The Pakistan government is under fire once again. This time it is about concealing his party's foreign funding from the election commission. According to a damning media report, the PTI and staff party underreported an amount of 312 million Pakistani rupees.

Pakistan: Imran Khan's Party under scrutiny over ‘Concealed Foreign Funding’

Sri Lanka's financial woes have forced it to shut three diplomatic missions. With record-high inflation and depleting foreign reserves, Colombo is facing a financial meltdown. Reports suggest it could even go bankrupt by the end of 2022. Palki Sharma gets you a report.

Gravitas: Sri Lanka shuts 3 diplomatic missions as economic crisis gets worse

Sri Lanka is facing crippling financial and humanitarian crisis with fears it could go bankrupt in 2022 as inflation rises to record levels, the Sri Lankan cabinet will take a decision on IMF bailout options.

Sri Lanka grapples with high inflation, will the island nation go for an IMF bailout?

<p>Turkey's annual&nbsp;inflation&nbsp;rate surged to its&nbsp;highest&nbsp;level&nbsp;since&nbsp;2002&nbsp;in December, official data showed Monday, after a currency crisis sparked by President Recep Tayyip Erdogan's unconventional economic policies.</p>

<p>Consumer prices jumped to 36.1 percent last month from the same period in 2020, up from 21.3 percent in November, according to the&nbsp;Turkish&nbsp;statistics office.</p>

<p>The figure is the&nbsp;highest&nbsp;since&nbsp;October&nbsp;2002&nbsp;when&nbsp;inflation&nbsp;reached 33.45 percent, before the party of Erdogan came to power.</p>

<p>It is also more than seven times the official government target.</p>

<p>Erdogan's enduring success has often been attributed to the development and prosperity his government enabled after a financial crisis in 2001.</p>

<p>His Islamic-rooted party rose to power the following year, and he has dominated&nbsp;Turkish&nbsp;politics for the past two decades as both prime minister and president.</p>

<p>But he faces an increasingly difficult path to re-election in polls due to be held by mid-2023.</p>

<p>Opinion polls show him losing in a second-round runoff against most major rivals, and his ruling alliance ceding control of parliament to an increasingly popular group of opposition parties.</p>

<p>But Erdogan has stuck fast to his policies, opposing interest rate hikes -- which he calls "the mother and father of all evil" -- to combat&nbsp;inflation.</p>

<p><a href="https://www.wionews.com/world/watch-thousands-protest-in-amsterdam-against-covid-restrictions-441905"><strong>Also read |&nbsp;Watch: Thousands protest in Amsterdam against Covid restrictions</strong></a></p>

<p>High interest rates are a drag on activity and slow down economic growth.</p>

<p>But central banks raise their policy rates out of necessity when&nbsp;inflation&nbsp;gets out of hand.</p>

<p>Erdogan on Monday accused "the elites" of profiting from "unearned interest income", sticking by his pledge not to raise borrowing costs.</p>

<p><strong>Lira collapse</strong></p>

<p>The&nbsp;Turkish&nbsp;lira lost 44 percent of its value against the dollar in 2021, with the losses accelerating at the end of last year, when Erdogan orchestrated a series of sharp interest rate reductions.</p>

<p>The dollar soared to a historic high of nearly 18.4 liras by the time Erdogan announced new currency support measures last month that were backed by reportedly heavy indirect interest rate interventions.</p>

<p>The exchange rate has&nbsp;since&nbsp;slipped back down to around 13 liras to the dollar, although the&nbsp;Turkish&nbsp;currency lost a further two percent after the latest&nbsp;inflation&nbsp;reading was announced.</p>

<p>A dollar was worth 7.4 liras at the start of 2021.</p>

<p>The monthly&nbsp;inflation&nbsp;reading has turned into an politically-sensitive issue in Turkey, with opposition leaders claiming that the government is putting pressure on the statistics agency to underreport price jumps.</p>

<p><a href="https://www.wionews.com/technology/technology-giants-spy-on-staff-to-prevent-unionising-report-says-441951"><strong>Also read |&nbsp;Technology giants spy on staff to prevent unionising, report says</strong></a></p>

<p>They point to separate readings prepared to independent economic institutes such as the&nbsp;Inflation&nbsp;Research Group (ENAG), which calculated last month's annual&nbsp;inflation&nbsp;rate at 82.8 percent.</p>

<p>The official readings show prices for most food staples raising substantially above the annual&nbsp;inflation&nbsp;rate.</p>

<p>The price of milk, yogurt and sunflower oil all jumped by roughly 75 percent on the year, while that of chicken rose by 86 percent.</p>

<p>Erdogan has raised the take-home monthly minimum rage by 50 percent, raising it to 4,250 liras (about $310, 275 liras), which economists worry will further feed&nbsp;inflation.</p>

<p>His government has also raised sharply raised utility costs, including those of heat, gas and electricity.</p>


Turkey's annual inflation rate surged to its highest level since 2002 in December, official data showed Monday, after a currency crisis sparked by President Recep Tayyip Erdogan's unconventional economic policies.

