment growth” and GDP rising by more than six per cent per annum. The report also noted that in countries like Brazil, India, Indonesia, Mexico and South Africa, the inflation is expected to ease and converge on or towards the central bank targets by the end of next year. What about global growth? According to the Paris-based organisation, the global economy is on course to hold up better this year than expected with world economic growth expected at 2.9 per cent, which is up from 2.7 per cent predicted in its previous forecast. Global growth “proved unexpectedly resilient” in 2023, reaching 3.1 per cent, according to the report and the inflation declined faster than anticipated. “The global economy has shown real resilience amid the high inflation of the past two years and the necessary monetary policy tightening. Growth has held up, and we expect inflation to be back to central bank targets by the end of 2025 in most G20 economies,” said OECD Secretary-General Mathias Cormann, in a statement. The global growth is also said to have been expanded as the United States economy is expected to grow 2.1 per cent in 2024 which is up from 1.5 per cent predicted in OECD’s November forecast as lower inflation boosted wage growth and is expected to trigger interest rate cuts, said the organisation. The growth forecast for the US economy for 2025 remained unchanged at 1.7 per cent. The Middle East factor According to the OECD, the attacks on Red Sea shipping lanes by Yemen’s Houthi rebels and the ongoing war between Israel and the Palestinian militant group Hamas in Gaza could add to inflationary pressures. Houthis have said that they are targeting Israel-linked ships in solidarity with the Palestinians. Meanwhile, the US and the United Kingdom have responded with strikes against the Houthis. ALSO READ | Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy “High geopolitical tensions are a significant near-term risk to activity and inflation, particularly if the conflict in the Middle East were to disrupt energy markets,” said the OECD report. Similarly, OECD chief economist Clare Lombardelli, noted that the attacks on Red Sea shipping are already affecting the trade. “Freight rates have more than doubled since the end of last year,” Lombardelli said at a news conference. The OECD warned that the increase in shipping costs, if persistent, could add 0.4 percentage points to consumer prices inflation after about a year. (With inputs from agencies)

OECD raises India and global growth outlook for 2024, warns of Middle East crisis 'risk'

The ground for the next general elections is ready in Pakistan and so are the candidates. The country will go to polls in two weeks. Pakistan People's Party chairman, Bilawal Bhutto-Zardari has now challenged PML-N supremo, Nawaz sharif to an open debate. While the Nawaz faction of the Pakistan Muslim league has released its much-anticipated manifesto. Watch to know more!

Pakistan elections 2024: Parties call for restoring Article 370 in Kashmir

The US economy has defied the odds of a recession to post strong growth figures in the last three months of 2023. The US economy expanded faster than expected in the October-December quarter last year. Strong consumer spending, rising exports, government spending & business investments helped the US To grow at 3.3%.

US economy grows by 3.3% in last three months of 2023

The cost of looking after a pet in Britain has risen by more than twice following which the dog rehoming charities in the country have been experiencing "unprecedented demand".

UK: Man's best friend faces brunt of inflation

In a quarterly survey released on Monday by the Bank of Canada (BoC), Canadian businesses are grappling with a decline in order books, largely attributed to a slump in consumer spending caused by higher interest rates. <o:p></o:p>

This is based on a report by Reuters.<o:p></o:p>

The central bank revealed that despite rising concerns over wages, firms foresee a relief in inflation over the coming year. <o:p></o:p>

Reuters cited Royce Mendes, Head of Macro Strategy at Desjardins Group, who said, "Overall, businesses and consumers are feeling the pain of higher interest rates and are responding accordingly. Consumers are curtailing spending and businesses, seeing falling sales, are tapping the brakes on hiring."<o:p></o:p>

The survey reported that 38 per cent of businesses anticipate a recession in the next year, reflecting an increase from the previous quarter. <o:p></o:p>

Similarly, 61 per cent of consumers share concerns about an impending recession, a rise from the last survey. <o:p></o:p>

Businesses, compared to a year earlier, experienced a downturn in order books, with more firms expecting wages to rise in the upcoming year. <o:p></o:p>

However, a silver lining appears as many businesses still foresee an increase in sales volumes over the next 12 months.<o:p></o:p>

The business outlook indicator, a measure of economic sentiment, showed a slight improvement in the last quarter of 2023, rising from -3.45 to -3.15. <o:p></o:p>

