Japan and a weak Yen has pushed up cost of imported commodities in the country, they were already surging due to global supply constraints now. This has led to the jump in Japan's core consumer inflation that has accelerated to 40-year high.

World Business Watch: Japan's inflation hits 40-year high; commodities price surge

UK inflation hits 11.1% which is being driven by rising energy bills and food prices in a worsening cost of living crisis in the country. According to the office for National Statistics, the consumer price index hit 11.1% on an annual basis which is up from 10.1% in September.

UK inflation rises: Cost of living crisis driven by Covid & war

UK inflation rises to 41-year high at 11.1%; food, energy prices soar

Like many other Nations, India also has suffered a hit to its economy thanks to high inflation and rising interest rates, Global ratings agency Moody's investor service has now lowered the 2022 gross domestic product.

WION Dispatch | Moody's: Global economy on the verge of a downturn

Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict.&nbsp;

To help Bangladesh cope with soaring prices,&nbsp;the International Monetary Fund (IMF) on Wednesday announced $4.5 billion in assistance for the Asian country.

IMF team leader Rahul said, " Bangladesh's robust economic recovery from the pandemic has been interrupted by Russia's war in Ukraine, leading to a sharp widening of the current account deficit, the rapid decline of foreign exchange reserves, rising inflation and slowing growth."

<a href="https://www.wionews.com/south-asia/imran-khan-compares-himself-to-mujibur-rehman-bangladeshs-founding-father-530544">Also read |&nbsp;Imran Khan compares himself to Bangladesh's founding father Mujibur Rehman</a>

The 170 million people nation requested assistance earlier this year, followed by a $4.5 billion deal for its 'economic objectives.' As per the official stats, the country's inflation rate is near 10 per cent, however, many independent analysts claimed the rate to be easily around 20 per cent, AFP reported.&nbsp;&nbsp;

The IMF loan will mostly be used to bolster Bangladesh's foreign exchange reserves which drastically fell from $46 billion to $34 billion. The currency has lost nearly 25 per cent to the US dollar in the past few months.&nbsp;

<a href="https://www.wionews.com/south-asia/bangladesh-cyclone-sitrang-lashes-country-claiming-16-lives-528272">Also read |&nbsp;Bangladesh: Cyclone Sitrang lashes country claiming 24 lives</a>

Bangladesh is unable to buy fossil fuels due to currency depreciation. To preserve the existing supplies, PM Sheikh Hasina has announced to shut down diesel pants, and implemented long power outages for up to 13 hours a day. These outages have provoked protests. A recent police raid claimed the lives of three people and injured over 100 people.&nbsp;

By 2031, the country aims to move ahead of its designation as a 'Least Developed Country' and be counted among 'middle-income countries.'

Bangladesh will also advocate for major climate actions and look for more funding. Sri Lanka, another South Asian country falls under the category and has asked for IMF assistance because of the economic crisis the country has been facing.&nbsp;

(With inputs from agencies)

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Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict. To help Bangladesh cope with soaring prices, the International Monetary Fund (IMF) on Wednesday announced $4.

Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict. To help Bangladesh cope with soaring prices, the International Monetary Fund (IMF) on Wednesday announced $4.5 billion in assistance for the Asian country. IMF team leader Rahul said, " Bangladesh's robust economic recovery from the pandemic has been interrupted by Russia's war in Ukraine, leading to a sharp widening of the current account deficit, the rapid decline of foreign exchange reserves, rising inflation and slowing growth." Also read | Imran Khan compares himself to Bangladesh's founding father Mujibur Rehman The 170 million people nation requested assistance earlier this year, followed by a $4.5 billion deal for its 'economic objectives.' As per the official stats, the country's inflation rate is near 10 per cent, however, many independent analysts claimed the rate to be easily around 20 per cent, AFP reported. The IMF loan will mostly be used to bolster Bangladesh's foreign exchange reserves which drastically fell from $46 billion to $34 billion. The currency has lost nearly 25 per cent to the US dollar in the past few months. Also read | Bangladesh: Cyclone Sitrang lashes country claiming 24 lives Bangladesh is unable to buy fossil fuels due to currency depreciation. To preserve the existing supplies, PM Sheikh Hasina has announced to shut down diesel pants, and implemented long power outages for up to 13 hours a day. These outages have provoked protests. A recent police raid claimed the lives of three people and injured over 100 people. By 2031, the country aims to move ahead of its designation as a 'Least Developed Country' and be counted among 'middle-income countries.' Bangladesh will also advocate for major climate actions and look for more funding. Sri Lanka, another South Asian country falls under the category and has asked for IMF assistance because of the economic crisis the country has been facing. (With inputs from agencies) WATCH WION LIVE HERE

IMF announces $4.5 billion assistance to Bangladesh to combat rising inflation

Inflation and abortion are the top voter concern on election day. The turnout has been much more expensive than anticipated. It's being seen as a sign of how crucial this year's midterms have become.