Turkey's annual inflation rate surged to its highest level since 2002 in December, official data showed Monday, after a currency crisis sparked by President Recep Tayyip Erdogan's unconventional economic policies. Consumer prices jumped to 36.1 percent last month from the same period in 2020, up from 21.3 percent in November, according to the Turkish statistics office. The figure is the highest since October 2002 when inflation reached 33.45 percent, before the party of Erdogan came to power. It is also more than seven times the official government target. Erdogan's enduring success has often been attributed to the development and prosperity his government enabled after a financial crisis in 2001. His Islamic-rooted party rose to power the following year, and he has dominated Turkish politics for the past two decades as both prime minister and president. But he faces an increasingly difficult path to re-election in polls due to be held by mid-2023. Opinion polls show him losing in a second-round runoff against most major rivals, and his ruling alliance ceding control of parliament to an increasingly popular group of opposition parties. But Erdogan has stuck fast to his policies, opposing interest rate hikes -- which he calls "the mother and father of all evil" -- to combat inflation. Also read | Watch: Thousands protest in Amsterdam against Covid restrictions High interest rates are a drag on activity and slow down economic growth. But central banks raise their policy rates out of necessity when inflation gets out of hand. Erdogan on Monday accused "the elites" of profiting from "unearned interest income", sticking by his pledge not to raise borrowing costs. Lira collapse The Turkish lira lost 44 percent of its value against the dollar in 2021, with the losses accelerating at the end of last year, when Erdogan orchestrated a series of sharp interest rate reductions. The dollar soared to a historic high of nearly 18.4 liras by the time Erdogan announced new currency support measures last month that were backed by reportedly heavy indirect interest rate interventions. The exchange rate has since slipped back down to around 13 liras to the dollar, although the Turkish currency lost a further two percent after the latest inflation reading was announced. A dollar was worth 7.4 liras at the start of 2021. The monthly inflation reading has turned into an politically-sensitive issue in Turkey, with opposition leaders claiming that the government is putting pressure on the statistics agency to underreport price jumps. Also read | Technology giants spy on staff to prevent unionising, report says They point to separate readings prepared to independent economic institutes such as the Inflation Research Group (ENAG), which calculated last month's annual inflation rate at 82.8 percent. The official readings show prices for most food staples raising substantially above the annual inflation rate. The price of milk, yogurt and sunflower oil all jumped by roughly 75 percent on the year, while that of chicken rose by 86 percent. Erdogan has raised the take-home monthly minimum rage by 50 percent, raising it to 4,250 liras (about $310, 275 liras), which economists worry will further feed inflation. His government has also raised sharply raised utility costs, including those of heat, gas and electricity.

Turkish inflation hits new record high after currency crisis

Pakistani citizens are unsatisfied. Inflation is battering the economy, prices if everyday good are on a rise, petrol diesel prices are surging, and most importantly, Imran Khan government do not have funds to run the country.

Inflation batters Pakistan's economy under Imran Khan govt

The United States Federal Reserve said that it would end its pandemic-era bond purchases in March and pave the way for three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the US central bank copes with a surge of inflation.

US Federal Reserve signals three rate hikes in 2022 as inflation fight begins

US President Joe Biden is facing significant skepticism from the American public, with his job approval rating lagging across a range of major issues, including handling of inflation, COVID-19 and gun violence.

Joe Biden faces lowest approval ratings yet in handling of inflation, COVID-19

Wholesale prices in Germany sees a record jump. Higher consumer prices may, in turn, burden the general public.

German wholesale prices see record jump | Higher consumer prices may follow

<p>For the first time in decades, consumer prices in the US surged by 6.8 per cent in November, reveals the latest data by the Consumer Price Index data This comes as the highest annual inflation rate since June 1982.&nbsp;</p>

<p>As per the latest data, the surge comes as a result of an increase in component indexes. Some of the large contributors are: gasoline, shelter, food, used cars and trucks.&nbsp;</p>

<p>Inflation has been a matter of concern since the pandemic has hit the globe.</p>

<p>The energy index saw a surge of 3.5 per cent in November as the gasoline index increased by 6.1 per cent. The food index saw an increase of 0.7 per cent as the index for food at home rose 0.8 per cent.</p>

<p>Acknowledging the current scenario, US President Joe Biden said, "Today's numbers reflect the pressures that economies around the world are facing as we emerge from a global pandemic, prices are rising."&nbsp;</p>

<p>Deeming inflation as "a real bump in the road," he said that "price and cost increase are slowing, although not as quickly as we'd like."&nbsp;</p>

<p><a href="https://www.wionews.com/world/on-human-rights-day-us-imposes-sanctions-on-myanmar-china-north-korea-435962"><strong>Also read |&nbsp;On Human Rights Day, US imposes sanctions on Myanmar, China, North Korea</strong></a></p>

<p>The food index increased 0.7 per cent in November after rising 0.9 per cent in both September and October. The food at home index increased 0.8 per cent in November.&nbsp;The indexes for other food at home and fruits and vegetables both increased by 1 per cent in November.</p>