This shift was attributed to easing expectations for input and output prices.<o:p></o:p>

39 per cent of businesses reported a decline in sales volumes over the past year, attributing it to various factors such as slowing growth, the impact of higher interest rates, and inflation. <o:p></o:p>

The Bank of Canada raised its key policy rate to 5 per cent, a 22-year high, last year, and has maintained it since July. <o:p></o:p>

Despite the current inflation rate of 3.1 per cent, down from the 2022 peak, it has remained above the BoC's 2 per cent target since March 2021.<o:p></o:p>

According to the survey, "Firms' pricing behaviour is slowly returning to normal," indicating a potential stabilisation in the economic landscape. <o:p></o:p>

However, wage growth is expected to be higher than average in the next 12 months, often tied to cost-of-living adjustments.<o:p></o:p>

Looking ahead, 54 per cent of businesses foresee inflation running higher than 3 per cent over the next two years, while 42 per cent expect it to remain below that threshold. <o:p></o:p>

Interestingly, 27 per cent predict it will take longer than four years for inflation to return to the BoC's 2 per cent target. <o:p></o:p>

Governor Tiff Macklem, in his last public appearance of 2023, noted that short-term inflation expectations are gradually trending downward, but the persistence is expected due to wage growth and the prices of commodities, food, and housing.<o:p></o:p>

The Bank of Canada is set to make its next interest rate announcement on January 24, with expectations of maintaining the key policy rate. <o:p></o:p>

Money markets and economists, however, anticipate rate cuts in the first half of 2024. <o:p></o:p>

The dual survey approach by the central bank also revealed that consumers do not anticipate further interest rate increases in the next year.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a quarterly survey released on Monday by the Bank of Canada (BoC), Canadian businesses are grappling with a decline in order books, largely attributed to a slump in consumer spending caused by higher interest rates.

In a quarterly survey released on Monday by the Bank of Canada (BoC), Canadian businesses are grappling with a decline in order books, largely attributed to a slump in consumer spending caused by higher interest rates. This is based on a report by Reuters. The central bank revealed that despite rising concerns over wages, firms foresee a relief in inflation over the coming year. Reuters cited Royce Mendes, Head of Macro Strategy at Desjardins Group, who said, "Overall, businesses and consumers are feeling the pain of higher interest rates and are responding accordingly. Consumers are curtailing spending and businesses, seeing falling sales, are tapping the brakes on hiring." The survey reported that 38 per cent of businesses anticipate a recession in the next year, reflecting an increase from the previous quarter. Similarly, 61 per cent of consumers share concerns about an impending recession, a rise from the last survey. Businesses, compared to a year earlier, experienced a downturn in order books, with more firms expecting wages to rise in the upcoming year. However, a silver lining appears as many businesses still foresee an increase in sales volumes over the next 12 months. The business outlook indicator, a measure of economic sentiment, showed a slight improvement in the last quarter of 2023, rising from -3.45 to -3.15. This shift was attributed to easing expectations for input and output prices. 39 per cent of businesses reported a decline in sales volumes over the past year, attributing it to various factors such as slowing growth, the impact of higher interest rates, and inflation. The Bank of Canada raised its key policy rate to 5 per cent, a 22-year high, last year, and has maintained it since July. Despite the current inflation rate of 3.1 per cent, down from the 2022 peak, it has remained above the BoC's 2 per cent target since March 2021. According to the survey, "Firms' pricing behaviour is slowly returning to normal," indicating a potential stabilisation in the economic landscape. However, wage growth is expected to be higher than average in the next 12 months, often tied to cost-of-living adjustments. Looking ahead, 54 per cent of businesses foresee inflation running higher than 3 per cent over the next two years, while 42 per cent expect it to remain below that threshold. Interestingly, 27 per cent predict it will take longer than four years for inflation to return to the BoC's 2 per cent target. Governor Tiff Macklem, in his last public appearance of 2023, noted that short-term inflation expectations are gradually trending downward, but the persistence is expected due to wage growth and the prices of commodities, food, and housing. The Bank of Canada is set to make its next interest rate announcement on January 24, with expectations of maintaining the key policy rate. Money markets and economists, however, anticipate rate cuts in the first half of 2024. The dual survey approach by the central bank also revealed that consumers do not anticipate further interest rate increases in the next year. (With inputs from Reuters)

Canadian firms face decline in orders, inflation easing despite concerns: Central bank survey

Inflation and a cost of living crisis have grabbed the attention of economists and policy makers since the pandemic. But 2024 seems to have brought some good news for consumers and central bankers. That's because inflation concerns seem to be easing in the u.s., uk, and eurozone.

