British inflation declined much more rapidly than anticipated in November to 10.7 per cent&nbsp;from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households. Consumer price inflation was expected to fall to 10.9 per cent as per economists surveyed by Reuters. Last month, both the US&nbsp;and Euro zone inflation rates dropped far more sharply than expected, fuelling hopes that the current inflation wave may have reached its apex.&nbsp;

"Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," the Office for National Statistics' chief economist, Grant Fitzner told Reuters.&nbsp;

The Bank of England ( BoE) has&nbsp;sharply increased interest rates over the past 12 months in an effort to tackle&nbsp;inflation that is significantly higher than its two per cent&nbsp;target. Most economists anticipate that it will increase rates once again on Thursday, to 3.5 per cent&nbsp;from three&nbsp;per cent.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/boat-carrying-migrants-sinks-off-english-coast-at-least-three-dead-reports-543003">UK: Boat carrying migrants sinks off English Coast, four dead</a>

The government's budget watchdog anticipated the worst pressure on living standards since records began in the 1950s, while the BoE forecasted that Britain will enter a protracted recession with inflation not returning to target until early 2024.

Also watch |&nbsp;UK PM Rishi Sunak announces crackdown on Albanian illegal migrants

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British inflation started to take shape&nbsp;last year, mostly driven by post-pandemic congestion&nbsp;in the domestic and global economy, and accelerated&nbsp;particularly when European energy prices surged after Russia's February invasion of Ukraine. The BoE has also shed light&nbsp;labour shortages and trade and migration frictions due to Brexit as playing a role in pushing up prices.

(With inputs from agencies)

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British inflation declined much more rapidly than anticipated in November to 10.7 per cent from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households.

British inflation declined much more rapidly than anticipated in November to 10.7 per cent from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households. Consumer price inflation was expected to fall to 10.9 per cent as per economists surveyed by Reuters. Last month, both the US and Euro zone inflation rates dropped far more sharply than expected, fuelling hopes that the current inflation wave may have reached its apex. "Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," the Office for National Statistics' chief economist, Grant Fitzner told Reuters. The Bank of England ( BoE) has sharply increased interest rates over the past 12 months in an effort to tackle inflation that is significantly higher than its two per cent target. Most economists anticipate that it will increase rates once again on Thursday, to 3.5 per cent from three per cent. Also read | UK: Boat carrying migrants sinks off English Coast, four dead The government's budget watchdog anticipated the worst pressure on living standards since records began in the 1950s, while the BoE forecasted that Britain will enter a protracted recession with inflation not returning to target until early 2024. Also watch | UK PM Rishi Sunak announces crackdown on Albanian illegal migrants British inflation started to take shape last year, mostly driven by post-pandemic congestion in the domestic and global economy, and accelerated particularly when European energy prices surged after Russia's February invasion of Ukraine. The BoE has also shed light labour shortages and trade and migration frictions due to Brexit as playing a role in pushing up prices. (With inputs from agencies) WATCH WION LIVE HERE:

UK inflation declines from 41-year high but food prices continue the upswing

President Joe Biden stated on Tuesday (13 December) that although there is still work to be done, the inflation rate in the United States is decreasing and things are moving in the right direction.

‘Economic plan is working’ to slow inflation, says Biden

UK inflation eased in November as gasoline and diesel prices rose more slowly than the previous month. Reportedly, the inflation dropped down to 10.7%.

UK inflation drops down to 10.7% in November after fuel price surge eases

UK economy respites from the grim economic outlook in October. Businesses recovered output lost following the death of Queen Elizabeth II. Watch further to know more.

World Business Watch | UK economy bounces back after two months of recession

High prices hit shoppers hard as 2022 comes to a close. As a result, Americans are cutting back on their holiday spending. Watch further to know more.

World Business Watch | Inflation-hit America to cut back on spending this year: Report

U.S. Treasury Secretary Janet Yellen on Sunday predicted a substantial reduction in U.S. inflation in 2023 by , barring an unexpected shock.