<p>The index for meats, poultry, fish, and eggs rose 0.9 per cent. Within this group, the index for pork surged drastically by &nbsp;2.2 per cent. However, the index for eggs declined in November by 2.7 per cent.&nbsp;</p>

<p>In terms of energy, it rose by 3.5 per cent in November after there was a 4.8 per cent hike in October. The gasoline index rose 6.1 per cent in November. The electricity index increased 0.3 per cent. The index for natural gas also saw a minor surge of 0.6 per cent.</p>

<p>Mickey Levy, chief economist covering the Americas and Asia at Berenberg Capital Markets, highlighted the supply bottlenecks, the Federal Reserve's low-interest-rate policies and pandemic recovery legislation.</p>

<p><a href="https://www.wionews.com/world/ukraine-russia-tensions-biden-talks-to-germanys-scholz-as-kyiv-leader-looks-for-talks-with-moscow-435971"><strong>Also read |&nbsp;Ukraine-Russia tensions: Biden talks to Germany's Scholz as Kyiv leader looks for talks with Moscow</strong></a></p>

<p>"The Biden administration fears the negative political fallout of the impact of higher inflation on households and is trying to defer the blame on special factors," Levy said</p>

<p>Earlier, in October, Inflation across a variety of products in the US hit its highest point in more than 30 years. The consumer price index rose 6.2 per cent from a year ago. This is the most since December 1990.</p>

<p><em>(With inputs from agencies)</em></p>


For the first time in decades, consumer prices in the US surged by 6.8 per cent in November, reveals the latest data by the Consumer Price Index data This comes as the highest annual inflation rate since June 1982.

For the first time in decades, consumer prices in the US surged by 6.8 per cent in November, reveals the latest data by the Consumer Price Index data This comes as the highest annual inflation rate since June 1982. As per the latest data, the surge comes as a result of an increase in component indexes. Some of the large contributors are: gasoline, shelter, food, used cars and trucks. Inflation has been a matter of concern since the pandemic has hit the globe. The energy index saw a surge of 3.5 per cent in November as the gasoline index increased by 6.1 per cent. The food index saw an increase of 0.7 per cent as the index for food at home rose 0.8 per cent. Acknowledging the current scenario, US President Joe Biden said, "Today's numbers reflect the pressures that economies around the world are facing as we emerge from a global pandemic, prices are rising." Deeming inflation as "a real bump in the road," he said that "price and cost increase are slowing, although not as quickly as we'd like." Also read | On Human Rights Day, US imposes sanctions on Myanmar, China, North Korea The food index increased 0.7 per cent in November after rising 0.9 per cent in both September and October. The food at home index increased 0.8 per cent in November. The indexes for other food at home and fruits and vegetables both increased by 1 per cent in November. The index for meats, poultry, fish, and eggs rose 0.9 per cent. Within this group, the index for pork surged drastically by 2.2 per cent. However, the index for eggs declined in November by 2.7 per cent. In terms of energy, it rose by 3.5 per cent in November after there was a 4.8 per cent hike in October. The gasoline index rose 6.1 per cent in November. The electricity index increased 0.3 per cent. The index for natural gas also saw a minor surge of 0.6 per cent. Mickey Levy, chief economist covering the Americas and Asia at Berenberg Capital Markets, highlighted the supply bottlenecks, the Federal Reserve's low-interest-rate policies and pandemic recovery legislation. Also read | Ukraine-Russia tensions: Biden talks to Germany's Scholz as Kyiv leader looks for talks with Moscow "The Biden administration fears the negative political fallout of the impact of higher inflation on households and is trying to defer the blame on special factors," Levy said Earlier, in October, Inflation across a variety of products in the US hit its highest point in more than 30 years. The consumer price index rose 6.2 per cent from a year ago. This is the most since December 1990. (With inputs from agencies)

For the first time in 39 years, Inflation surged by 6.8% in the US

According to a survey, Pakistani citizens are unsatisfied. Inflation is battering the economy, prices if everyday good are on a rise, petrol diesel prices are surging, and most importantly, Imran Khan government do not have funds to run the country.

Inflation batter Pakistan's economy, 50% citizens blame Imran Khan government

Pakistan’s Prime Minister Imran Khan has barred federal cabinet members from going abroad without permission. This is an attempt by Khan to reduce the government's spending as the country's inflation rate continues to sky-rocket.

Pakistan PM Imran Khan forbids ministers from travelling abroad

United Kingdom: Costs are rising at the fastest rate in over two decades for firms and the services sector. According to a business survey, the Bank of England may soon raise interest rates available.