Inflation eases globally, under central banks' targets

Soaring shipping costs and a spike in oil prices have ignited concerns about a potential revival of inflation pressures worldwide, Bloomberg reported.<o:p></o:p>

Only a few days into 2024, anticipated as the year of waning inflation, manufacturers and retailers find themselves grappling with delays and increased expenses due to persistent attacks by Houthi rebels in the Red Sea, disrupting a crucial shipping route through the Suez Canal. <o:p></o:p>

The resulting turmoil has doubled ocean freight rates for goods from Asia to Europe over the past four weeks, casting a shadow on hopes for a smooth economic recovery.<o:p></o:p>

Geopolitical tensions push up oil prices and add to inflation fears<o:p></o:p>

As geopolitical tensions escalate with persistent attacks in the Red Sea, oil prices experienced a significant surge after the US and UK led a military response. <o:p></o:p>

Global benchmark Brent briefly topped $80 a barrel, marking a 4.3 per cent increase. <o:p></o:p>

Mohamed El-Erian, President of Queens' College, Cambridge, and a Bloomberg Opinion columnist, expressed concern, stating, "This is a world in which we are fragile to begin with on the supply side, and then you get this additional shock."<o:p></o:p>

Supply chains vulnerable amid shipping disruptions<o:p></o:p>

While the shipping disruptions are not as severe as those witnessed during the pandemic, the blockages in two critical trade arteries – the Red Sea and Central America's Panama Canal – are raising alarms within the industry. <o:p></o:p>

Bloomberg cited Stephen Lamar, the President of the American Apparel &amp; Footwear Association, who said, "This is a very dramatic reminder that supply chains continue to be very fragile," and he highlighted its potential inflationary impact across the freight industry.<o:p></o:p>

Experts assess the inflationary impact and economic ramifications<o:p></o:p>

Analysts are grappling with the potential inflationary impact, particularly in Europe and the US, as the disruptions unfold. <o:p></o:p>

Ziad Daoud of Bloomberg Economics suggests that while the conflict in the Red Sea may not spill over into the wider region, limiting economic damage, the full extent of the inflationary impact will take time to become clear. <o:p></o:p>

Economists at Allianz Trade estimate that a doubling of shipping costs could lift inflation by 0.7 percentage points for Europe and the US. <o:p></o:p>

Oxford Economics projects that a permanent $10 increase in the price of a barrel of oil could add 0.22 percentage points to UK inflation and 0.29 points to global inflation in 2024.<o:p></o:p>

Companies react to mitigate disruption, impact on consumers uncertain<o:p></o:p>

Companies are already taking measures to mitigate the disruption caused by the Red Sea attacks. <o:p></o:p>

Volvo Car AB and Tesla Inc. are among those adjusting production schedules due to supply chain disruptions. <o:p></o:p>

Grocery chain Tesco Plc in the UK has warned of potential inflation pressures, anticipating extended shipping times and increased costs if vessels must circumnavigate Africa to reach Europe. <o:p></o:p>

Craig Akers, Director of Operations at the Toy Shippers Association, humorously termed this period the 'canal crisis,' highlighting the uncertainty retailers and manufacturers face in the coming months.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Soaring shipping costs and a spike in oil prices have ignited concerns about a potential revival of inflation pressures worldwide, Bloomberg reported. Only a few days into 2024, anticipated as the year of waning inflation, manufacturers and retailers find themselves grappling with delays and increased expenses due to persistent attacks by Houthi rebels in the Red Sea, disrupting a crucial shipping route through the Suez Canal.