World Business Watch | U.S. Treasury Secy Janet Yellen predicts fall in inflation by 2023

UK ministers refused to hold any negotiation talks over pay in return for nursing unions' offer to suspend the strikes planned, saying that the government cannot amend awards decided for NHS staff by the independent pay body.&nbsp;

While speaking to Sky News, Foreign Secretary James Cleverly on Sunday said that the health secretary is willing to hold talks with the unions about how the performance and working conditions of NHS can be improved and not about the pay demand.

He said, “Of course, the health secretary wants to talk to the profession about how we can make the job better, how we can improve the NHS performance for everybody. But ultimately pay is decided by an independent pay body.”

ALSO READ|&nbsp;<a href="https://www.wionews.com/world/as-uk-braces-for-a-strike-full-winter-rcn-offers-to-suspend-strikes-if-govt-agrees-to-negotiate-541957">As UK braces for a 'strike-full' winter, RCN offers to suspend strikes if govt agrees to negotiate</a>

“The point is, meetings are different from pay negotiations. Ultimately, independent bodies are there for a reason, to take the politics out of this kind of stuff. And we respect the judgment they have made, and we’re implementing it,” he added.

Wes Streeting of the Labour party called the ministers “irresponsible”, saying they are looking to blame the striking staff for the NHSa crisis and not finding a solution.

RCN general secretary Pat Cullen, over the weekend, had made the offer to "press pause" on the strikes if serious talks can be held with Health Secretary Steve Barclay.

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For the first time in 106 years of the union's history, UK nurses will be walking out on a strike this week, which they insist is the "last resort” to press for their pay demands.

The one-day stoppage will be held by the Royal College of Nursing's (RCN) 100,000 members in England, Wales and Northern Ireland after they rejected the pay offer of the government.

The RCN said that they will be able to protect intensive care and high-dependency units, chemotherapy, neonatal intensive care, dialysis and paediatric intensive care.&nbsp;

It added that they will have Christmas staffing levels in other services. Accident and emergency staff nurse Mark Boothroyd said that the crisis has reached a tipping point.

"Workloads are horrendous. Nurses are burnt out, can't provide safe service to patients. We are seeing harm to patients and patients put at risk every day," he said.

RCN member and Unite union's staff representative Boothroyd said that the stoppage to be held on Thursday and on December 20 is aimed at restoring "quality of care for patients".

Britain has been battling a cost-of-living crisis and the prices of energy, food and housing have been soaring. The industrial action of RCN is part of increasing dissent among private and public sector employees.&nbsp;

(With inputs from agencies)

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UK ministers refused to hold any negotiation talks over pay in return for nursing unions' offer to suspend the strikes planned, saying that the government cannot amend awards decided for NHS staff by the independent pay body.

UK ministers refused to hold any negotiation talks over pay in return for nursing unions' offer to suspend the strikes planned, saying that the government cannot amend awards decided for NHS staff by the independent pay body. While speaking to Sky News, Foreign Secretary James Cleverly on Sunday said that the health secretary is willing to hold talks with the unions about how the performance and working conditions of NHS can be improved and not about the pay demand. He said, “Of course, the health secretary wants to talk to the profession about how we can make the job better, how we can improve the NHS performance for everybody. But ultimately pay is decided by an independent pay body.” ALSO READ| As UK braces for a 'strike-full' winter, RCN offers to suspend strikes if govt agrees to negotiate “The point is, meetings are different from pay negotiations. Ultimately, independent bodies are there for a reason, to take the politics out of this kind of stuff. And we respect the judgment they have made, and we’re implementing it,” he added. Wes Streeting of the Labour party called the ministers “irresponsible”, saying they are looking to blame the striking staff for the NHSa crisis and not finding a solution. RCN general secretary Pat Cullen, over the weekend, had made the offer to "press pause" on the strikes if serious talks can be held with Health Secretary Steve Barclay. ALSO READ| UK trade Secretary Kemi in Delhi from today for FTA talks For the first time in 106 years of the union's history, UK nurses will be walking out on a strike this week, which they insist is the "last resort” to press for their pay demands. The one-day stoppage will be held by the Royal College of Nursing's (RCN) 100,000 members in England, Wales and Northern Ireland after they rejected the pay offer of the government. The RCN said that they will be able to protect intensive care and high-dependency units, chemotherapy, neonatal intensive care, dialysis and paediatric intensive care. It added that they will have Christmas staffing levels in other services. Accident and emergency staff nurse Mark Boothroyd said that the crisis has reached a tipping point. "Workloads are horrendous. Nurses are burnt out, can't provide safe service to patients. We are seeing harm to patients and patients put at risk every day," he said. RCN member and Unite union's staff representative Boothroyd said that the stoppage to be held on Thursday and on December 20 is aimed at restoring "quality of care for patients". Britain has been battling a cost-of-living crisis and the prices of energy, food and housing have been soaring. The industrial action of RCN is part of increasing dissent among private and public sector employees. (With inputs from agencies)