UK inflation surges to a 10-year high of 4.2% in October: Report

<p>The White House is receiving backlash for having a Christmas tree worth $139,000 for this year's Christmas. This will be topped with an additional $171,000 for the Christmas tree lighting ceremony. Not only this, but the White House has also reportedly spent $41,000 on Christmas decorations for the Eisenhower building and Jackson Place.</p>

<p>All of this is happening at a time when the world is facing a supply chain crisis, causing inflation.&nbsp;</p>

<p>A report by TMZ revealed that National Christmas Tree Lighting Festivities will include a live audience and performances by Patti LaBelle, Billy Porter, Chris Stapleton and others.&nbsp;</p>

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<p>First Lady Jill Biden recently welcomed the official White House Christmas tree, which is an 18.5ft long Fraser fir tree.</p>

<p>The tree was lavishly brought up to the north portico in a carriage driven by horses.</p>

<p><a href="https://www.wionews.com/world/supply-chain-crisis-us-christmas-tree-shortage-could-threaten-the-upcoming-festive-season-432475"><strong>Also read |&nbsp;Supply chain crisis: US Christmas tree shortage could threaten the upcoming festive season</strong></a></p>

<p>The 18.5ft long Fraser will now stand tall in the Blue Room of the White House.&nbsp;</p>

<p>Meanwhile, there have been concerns about the shortage of both plastic trees and live firs. This is because of the supply chain crisis and the effects of the climate crisis.</p>

<p>The American Christmas Tree Association, in a statement, assured the citizens that "Christmas will not be cancelled."</p>

<p>"Despite expectations of similar consumer demand in 2021, the Christmas tree industry could experience a shortage of both artificial and live trees," it said.&nbsp;</p>

<p>Weather events, including fires, drought, and heat waves have affected live Christmas tree crop yields. Some farmers in Oregon reported that they lost up to 90 per cent of their crops this year.&nbsp;</p>


The White House is receiving backlash for having a Christmas tree worth $139,000 for this year's Christmas. This will be topped with an additional $171,000 for the Christmas tree lighting ceremony.

The White House is receiving backlash for having a Christmas tree worth $139,000 for this year's Christmas. This will be topped with an additional $171,000 for the Christmas tree lighting ceremony. Not only this, but the White House has also reportedly spent $41,000 on Christmas decorations for the Eisenhower building and Jackson Place. All of this is happening at a time when the world is facing a supply chain crisis, causing inflation. A report by TMZ revealed that National Christmas Tree Lighting Festivities will include a live audience and performances by Patti LaBelle, Billy Porter, Chris Stapleton and others. View this post on Instagram A post shared by First Lady Dr. Jill Biden (@flotus) × First Lady Jill Biden recently welcomed the official White House Christmas tree, which is an 18.5ft long Fraser fir tree. The tree was lavishly brought up to the north portico in a carriage driven by horses. Also read | Supply chain crisis: US Christmas tree shortage could threaten the upcoming festive season The 18.5ft long Fraser will now stand tall in the Blue Room of the White House. Meanwhile, there have been concerns about the shortage of both plastic trees and live firs. This is because of the supply chain crisis and the effects of the climate crisis. The American Christmas Tree Association, in a statement, assured the citizens that "Christmas will not be cancelled." "Despite expectations of similar consumer demand in 2021, the Christmas tree industry could experience a shortage of both artificial and live trees," it said. Weather events, including fires, drought, and heat waves have affected live Christmas tree crop yields. Some farmers in Oregon reported that they lost up to 90 per cent of their crops this year.

Biden slammed for buying White House Christmas tree worth $139K as world grapples with inflation

According to experts, inflation, supply chain crisis, and pandemic will impact the shoppers and retailers during the holiday period in the United States. This special broadcast of WION-VOA tells you about the impact of inflation on American shoppers and businesses.

Experts: Supply chain issues and online sales to impact retail in US

'Pakistan is running out of money. The sustainability of our country is at stake, there's no money to run the nation,' says PM Imran Khan. Inflation is battering the economy, it has surged by almost 9.2% in October from 2020, prices of everyday goods are on the rise. WION's correspondent Anas Mallick brings us all the latest developments.

Inflation: Rising foreign debt a national security issue, says Pakistan PM Imran Khan

<p>In a bid to reassure Americans angry about inflation and goods shortages as they prepare for Thanksgiving -- and to lift his poll ratings -- President Joe Biden&nbsp;on Tuesday&nbsp;tapped the US strategic oil reserves.</p>

<p>Biden announced this coordinated plan to release 50 million barrels of crude from the country's oil reserves onto the market, hoping to ease the growing discontent about inflation and fuel costs.</p>

<p>The White House said that following weeks of negotiations, "this release will be taken in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea and the United Kingdom."</p>

<p>India plans to release 5 million barrels of oil from its caverns.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/us-asks-india-china-others-to-consider-tapping-oil-reserves-430236">US asks India, China, others to consider tapping oil reserves</a></strong></p>

<p>"It will take time but before long you should see the price of gas drop," Biden said in a speech at the White House.</p>

<p>According to a senior administration official, it is anticipated that the releases will begin in mid-to-late December, and&nbsp;"responding to a once-in-a-century pandemic," further interventions may be necessary to stabilise the market.</p>

<p>"The president stands ready to take additional action if needed and is prepared to use his full authorities, working in coordination with the rest of the world, to maintain adequate supply as we exit the pandemic."</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/crunch-at-ports-may-mean-crisis-for-american-farms-429345">Crunch at ports may mean crisis for American farms</a></strong></p>