Soaring shipping costs and a spike in oil prices have ignited concerns about a potential revival of inflation pressures worldwide, Bloomberg reported. Only a few days into 2024, anticipated as the year of waning inflation, manufacturers and retailers find themselves grappling with delays and increased expenses due to persistent attacks by Houthi rebels in the Red Sea, disrupting a crucial shipping route through the Suez Canal. The resulting turmoil has doubled ocean freight rates for goods from Asia to Europe over the past four weeks, casting a shadow on hopes for a smooth economic recovery. Geopolitical tensions push up oil prices and add to inflation fears As geopolitical tensions escalate with persistent attacks in the Red Sea, oil prices experienced a significant surge after the US and UK led a military response. Global benchmark Brent briefly topped $80 a barrel, marking a 4.3 per cent increase. Mohamed El-Erian, President of Queens' College, Cambridge, and a Bloomberg Opinion columnist, expressed concern, stating, "This is a world in which we are fragile to begin with on the supply side, and then you get this additional shock." Supply chains vulnerable amid shipping disruptions While the shipping disruptions are not as severe as those witnessed during the pandemic, the blockages in two critical trade arteries – the Red Sea and Central America's Panama Canal – are raising alarms within the industry. Bloomberg cited Stephen Lamar, the President of the American Apparel & Footwear Association, who said, "This is a very dramatic reminder that supply chains continue to be very fragile," and he highlighted its potential inflationary impact across the freight industry. Experts assess the inflationary impact and economic ramifications Analysts are grappling with the potential inflationary impact, particularly in Europe and the US, as the disruptions unfold. Ziad Daoud of Bloomberg Economics suggests that while the conflict in the Red Sea may not spill over into the wider region, limiting economic damage, the full extent of the inflationary impact will take time to become clear. Economists at Allianz Trade estimate that a doubling of shipping costs could lift inflation by 0.7 percentage points for Europe and the US. Oxford Economics projects that a permanent $10 increase in the price of a barrel of oil could add 0.22 percentage points to UK inflation and 0.29 points to global inflation in 2024. Companies react to mitigate disruption, impact on consumers uncertain Companies are already taking measures to mitigate the disruption caused by the Red Sea attacks. Volvo Car AB and Tesla Inc. are among those adjusting production schedules due to supply chain disruptions. Grocery chain Tesco Plc in the UK has warned of potential inflation pressures, anticipating extended shipping times and increased costs if vessels must circumnavigate Africa to reach Europe. Craig Akers, Director of Operations at the Toy Shippers Association, humorously termed this period the 'canal crisis,' highlighting the uncertainty retailers and manufacturers face in the coming months. (With inputs from Bloomberg)

Red Sea attacks spark global inflation fears, disrupting supply chains

Brexit did more harm than good to the British economy. That's what one can infer from london mayor Sadiq Khan's latest statement, which has pegged Britain's economic losses since brexit at $178 billion per year.

Brexit costs UK economy $178 bn

Rising inflation in Argentina is taking a toll on Asado - the traditional Argentinian barbecue, as people cut down on their spending to survive rising prices.

People cut down on traditional barbecue as prices soar

Sticky U.S. Inflation data has reduced the chances of an early federal reserve rate cut. The data has, in turn, raised an important question: has the inflation genie still not completely been put back into its bottle? Hotter-than-anticipated U.S. Consumer Price Index (CPI) data on Thursday tempered bets on a FED rate cut in March.

Higher-than-expected inflation makes rate cuts less urgent

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data. <o:p></o:p>

President Javier Milei, a newly-elected libertarian leader, has implemented stringent austerity measures to curb hyperinflation. <o:p></o:p>

The country experienced a monthly inflation rate of 25.5 per cent, slightly below predictions, following a significant devaluation of the peso currency after Milei assumed office on December 10. <o:p></o:p>

This move aimed to address the deep-rooted economic challenges that have plagued Argentina for years.<o:p></o:p>

"We've had to eliminate things that made life a little brighter," Reuters quoted retiree Susana Barrio, 79, who highlighted the personal toll of surging inflation. <o:p></o:p>

The escalating prices have forced some, like Barrio, to forgo traditional social gatherings, such as inviting friends for asado (roast meat) barbecues, a customary part of Argentine social life. <o:p></o:p>

The economic strain is palpable among the population, leading to adjustments in daily life as citizens grapple with the economic fallout. <o:p></o:p>

The inflation surge has propelled Argentina beyond regional peer Venezuela, long considered an inflation outlier in Latin America.<o:p></o:p>