UK: Ministers rebuff union's offer to negotiate over pay to suspend NHS strikes

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it.

What is a recession and a shallow recession?

A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fueling-recession-fears-the-us-economy-shrank-again-in-second-quarter-501488">Fueling recession fears, the US economy shrank again in second quarter</a>

For example, in the context of the US economy, the <a href="https://www.wionews.com/world/pandemic-effect-us-economy-set-to-outpace-china-first-time-since-1976-481005">COVID-19-induced recession</a> only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER).

Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/jeff-bezos-sounds-warning-bell-on-us-economy-as-he-asks-people-to-avoid-going-on-spending-spree-535758">Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree</a>

The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER.&nbsp;

Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/fitch-inflation-and-fed-hikes-to-drive-us-economy-into-recession-526566">Fitch: Inflation and fed hikes to drive US economy into recession</a>

The rule was created by and named after a former Fed economist Claudia Sahm&nbsp;and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market.&nbsp;

The speculations of the US economy entering a <a href="https://www.wionews.com/business-economy/us-recession-not-inevitable-economy-on-right-track-yellen-541427">“shallow recession”</a> have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession.&nbsp;

Reuters poll: Most economists expect a shallow and short recession

Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14&nbsp;as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the <a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">fourth consecutive time</a>, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around.&nbsp;

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Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession.&nbsp;

Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the<a href="https://www.wionews.com/economy/us-hiring-remains-robust-in-november-adds-263000-new-jobs-despite-soaring-inflation-539572"> labour market remains strong</a>, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-economy-heading-into-a-shadow-recession-poll-541472">US economy heading into a shallow recession: Poll</a>

This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year.&nbsp;

(With inputs from agencies)&nbsp;

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year.

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it. What is a recession and a shallow recession? A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion. ALSO READ | Fueling recession fears, the US economy shrank again in second quarter For example, in the context of the US economy, the COVID-19-induced recession only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER). Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions. ALSO READ | Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER. Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession. ALSO WATCH | Fitch: Inflation and fed hikes to drive US economy into recession The rule was created by and named after a former Fed economist Claudia Sahm and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market. The speculations of the US economy entering a “shallow recession” have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession. Reuters poll: Most economists expect a shallow and short recession Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14 as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the fourth consecutive time, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around. ALSO READ | Dollar gains broadly as upbeat US data muddles Fed rate hike views Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession. Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the labour market remains strong, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher. ALSO WATCH | US economy heading into a shallow recession: Poll This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year. (With inputs from agencies)

Poll shows that the US economy is headed for a shallow recession: Here’s what it means

The U.S. economy is heading into a short and shallow recession over the coming year. It is expected that the U.S. Federal Reserve to go for a smaller 50 basis point interest rate hike on Dec 14.

US economy heading into a shallow recession: Poll

Britain's economy is supposed to shrink point four percent next year. This comes as inflation remains high and companies put investments on hold with gloomy implications for longer term growth.