<p>Even as the US economy bounces back from the COVID-19 lockdowns, supply chain disruptions and inflation are stirring fears as the holiday season begins with Thanksgiving on Thursday.</p>

<p>"Moms and dads are worried asking will there be enough food we can afford to buy for the holidays? Will we be able to get Christmas presents to the kids on time?" Biden said, acknowledging that for many the price rises are "painful."</p>

<p>Critics, however, accuse him of failing to grasp the challenge.</p>

<p>The president pushed back on critics by noting that the two biggest trading ports, both located in southern California, were now working 24/7, as opposed to just 40 hours a week.</p>

<p>In the last few years, gasoline prices have fallen by about 10 per cent on the wholesale market, but at the pump, they remain the same.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/history-says-dont-panic-about-inflation-428730">History says don’t panic about inflation</a></strong></p>

<p>"In other words, gas supply companies are paying less and making a lot more," he said, accusing companies of "pocketing the difference" between wholesale and retail prices.</p>

<p>Nevertheless, Biden's reassurances on tapping the oil reserve failed to impress Republican opponents.&nbsp;</p>

<p>"Joe Biden's failed leadership caused skyrocketing prices, and now American families are paying more for gas, groceries, and everything this Thanksgiving," Republican National Committee chair Ronna McDaniel said in a statement.</p>

<p><strong>Watch |&nbsp;India, Japan working on oil-stock release</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-japan-working-on-oil-stock-release-431344/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>Due to an increase in production, oil prices have already dropped nearly 10 per cent in the last few weeks. Officials echoed Joe Biden's concern that gasoline prices for drivers have risen despite the decline in crude prices.</p>

<p>A senior official, speaking on condition of anonymity, said the government was looking into "anti-competitive practices" and will "examine whether illegal conduct is costing families at the pump."</p>

<p><em>(With inputs from agencies)</em></p>


In a bid to reassure Americans angry about inflation and goods shortages as they prepare for Thanksgiving -- and to lift his poll ratings -- President Joe Biden on Tuesday tapped the US strategic oil reserves.

In a bid to reassure Americans angry about inflation and goods shortages as they prepare for Thanksgiving -- and to lift his poll ratings -- President Joe Biden on Tuesday tapped the US strategic oil reserves. Biden announced this coordinated plan to release 50 million barrels of crude from the country's oil reserves onto the market, hoping to ease the growing discontent about inflation and fuel costs. The White House said that following weeks of negotiations, "this release will be taken in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea and the United Kingdom." India plans to release 5 million barrels of oil from its caverns. Also read | US asks India, China, others to consider tapping oil reserves "It will take time but before long you should see the price of gas drop," Biden said in a speech at the White House. According to a senior administration official, it is anticipated that the releases will begin in mid-to-late December, and "responding to a once-in-a-century pandemic," further interventions may be necessary to stabilise the market. "The president stands ready to take additional action if needed and is prepared to use his full authorities, working in coordination with the rest of the world, to maintain adequate supply as we exit the pandemic." Also read | Crunch at ports may mean crisis for American farms Even as the US economy bounces back from the COVID-19 lockdowns, supply chain disruptions and inflation are stirring fears as the holiday season begins with Thanksgiving on Thursday. "Moms and dads are worried asking will there be enough food we can afford to buy for the holidays? Will we be able to get Christmas presents to the kids on time?" Biden said, acknowledging that for many the price rises are "painful." Critics, however, accuse him of failing to grasp the challenge. The president pushed back on critics by noting that the two biggest trading ports, both located in southern California, were now working 24/7, as opposed to just 40 hours a week. In the last few years, gasoline prices have fallen by about 10 per cent on the wholesale market, but at the pump, they remain the same. Also read | History says don’t panic about inflation "In other words, gas supply companies are paying less and making a lot more," he said, accusing companies of "pocketing the difference" between wholesale and retail prices. Nevertheless, Biden's reassurances on tapping the oil reserve failed to impress Republican opponents. "Joe Biden's failed leadership caused skyrocketing prices, and now American families are paying more for gas, groceries, and everything this Thanksgiving," Republican National Committee chair Ronna McDaniel said in a statement. Watch | India, Japan working on oil-stock release Due to an increase in production, oil prices have already dropped nearly 10 per cent in the last few weeks. Officials echoed Joe Biden's concern that gasoline prices for drivers have risen despite the decline in crude prices. A senior official, speaking on condition of anonymity, said the government was looking into "anti-competitive practices" and will "examine whether illegal conduct is costing families at the pump." (With inputs from agencies)

US to release strategic oil reserves in coordination with major fuel user countries

The Turkish Lira sank to an all-time low this week. People of Turkey are suffering due to high inflation. President Erdogan's approval ratings have dropped. The opposition is calling for an early election. Palki Sharma tells you how Erdogan's empire is crumbling.