President Javier Milei, an unconventional political figure who gained power on a wave of voter dissatisfaction with the economic situation, is championing austerity measures to tackle inflation, reduce fiscal deficits, and replenish government coffers. <o:p></o:p>

However, Milei acknowledges the complexity of the situation, cautioning that improvements may take time, and the economic landscape could worsen before witnessing any positive changes. <o:p></o:p>

The impact of hyperinflation is reverberating through Argentine society, with a significant portion of the population already grappling with poverty. <o:p></o:p>

Reuters cited another retiree - Graciela Bravo, 65, who highlighted the rising cost of essentials, noting, "Nothing is cheap." <o:p></o:p>

She shared her meticulous approach to shopping, counting potatoes to manage costs. <o:p></o:p>

Others, like 49-year-old lawyer Alejandro Grossi, express weariness at the persistent rise in prices, describing adaptation as a necessity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data.

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data. President Javier Milei, a newly-elected libertarian leader, has implemented stringent austerity measures to curb hyperinflation. The country experienced a monthly inflation rate of 25.5 per cent, slightly below predictions, following a significant devaluation of the peso currency after Milei assumed office on December 10. This move aimed to address the deep-rooted economic challenges that have plagued Argentina for years. "We've had to eliminate things that made life a little brighter," Reuters quoted retiree Susana Barrio, 79, who highlighted the personal toll of surging inflation. The escalating prices have forced some, like Barrio, to forgo traditional social gatherings, such as inviting friends for asado (roast meat) barbecues, a customary part of Argentine social life. The economic strain is palpable among the population, leading to adjustments in daily life as citizens grapple with the economic fallout. The inflation surge has propelled Argentina beyond regional peer Venezuela, long considered an inflation outlier in Latin America. President Javier Milei, an unconventional political figure who gained power on a wave of voter dissatisfaction with the economic situation, is championing austerity measures to tackle inflation, reduce fiscal deficits, and replenish government coffers. However, Milei acknowledges the complexity of the situation, cautioning that improvements may take time, and the economic landscape could worsen before witnessing any positive changes. The impact of hyperinflation is reverberating through Argentine society, with a significant portion of the population already grappling with poverty. Reuters cited another retiree - Graciela Bravo, 65, who highlighted the rising cost of essentials, noting, "Nothing is cheap." She shared her meticulous approach to shopping, counting potatoes to manage costs. Others, like 49-year-old lawyer Alejandro Grossi, express weariness at the persistent rise in prices, describing adaptation as a necessity. (With inputs from Reuters)

Argentina faces economic crisis as inflation soars over 200pc under President Javier Milei

Is inflation easing in india? Yes, it is. This is based on data which shows the fall in cost to cook an Indian meal last month compared to November. In December, the cost of preparing meals at home saw a decline in India, thanks to a drop in vegetable prices. According to Crisil market intelligence & analytics, the expense of a vegetarian meal plate, known as a thali, decreased by 3 percent month-on-month.

How much does cooking at home cost in India?

US inflation picks up more than expected in Decembe

The Pakistan Tehreek-E-Insaf party has approached the Supreme Court in a last-ditch bid to save its bat symbol. This, after the Peshawar high court restored the ECP'S order stripping the party of its electoral symbol for the upcoming election. The Lahore high court has also dismissed PTI'S plea challenging the electoral watchdog's decision.

Pakistan: PTI battling for its electoral 'bat' symbol

Pakistan's inflation surged for the second consecutive month in December. Price growth was fueled by a weak currency and the international monetary fund-backed increase in energy cost. That stands in stark contrast to an easing in inflation globally.

Pakistan's inflation rises for the second straight month

Several bars and restaurants in Venezuela's capital Caracas are offering an eight-hour tour where customers visit each establishment in a bid to boost low sales at a time of persistent inflation.

Venezuela: Capital bars offer food & dance tours for tourists to boost sales

Three years after ditching the European Union under the Brexit campaign, a clear majority of the British people now regret the decision. A new poll by the Opinium agency has found that most of the people in the UK now blame Brexit for swelling inflation, the government’s inability to crack down on illegal immigration and the worsening health sector.