US Midterm Elections: Inflation and abortion top voter concerns

China's exports and imports have unexpectedly contracted in October. Surging inflation and rising interest rates have hammered global demand while new covid-19 curbs at home disrupted output and consumption.

WION Business News | China's export growth unexpectedly contracts

The high inflation hasn't just hit the common people but interestingly even billionaire investors globally have been hit as well. As returns from the stock investments fall, Warren Buffet's Berkshire Hathaway posted a $2.7 billion third quarter loss.

Warren Buffet's firm Berkshire reports $2.7 billion Q3 loss

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

Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, as dealmaking business takes a hit due to rising inflation and an economic downturn.

Morgan Stanley to reduce employee headcount in coming weeks as dealmaking slows

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

The threat of rising inflation is playing out pretty much every major European economy and in Turkey the inflation rates has accelerated to 85.51% in October. According to the official data this is the highest level since 1997.

Turkiye: Inflation hits 24-year high, tops 85%

More than 30,000 delegates, including representatives from some 200 countries, will gather November 6-18 in Egypt for the COP27 Climate Summit.

WION Climate Tracker: COP27 to test resolve of world battling war, inflation

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

In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.

To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1.

The former Yugoslav Republic, which joined the <a href="https://www.wionews.com/world/us-set-to-put-united-nations-focus-on-iran-protests-next-week-529304">European Union</a> almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-assets-worth-17-bn-euros-frozen-by-eu-says-official-529442">Russian assets worth 17 bn euros frozen by EU, may be given to Ukraine for rebuilding: Official</a>

Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover.

"The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times.

The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by <a href="https://www.wionews.com/world/the-task-set-by-you-has-been-completed-russia-ends-mobilisation-for-ukraine-zelensky-expresses-doubt-529302">Russia's war</a> in Ukraine.

Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation.

(With inputs from agencies)

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In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.

In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation. To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1. The former Yugoslav Republic, which joined the European Union almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone. Also read | Russian assets worth 17 bn euros frozen by EU, may be given to Ukraine for rebuilding: Official Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover. "The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times. The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by Russia's war in Ukraine. Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation. (With inputs from agencies) WATCH WION LIVE HERE:

Croatia gears up for Euro switch amid soaring inflation

It is less than two weeks ahead of midterm elections in the United States. Voters are sounding off about their issues ahead of the polls and the country's number one issue is inflation, our correspondent Susan Tehrani decodes further from New York.

US Midterm Elections: Residents struggle to pay bills, financial hardship grips citizens

Less than two weeks ahead of the midterm elections in the United States, voters are telling their about their issues - number one being inflation. Watch the video to know more about the issue through the voters.

US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills

The International Monetary Fund (IMF) cut Asia’s economic forecasts on Friday as global monetary tightening, rising inflation blamed on the war in Ukraine, and China’s sharp slowdown dampened the region’s recovery prospects.

IMF cuts Asia's economic forecasts & says China slowdown to drag on Asia growth

High inflation is leading to a shortage of a different kind in Malaysia- it is of eggs. Whatever is available in the market is usually snapped up, many are worried the situation will persist.

WION Business News | Inflation hits egg consumers in Malaysia

Inflation in Australia has surged to 32-year high, it has now lead to a possibility of more aggressive rate hikes by country's central bank.

WION business News | Australia inflation hits highest in 32 years

Barbie maker Mattel lowered its full-year profit forecast, suggesting high inflation will take a toll on the holiday shopping season.

WION Business News | Inflation hits Barbie, Fisher-Price demand

Britain's former Finance Minister Rishi Sunak is all set to take the top job of the country. The first Indian origin premier of the UK has a rocky road ahead as he inherits an economy that is possibly headed for recession.

Rishi Sunak's tenure amidst UK's economic crisis, will he tackle soaring energy bills, inflation?

High inflation is taking a toll on Europe. To reduce the pressure, some EU members want to impose a cap on the price of imported gas. But the latest summit in Brussels could not break the stalemate.

EU to provide $18 billion to Ukraine next year

EU to provide $18 billion to Ukraine next year, agrees to monitor prices

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