World Business Watch | UK risks 'lost decade': Industry Association

South African President Cyril Ramaphosa is facing a possible impeachment threat over the "Farmgate" scandal. In the latest update, Ramaphosa delayed a scheduled appearance in parliament to answer questions from lawmakers. Watch this video to know more.

‘Farmgate’ Corruption Scandal: Ramaphosa delays parliament appearance

HSBC will close 114 more branches in the UK from April 2023. This move comes after their customers have fallen significantly since the pandemic. Bank claims that they would try to redeploy affected staff but about 100 will lose their jobs.

World Business Watch | HSBC to close 114 UK bank branches from April 2023

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-removed-from-uk-nuclear-project-a-day-after-sunaks-golden-era-over-statement-538678">China booted from UK nuclear project after Sunak's 'golden era over' statement</a>

Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year.

The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern.

Also read |&nbsp;<a href="https://www.wionews.com/world/europes-import-of-russian-lng-jumps-42-amid-russia-ukraine-war-report-538720">Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report</a>

The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady.

This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts.

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October. Also read | China booted from UK nuclear project after Sunak's 'golden era over' statement Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year. The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern. Also read | Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady. This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

Eurozone inflation slows to 10 per cent in November but rate rises expected

Black Friday broke online sales records. But not by much. As high inflation continues to plague the world, retailers may not be out of the woods just yet. Priyanka Sharma tells you more.

Gravitas: Black Friday breaches record

Inflation has reached a 40-year high in the U.S., leading to recession worries on Wall Street. But it appears small businesses and customers are bearing the brunt of rising prices. For VOA, Keith Kocinski spoke with New York City vendors who are trying to keep prices down and their wheels on the ground.

WION-VOA Co-Production: US inflation reaches a new 40-year high

Let us take a look at stories generating interest across WION's social media channels. In today's video we cover - Black Friday online sales reach record high despite soaring inflation in US in news.

Trending on WION: Black Friday online sales reach record high despite soaring inflation in US

Amid four-decade-high inflation in the United States, the country’s online shoppers set a record with purchases worth at least $9.12 billion, said a report by Adobe Inc’s product for data and insights Adobe Analytics. On the other hand, the retail stores witnessed less than usual crowds for the Black Friday sale.&nbsp;

The report by Adobe which tracks online marketing and web analytics said that online purchases were up by 2.3 per cent, year over year, starting the day after Thanksgiving. Adobe Analytics has access to data covering purchases at 85 per cent of the top 100 retailers across the US. The $9.12 billion is an increase from $8.92 billion last year and in 2020 it was at $9.03 billion, said the report.

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/black-friday-2022-why-is-it-called-black-friday-why-there-are-so-many-deals-on-this-day-536112">Black Friday 2022: Why is it called Black Friday, why there are so many deals on this day?</a>

Adobe also said that the largest contributor to this figure was electronics as online sales surged by 221 per cent since October&nbsp;for gadgets including Apple MacBooks and watches, Xbox, smartphones and so on. Additionally, toys were also among the popular categories for shoppers which accounted for a 285 per cent increase, and exercising equipment saw a surge of over 200 per cent when compared to an average day in October.&nbsp;&nbsp;

Over the weekend, Adobe said that they expect that shoppers will spend over $4 million on both days while they expect the total sales for Cyber Monday to reach at least $11 billion. More than 165 million Americans are expected to shop between Thanksgiving day and Cyber Monday which is the National Retail Federation’s highest estimate since it began tracking the data five years ago. Notably, the estimate is also eight million more than in 2021.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-core-us-inflation-rises-to-40-year-high-fed-expected-to-extend-rate-hikes-525331">World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes</a>

Furthermore, the NRF estimates that accounts for both in-person and online shoppers also expect more than 65 per cent of Black Friday shoppers to head to stores. However, reports suggest that across major cities in the US including New York, Los Angeles, Chicago and so on, the stores were less busy than usual on Black Friday. The lower turnout in stores has also been attributed to people’s preference to shop online.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">In a historic move, US Federal Reserve raises interest rate by 0.75% again</a>

Despite record online spending since Thanksgiving, consumers' concerns about the economy are at the forefront with more than 60 per cent of Americans saying that their purchases for this holiday were hampered due to the state of the economy. In line with this many shoppers also opted for Buy Now Pay Later payments which saw a surge of nearly 80 per cent in use in the past week starting November 19.&nbsp; 
&nbsp;

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Amid four-decade-high inflation in the United States, the country’s online shoppers set a record with purchases worth at least $9.12 billion, said a report by Adobe Inc’s product for data and insights Adobe Analytics.

