Inflation in the world’s wealthy economies has hit a 25-year high, fueling concerns about the rising cost of living for households and mounting pressure on central banks to raise interest rates.
The annual rate of growth in consumer prices in the group of developed countries in the OECD reached 5.8% in November, according to data released on Tuesday, down from just 1.2% in the same month the previous year and the highest rate since May 1996.
The increase was driven by energy prices, which soared 28 percent, up more than 3 percentage points from the previous month to the highest rate since June 1980. Inflation Food prices also rose sharply to 5.5 percent, from 4.6 percent in the previous month.
The data came as the new governor of Germany’s central bank warned that inflation could stay high longer than economists predict.
In the United States, the chairman of the Federal Reserve has warned that high inflation poses a “serious threat” to a recovery in the country’s job market.
Are you facing price inflation where you live? Tell us what you see at [email protected]. Thanks for reading FirstFT Asia. Here is the rest of today’s news – Emily
Five other articles in the news
1. Russian troops to withdraw, declares Kazakh president Kazakh President Kassym-Jomart Tokayev, who asked for Russian help last week after calling the protests a “coup,” said yesterday the Moscow-led military mission was over and the contingent would leave the country within 10 days.
2. Citadel Securities sells $ 1.2 billion stake to Sequoia and Paradigm Hedge fund billionaire Ken Griffin has sold a $ 1.2 billion stake in Citadel Securities to venture capitalists Sequoia and Paradigm, paving the way for an IPO by one of the largest market makers in the world. world.
3. The Indian government will take a stake in Vodafone Idea The company has approved a bailout to make the Indian government its largest shareholder, nationalizing nearly 36% of the struggling telecom operator to avoid its collapse.
4. The chip crisis hits sales of Volkswagen electric vehicles in China Volkswagen sold 10,000 fewer electric cars in China than expected last year as shipments to customers in its largest market were hit by semiconductor shortages amid fierce competition from domestic brands.
5. The yen may fall further against the dollar in 2022, analysts say The Japanese yen could decline further in the coming weeks after breaking through a crucial level of support against the US dollar and reaching its lowest level in 50 years against the currencies of Japan’s major trading partners, analysts said.
English Premier League Football won a High Court payment of at least $ 212 million from a Chinese broadcaster for a contract that collapsed during the pandemic.
The World Health Organization said countries were “a long way” from treating the coronavirus as endemic. A senior official has warned that more than half of Europe could be infected with Omicron in the next two months.
Boris Johnson faces new questions over his government’s adherence to its own Covid rules after it emerged the UK Prime Minister attended a ‘bring your own alcohol’ event during the lockdown.
China locked up another town. Residents of Anyang, a 5.5m town, have been ordered to stay at home while mass tests for Covid-19 take place.
As a solution to anti-vaccination problem, Andreas Utermann argues that people not vaccinated by choice should be required to pay for their Covid hospital care.
The day to come
Monthly consumer price index data With global inflation rising, all eyes will be on the CPI data released today for China, India, Russia and the United States.
NATO meetings The Military Committee, NATO’s highest military authority, meets for a Chiefs of Staff session at NATO headquarters in Brussels. Separately, the NATO-Russia Council will meet to discuss the accumulation of Russian soldiers along the Ukrainian border
Publication of the Federal Reserve’s beige book The US central bank will publish its first summary on economic conditions in 2022.
What else do we read
China slows down lending to Africa From next to nothing, Chinese banks now account for about a fifth of all loans to Africa. But Beijing has signaled a more cautious approach after a 20-year lending spree. What does this mean for the continent?
How to ask for a raise – and get one! Claer Barrett, the FT’s Money Making Expert, dismantles that creepy big box titled “Asking for a Pay Raise” in this week’s episode of The Money Clinic. This is a repeat of a previous episode.
North Korea’s adherence to international climate goals North Korea’s reclusive regime generally shies away from engagement with the international community. But after being devastated over the past decades by a series of extreme weather events, Pyongyang has shown itself willing to engage on a host of environmental issues.
Indian bankers plan 2022 to ‘feast’ on exuberant mood Since FT’s Chloe Cornish moved to India’s business capital, Mumbai, at the end of November, financiers have greeted her with an encouraging message: “You came to India at a good time! Fundraising is increasing as the subcontinent recovers from the pandemic.
UK and EU to sign Northern Ireland deal? Discussions will resume this week on how to resolve the long-standing trade agreement dispute. But officials remain distant on the merits of the management of the new trade border in the Irish Sea. The Financial Times examines the prospects for a deal.
Jessica Kingdon had remarkable access to a wide range of companies in China for her Oscar-nominated documentary Ascension. From sex dolls to MAGA hats, this is what the Chinese dream movie says.
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