Gravitas: Recep Tayyip Erdogan's empire is crumbling

<p>Back in July, the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.” The article looked at six surges in inflation since World War II and argued persuasively that current events don’t look anything like the 1970s. Instead, the closest parallel to 2021’s inflation is the first of these surges, the price spike from 1946-48.</p>

<p>Wednesday’s consumer price report was ugly; inflation is running considerably hotter than many people, myself included, expected. But nothing about it contradicted CEA’s analysis — on the contrary, the similarity to early postwar inflation looks stronger than ever. What we’re experiencing now is a lot more like 1947 than like 1979.</p>

<p>And here’s what you need to know about that 1946-48 inflation spike: It was a one-time event, not the start of a protracted wage-price spiral. And the biggest mistake policymakers made in response to that inflation surge was failing to appreciate its transitory nature: They were still fighting inflation even as inflation was ceasing to be a problem, and in so doing helped bring on the recession of 1948-49.</p>

<p>About Wednesday’s price report: It looked very much like the classic story of inflation resulting from an overheated economy, in which too much money is chasing too few goods. Earlier this year the rise in prices had a narrow base, being driven largely by food, energy, used cars and services like air travel that were rebounding from the pandemic. That’s less true now: It looks as if demand is outstripping supply across much of the economy.</p>

<p>One caveat to this story is that overall demand in the United States actually doesn’t look all that high; real gross domestic product, which is equal to real spending on U.S.-produced goods and services, is still about two per cent below what we would have expected the economy’s capacity to be if the pandemic hadn’t happened. But demand has been skewed, with consumers buying fewer services but more goods than before, putting a strain on ports, trucking, warehouses and more. These supply-chain issues have been exacerbated by the global shortage of semiconductor chips, together with the Great Resignation — the reluctance of many workers to return to their old jobs. So we’re having an inflation spurt.</p>

<p>On the plus side, jobs have rarely been this plentiful for those who want them. And contrary to the cliche, current inflation isn’t falling most heavily on the poor: Wage increases have been especially rapid for the lowest-paid workers.</p>

<p>So what can 1946-48 teach us about inflation in 2021? Then as now there was a surge in consumer spending, as families rushed to buy the goods that had been unavailable in wartime. Then as now it took time for the economy to adjust to a big shift in demand — in the 1940s, the shift from military to civilian needs. Then as now the result was inflation, which in 1947 topped out at almost 20 per cent. Nor was this inflation restricted to food and energy; wage growth in manufacturing, which was much more representative of the economy as a whole in 1947 than it is now, peaked at 22 per cent.</p>

<p>But the inflation didn’t last. It didn’t end immediately: Prices kept rising rapidly for well over a year. Over the course of 1948, however, inflation plunged, and by 1949 it had turned into brief deflation.</p>

<p>What, then, does history teach us about the current inflation spike? One lesson is that brief episodes of overheating don’t necessarily lead to 1970s-type stagflation — 1946-48 didn’t cause long-term inflation, and neither did the other episodes that most resemble where we are now: World War I and the Korean War. And we really should have some patience: Given what happened in the 1940s, pronouncements that inflation can’t be transitory because it has persisted for a number of months are just silly.</p>

<p>Oh, and for what it’s worth, the bond market is in effect predicting a temporary bump in inflation, not a permanent rise. Yields on inflation-protected bonds maturing over the next couple of years are strongly negative, implying that investors expect rapid price rises in the near term. But longer-term market expectations of inflation have remained stable.</p>

<p>Another lesson, which is extremely relevant right now (hello, Sen. Manchin), is that an inflation spurt is no reason to cancel long-term investment plans. The inflation surge of the 1940s was followed by an epic period of public investment in America’s future, which included the construction of the Interstate Highway System. That investment didn’t reignite inflation — if anything, by improving America’s logistics, it probably helped keep inflation down. The same can be said of the Biden administration’s spending proposals, which would do little to boost short-term demand and would help long-term supply.</p>

<p>So yes, that was an ugly inflation report, and we hope that future reports will look better. But people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the wrong history. When you look at the right history, it tells you not to panic.</p>


Back in July, the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.