Amid four-decade-high inflation in the United States, the country’s online shoppers set a record with purchases worth at least $9.12 billion, said a report by Adobe Inc’s product for data and insights Adobe Analytics. On the other hand, the retail stores witnessed less than usual crowds for the Black Friday sale. The report by Adobe which tracks online marketing and web analytics said that online purchases were up by 2.3 per cent, year over year, starting the day after Thanksgiving. Adobe Analytics has access to data covering purchases at 85 per cent of the top 100 retailers across the US. The $9.12 billion is an increase from $8.92 billion last year and in 2020 it was at $9.03 billion, said the report. ALSO READ | Black Friday 2022: Why is it called Black Friday, why there are so many deals on this day? Adobe also said that the largest contributor to this figure was electronics as online sales surged by 221 per cent since October for gadgets including Apple MacBooks and watches, Xbox, smartphones and so on. Additionally, toys were also among the popular categories for shoppers which accounted for a 285 per cent increase, and exercising equipment saw a surge of over 200 per cent when compared to an average day in October. Over the weekend, Adobe said that they expect that shoppers will spend over $4 million on both days while they expect the total sales for Cyber Monday to reach at least $11 billion. More than 165 million Americans are expected to shop between Thanksgiving day and Cyber Monday which is the National Retail Federation’s highest estimate since it began tracking the data five years ago. Notably, the estimate is also eight million more than in 2021. ALSO WATCH | World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes Furthermore, the NRF estimates that accounts for both in-person and online shoppers also expect more than 65 per cent of Black Friday shoppers to head to stores. However, reports suggest that across major cities in the US including New York, Los Angeles, Chicago and so on, the stores were less busy than usual on Black Friday. The lower turnout in stores has also been attributed to people’s preference to shop online. ALSO READ | In a historic move, US Federal Reserve raises interest rate by 0.75% again Despite record online spending since Thanksgiving, consumers' concerns about the economy are at the forefront with more than 60 per cent of Americans saying that their purchases for this holiday were hampered due to the state of the economy. In line with this many shoppers also opted for Buy Now Pay Later payments which saw a surge of nearly 80 per cent in use in the past week starting November 19. 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.

Online sales on Black Friday reached record high despite soaring inflation in US: Report

Today is Black Friday. It marks the beginning of the festive season in the U.S. It also sounds the gong for holiday shopping. But will inflation dampen the festive spirit this year? Molly Gambhir tells you more.

Gravitas: A bleak Black Friday?

Nurses Union in UK has announced their first-ever strike in its 106 year history. Nurses will go on strike for two days next month - they will walk out on the 15th and 20th December to demand pay hike of 5% above inflation. This comes after workers have been struggling with cost of living during inflation.

UK nurses to go on strike on December 15, 20 for first time

Inflation is hitting consumers hard and this time in Tokyo. Consumer prices in Japan's capital has gone up 3.6 per cent in November as compared to a year earlier. Watch full video to know more.

