With inflation in Turkey galloping at 83 percent in September, the country’s central bank cut its key interest rate from 12 percent to 10.5, adhering to Turkish president Recep Erdogan’s insistence that low interest rates reduce inflation.
Tag: Economy
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GERMAN FACTORIES HIKE PRICES BY ALMOST 50 PERCENT
Germany’s manufacturers jacked prices for their products 45.8 percent in September, year over year, continuing the string of increases made in recent months.
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JAPAN’S INFLATION HIGHEST IN MORE THAN 30 YEARS IN SEPTEMBER
Japan’s consumer prices, excluding those for fresh food, grew last month by 3 percent, year over year, the most at any time since 1991, aside from a blip in 2014 when sales taxes rose, Bloomberg reported.
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U.K INFLATION REACHES DOUBLE DIGITS
Inflation in Britain reached 10.1 percent in September, rising from 9.9 percent the month before, as food prices jumped 14.1 percent, their fastest spurt since 1982, and negated the impact of fuels’ falling costs, the Financial Times reported.
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WORLD RUNNING SHORT OF COPPER, TRADER SAYS
The global copper inventory has fallen to 4.9 days’ consumption and will end this year at only 2.7 days, Kostas Bintas, co-head of metals and minerals at Trafigura, a major commodities trading firm, told the Financial Times Mining Summit last week.
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LOWER OIL PRICE OFFSET BY DOLLAR’S STRENGTH
Although Brent crude oil’s price has fallen about 25 percent from its high of $128 a barrel last March, oil importers are hard pressed to see much difference: the dollar has gained about 15 percent in value since then, forcing importers outside the U.S., including China, the European Union (EU), and India to still pay premium prices in their own currencies to settle their oil bills.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
The world is headed into Dragflation: Declining economic growth and rising inflation.
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FED OFFICIALS KEEP COZY RELATIONSHIPS WITH BANKS THEY REGULATE
The U.S. Federal Reserve is no stranger to allegations of ethical lapses, as we have reported in “Bankster Bandits Get Richer Playing the Inside Track” (14 Sep 2021) and “Fed’s Bankster Bandits Get Free Ride” (22 Sep 2022).
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AIR TRAVEL REMAINS STRONG AS A “NEW NORMAL” EMERGES, CARRIERS SAY
After the traditional summer travel season ended, airline bookings remained strong, airlines reported. Instead of sales drying up between Labor Day and Thanksgiving, people kept flying in September, United Airlines said.