<h2>Staggering revelations</h2>

According to the poll, which took into consideration the opinion of 2,000 voters, only 10 per cent of people believed Brexit has helped their finances, while 35 per cent say the exact opposite.&nbsp;

Only 9 per cent of people believe the country’s health services have improved, despite promises that leaving the EU would bring back £350m a week into the NHS (National Health Service). A whopping 47 per cent of people said the NHS had worsened over the past three years.

On inflation, just 7 per cent of people said Brexit helped keep prices down, while 63 per cent of them said the&nbsp;opposite and blamed it for the skyrocketing cost of living.

In general, just 22 per cent of voters said Brexit has been good for their nation.

<h2>Hefty promises not fulfilled</h2>

The bleak response from the British public reflects the fact that most of the promises offered to them during the 2016 referendum are yet to be fulfilled, while Brexit’s side effects are glaringly visible.

Watch:&nbsp;UK inflation: Post Brexit trade ties with the rest of the Europe shrinking

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Pro-Brexit campaigners had said Brexit would give the UK more say in bilateral trade deals, thus driving up trade and investments. But a majority of the people still believe Brexit has been bad for their country’s overall trade.

<h2>‘Brexit still not top poll issue’</h2>

Despite having affected the UK’s population directly over the three years, experts believe Brexit is not going to be the top poll issue in the 2024 general elections.

James Crouch, head of policy and public affairs at Opinium, was quoted as saying by the Guardian, “More than half (53%) of leave voters now think that Brexit has been bad for the UK’s ability to control immigration, piling even more pressure on an issue the government is vulnerable on.”&nbsp;

<a href="https://www.wionews.com/world/brexit-deal-will-be-majorly-rewritten-if-labour-is-elected-claims-keir-starmer-637003">Also read:&nbsp;Brexit deal will be majorly rewritten if Labour is elected, says leader Keir Starmer</a>

“Despite this, Brexit is likely to be a secondary issue at the next election compared to the state of the economy and the NHS, which are the clear priority for voters,” he adds.

(With inputs from agencies)

Three years after ditching the European Union under the Brexit campaign, a clear majority of the British people now regret the decision. A new poll by the Opinium agency has found that most of the people in the UK now blame Brexit for swelling inflation, the government’s inability to crack down on illegal immigration and the worsening health sector.

Three years after ditching the European Union under the Brexit campaign, a clear majority of the British people now regret the decision. A new poll by the Opinium agency has found that most of the people in the UK now blame Brexit for swelling inflation, the government’s inability to crack down on illegal immigration and the worsening health sector. Staggering revelations According to the poll, which took into consideration the opinion of 2,000 voters, only 10 per cent of people believed Brexit has helped their finances, while 35 per cent say the exact opposite. Only 9 per cent of people believe the country’s health services have improved, despite promises that leaving the EU would bring back £350m a week into the NHS (National Health Service). A whopping 47 per cent of people said the NHS had worsened over the past three years. On inflation, just 7 per cent of people said Brexit helped keep prices down, while 63 per cent of them said the opposite and blamed it for the skyrocketing cost of living. In general, just 22 per cent of voters said Brexit has been good for their nation. Hefty promises not fulfilled The bleak response from the British public reflects the fact that most of the promises offered to them during the 2016 referendum are yet to be fulfilled, while Brexit’s side effects are glaringly visible. Watch: UK inflation: Post Brexit trade ties with the rest of the Europe shrinking × Pro-Brexit campaigners had said Brexit would give the UK more say in bilateral trade deals, thus driving up trade and investments. But a majority of the people still believe Brexit has been bad for their country’s overall trade. ‘Brexit still not top poll issue’ Despite having affected the UK’s population directly over the three years, experts believe Brexit is not going to be the top poll issue in the 2024 general elections. James Crouch, head of policy and public affairs at Opinium, was quoted as saying by the Guardian, “More than half (53%) of leave voters now think that Brexit has been bad for the UK’s ability to control immigration, piling even more pressure on an issue the government is vulnerable on.” Also read: Brexit deal will be majorly rewritten if Labour is elected, says leader Keir Starmer “Despite this, Brexit is likely to be a secondary issue at the next election compared to the state of the economy and the NHS, which are the clear priority for voters,” he adds. (With inputs from agencies)

Majority of Britons regretting Brexit as inflation soars, trade crumbles: Poll

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