World Business Watch | Consumer inflation in Japan's capital hits 40-year high

Inditex SA, the Spanish owner of the clothing brand Zara is currently facing two days of strikes in its region when the unions and management failed to reach a settlement. Spain is the largest market for Inditex.&nbsp;

Nearly 11 shops in the Galician province were closed on Thursday (Nov 24) as workers refused&nbsp;to work. The strikes have affected Bershka, Stradivarius, Pull&amp;Bear, Massimo Dutti and Oysho brands along with impacting the Black Friday sales, being one of the important days for retailers, Bloomberg reported.&nbsp;

<a href="https://www.wionews.com/world/as-inflation-soars-to-41-year-high-of-111-uk-nurses-union-announces-its-first-strike-in-106-years-537248">Also read |&nbsp;British nurses to go on strike for two days in December over pay dispute</a>

The Confederacion Intersindical Galega union stated that nearly 44 stores across Inditex's brands including the Zara store are expected to close on Friday as a result of the strikes.&nbsp;

The strike demonstrates rising demands for salary rises from Spanish employees in the face of rising prices. The workers demanded a €440 ($458) salary raise.

<a href="https://www.wionews.com/world/us-largest-rail-union-rejects-biden-administration-labour-deal-what-could-happen-next-536243">Also read |&nbsp;US: Largest rail union rejects Biden administration labour deal. What could happen next?</a>

Last week, Inditex met trade unions and maintained its request to boost monthly compensation by €182 ($189.8). After the negotiations collapsed, the retailer negotiated an agreement with UGT and CCOO, two additional unions, providing a one-time incentive of up to €1,000 ($1,042) for workers to stores that meet their sales targets.

The CIG and local UGT members have chosen to continue the strikes. &nbsp;&nbsp;

Despite the surging cost-of-living problems, the Spanish company was able to record its highest profit margins in seven years.&nbsp;

(With inputs from agencies)

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Inditex SA, the Spanish owner of the clothing brand Zara is currently facing two days of strikes in its region when the unions and management failed to reach a settlement.

Inditex SA, the Spanish owner of the clothing brand Zara is currently facing two days of strikes in its region when the unions and management failed to reach a settlement. Spain is the largest market for Inditex. Nearly 11 shops in the Galician province were closed on Thursday (Nov 24) as workers refused to work. The strikes have affected Bershka, Stradivarius, Pull&Bear, Massimo Dutti and Oysho brands along with impacting the Black Friday sales, being one of the important days for retailers, Bloomberg reported. Also read | British nurses to go on strike for two days in December over pay dispute The Confederacion Intersindical Galega union stated that nearly 44 stores across Inditex's brands including the Zara store are expected to close on Friday as a result of the strikes. The strike demonstrates rising demands for salary rises from Spanish employees in the face of rising prices. The workers demanded a €440 ($458) salary raise. Also read | US: Largest rail union rejects Biden administration labour deal. What could happen next? Last week, Inditex met trade unions and maintained its request to boost monthly compensation by €182 ($189.8). After the negotiations collapsed, the retailer negotiated an agreement with UGT and CCOO, two additional unions, providing a one-time incentive of up to €1,000 ($1,042) for workers to stores that meet their sales targets. The CIG and local UGT members have chosen to continue the strikes. Despite the surging cost-of-living problems, the Spanish company was able to record its highest profit margins in seven years. (With inputs from agencies) WATCH WION LIVE HERE

Inditex, Zara's Spanish owner, faces workers' strike over demand for more pay

What has led to the ongoing cost of living crisis? Austerity for the poor, profits for the rich as oil companies rake in bumper profits. Single parents households are being forced to skip meals.

UK: What has led to a cost of living crisis? Austerity for the poor, profits for rich

New Zealand struggles to contain stubbornly high inflation, its Central Bank raised interest rates by 75 basis points to a near 14-year-high of 4.25%. It is flagged that more hikes can come. 15 of 23 economies in a poll earlier forecast that Reserve Bank of New Zealand would move by 7.5%.

World Business Watch: New Zealand delivers biggest rate hike ever, interest rates at near 14-yr high

Devastating floods, skyrocketing inflation, a crumbling economy and a reported collective loot, this seems to be the story of Pakistan. At present, the country is hit by floods and severe economic crisis. It may also be witnessing a constant loot by its leaders starting from former Prime Minister Nawaz Sharif to Pakistan South Chief Imran Khan.

WION Dispatch: Pakistan citizens battle skyrocketing inflation

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