Back in July, the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.” The article looked at six surges in inflation since World War II and argued persuasively that current events don’t look anything like the 1970s. Instead, the closest parallel to 2021’s inflation is the first of these surges, the price spike from 1946-48. Wednesday’s consumer price report was ugly; inflation is running considerably hotter than many people, myself included, expected. But nothing about it contradicted CEA’s analysis — on the contrary, the similarity to early postwar inflation looks stronger than ever. What we’re experiencing now is a lot more like 1947 than like 1979. And here’s what you need to know about that 1946-48 inflation spike: It was a one-time event, not the start of a protracted wage-price spiral. And the biggest mistake policymakers made in response to that inflation surge was failing to appreciate its transitory nature: They were still fighting inflation even as inflation was ceasing to be a problem, and in so doing helped bring on the recession of 1948-49. About Wednesday’s price report: It looked very much like the classic story of inflation resulting from an overheated economy, in which too much money is chasing too few goods. Earlier this year the rise in prices had a narrow base, being driven largely by food, energy, used cars and services like air travel that were rebounding from the pandemic. That’s less true now: It looks as if demand is outstripping supply across much of the economy. One caveat to this story is that overall demand in the United States actually doesn’t look all that high; real gross domestic product, which is equal to real spending on U.S.-produced goods and services, is still about two per cent below what we would have expected the economy’s capacity to be if the pandemic hadn’t happened. But demand has been skewed, with consumers buying fewer services but more goods than before, putting a strain on ports, trucking, warehouses and more. These supply-chain issues have been exacerbated by the global shortage of semiconductor chips, together with the Great Resignation — the reluctance of many workers to return to their old jobs. So we’re having an inflation spurt. On the plus side, jobs have rarely been this plentiful for those who want them. And contrary to the cliche, current inflation isn’t falling most heavily on the poor: Wage increases have been especially rapid for the lowest-paid workers. So what can 1946-48 teach us about inflation in 2021? Then as now there was a surge in consumer spending, as families rushed to buy the goods that had been unavailable in wartime. Then as now it took time for the economy to adjust to a big shift in demand — in the 1940s, the shift from military to civilian needs. Then as now the result was inflation, which in 1947 topped out at almost 20 per cent. Nor was this inflation restricted to food and energy; wage growth in manufacturing, which was much more representative of the economy as a whole in 1947 than it is now, peaked at 22 per cent. But the inflation didn’t last. It didn’t end immediately: Prices kept rising rapidly for well over a year. Over the course of 1948, however, inflation plunged, and by 1949 it had turned into brief deflation. What, then, does history teach us about the current inflation spike? One lesson is that brief episodes of overheating don’t necessarily lead to 1970s-type stagflation — 1946-48 didn’t cause long-term inflation, and neither did the other episodes that most resemble where we are now: World War I and the Korean War. And we really should have some patience: Given what happened in the 1940s, pronouncements that inflation can’t be transitory because it has persisted for a number of months are just silly. Oh, and for what it’s worth, the bond market is in effect predicting a temporary bump in inflation, not a permanent rise. Yields on inflation-protected bonds maturing over the next couple of years are strongly negative, implying that investors expect rapid price rises in the near term. But longer-term market expectations of inflation have remained stable. Another lesson, which is extremely relevant right now (hello, Sen. Manchin), is that an inflation spurt is no reason to cancel long-term investment plans. The inflation surge of the 1940s was followed by an epic period of public investment in America’s future, which included the construction of the Interstate Highway System. That investment didn’t reignite inflation — if anything, by improving America’s logistics, it probably helped keep inflation down. The same can be said of the Biden administration’s spending proposals, which would do little to boost short-term demand and would help long-term supply. So yes, that was an ugly inflation report, and we hope that future reports will look better. But people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the wrong history. When you look at the right history, it tells you not to panic.

History says don’t panic about inflation

<p>Inflation across a variety of products in the US, which are consumed on a daily basis hit their highest point in more than 30 years, the labor department reported. The consumer price index rose 6.2 per cent from a year ago. This is the most since December 1990.&nbsp;</p>

<p>Inflation has been a matter of concern since the pandemic has hit the globe. The Bureau for Labour Statistics said that rising prices for food, shelter, used cars and trucks and new vehicles were the top contributors.</p>

<p>Based on monthly basis, the CPI increased 0.9 per cent against the 0.6 per cent estimate.&nbsp;</p>

<p>Meat, fish and eggs rose more than any other food related stuff. Also, petrol prices are at seven-year highs. Almost every sector saw some price inflation, except for airfares and alcoholic beverages.</p>

<p><a href="https://www.wionews.com/world/inflation-pandemic-pushing-people-into-poverty-in-pakistan-404665"><strong>Also read |&nbsp;Inflation, pandemic pushing people into poverty in Pakistan</strong></a></p>

<p>Fuel prices soared 12.3 per cent for the month. Energy prices overall rose 4.8 per cent in October and are up 30 per cent for the one year.</p>

<p>Used vehicle prices again were a big contributor as they rose by 2.5 per cent on the month and 26.4 per cent for the year. New vehicle prices were up 1.4 per cent and 9.8 per cent, respectively.</p>

<p>The labor department revealed that there were also massive shortage of staff which prompted employers to raise wages in several sectors.</p>

<p><a href="https://www.wionews.com/business-economy/indias-wpi-inflation-rose-in-august-over-costlier-manufactured-goods-412956"><strong>Also read |&nbsp;India's WPI inflation rose in August over costlier manufactured goods</strong></a></p>

<p>Shelter costs increased by 0.5 per cent.</p>

<p>Seema Shah, chief strategist at Principal Global Investors was quoted by CNBC as saying, "Inflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures."</p>


Inflation across a variety of products in the US, which are consumed on a daily basis hit their highest point in more than 30 years, the labor department reported.

Inflation across a variety of products in the US, which are consumed on a daily basis hit their highest point in more than 30 years, the labor department reported. The consumer price index rose 6.2 per cent from a year ago. This is the most since December 1990. Inflation has been a matter of concern since the pandemic has hit the globe. The Bureau for Labour Statistics said that rising prices for food, shelter, used cars and trucks and new vehicles were the top contributors. Based on monthly basis, the CPI increased 0.9 per cent against the 0.6 per cent estimate. Meat, fish and eggs rose more than any other food related stuff. Also, petrol prices are at seven-year highs. Almost every sector saw some price inflation, except for airfares and alcoholic beverages. Also read | Inflation, pandemic pushing people into poverty in Pakistan Fuel prices soared 12.3 per cent for the month. Energy prices overall rose 4.8 per cent in October and are up 30 per cent for the one year. Used vehicle prices again were a big contributor as they rose by 2.5 per cent on the month and 26.4 per cent for the year. New vehicle prices were up 1.4 per cent and 9.8 per cent, respectively. The labor department revealed that there were also massive shortage of staff which prompted employers to raise wages in several sectors. Also read | India's WPI inflation rose in August over costlier manufactured goods Shelter costs increased by 0.5 per cent. Seema Shah, chief strategist at Principal Global Investors was quoted by CNBC as saying, "Inflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures."

US: Prices surge by 6.2 per cent; biggest inflation rate in three decades

Japan's real wages declined in September for the first time in three months as inflation picked up faster than growth in nominal pay.

World Business Watch: Japan's September real wages fell for first time in 3 months as inflation bites

Protests against price rise continue to haunt Imran Khan's government. Pakistan's economic intelligence unit has said that inflation will rise for the next half year in the country.

Pakistan: Protests against skyrocketing prices, opposition slams PM Imran Khan

Putting pressure on policymakers ahead of the last monetary policy meeting of the year South Korea's consumer inflation accelerated to a near 10-year peak in October on higher costs of oil products, housing rentals and outdoor dining.

South Korea inflation hits near decade-high, raising rate hike bets

<p>Germany's best-selling tabloid Bild scathingly criticised European Central Bank (ECB) President Christine Lagarde on Saturday, accusing her of destroying the earnings and savings of ordinary people by tolerating a rise in inflation.</p>

<p>The article, echoing a Bild attack on Lagarde's predecessor Mario Draghi in 2019, may signal fresh hostility towards the ECB on the part of the German public, which has for a decade been sceptical of the bank`s ultra-easy policy.</p>

<p>Two days ago the bank left rates policy unchanged despite consumer price growth hitting a 13-year high.<br />
The newspaper called Lagarde "Madam Inflation,", accusing her of being a high-earner who liked wearing luxury fashion and saying she didn't seem to care about ordinary people's difficulties. "Christine Lagarde is melting pensions, wages and savings," it said.</p>

<p><strong>Also Read |&nbsp;<a href="https://www.wionews.com/sports/german-cup-borussia-moenchengladbach-hammer-bayern-munich-5-0-to-enter-third-round-424715">German Cup: Borussia Moenchengladbach hammer Bayern Munich 5-0 to enter third round</a></strong></p>

<p>Asked about the article by Reuters, an ECB spokesperson noted that in her Thursday news conference Lagarde had acknowledged inflation is "clearly of concern" to citizens, and said policymakers did a "lot of soul-searching" before holding off on tightening policy.</p>

<p>Bild's attack comes a week after German central bank chief Jens Weidmann, an outspoken critic of ECB policy, quit his job, arguing that 10 years in the role is enough while also warning over inflation risks.</p>

<p>Inflation in the euro zone hit 4.1 per cent&nbsp;this month, equalling its all-time-high, while German inflation is even higher, likely approaching 5 per cent&nbsp;by year end.</p>


Germany's best-selling tabloid Bild scathingly criticised European Central Bank (ECB) President Christine Lagarde on Saturday, accusing her of destroying the earnings and savings of ordinary people by tolerating a rise in inflation.

Germany's best-selling tabloid Bild scathingly criticised European Central Bank (ECB) President Christine Lagarde on Saturday, accusing her of destroying the earnings and savings of ordinary people by tolerating a rise in inflation. The article, echoing a Bild attack on Lagarde's predecessor Mario Draghi in 2019, may signal fresh hostility towards the ECB on the part of the German public, which has for a decade been sceptical of the bank`s ultra-easy policy. Two days ago the bank left rates policy unchanged despite consumer price growth hitting a 13-year high. The newspaper called Lagarde "Madam Inflation,", accusing her of being a high-earner who liked wearing luxury fashion and saying she didn't seem to care about ordinary people's difficulties. "Christine Lagarde is melting pensions, wages and savings," it said. Also Read | German Cup: Borussia Moenchengladbach hammer Bayern Munich 5-0 to enter third round Asked about the article by Reuters, an ECB spokesperson noted that in her Thursday news conference Lagarde had acknowledged inflation is "clearly of concern" to citizens, and said policymakers did a "lot of soul-searching" before holding off on tightening policy. Bild's attack comes a week after German central bank chief Jens Weidmann, an outspoken critic of ECB policy, quit his job, arguing that 10 years in the role is enough while also warning over inflation risks. Inflation in the euro zone hit 4.1 per cent this month, equalling its all-time-high, while German inflation is even higher, likely approaching 5 per cent by year end.

German tabloid attacks ECB chief Lagarde as 'Madam Inflation'

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