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Core inflation in the US rose to 6.6% in September and reached its highest level since 1982

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Core inflation in the U.S. accelerated to 6.6% in September 2022, reaching its highest level in 40 years. This type of inflation does not consider changes in food and energy prices, according to the U.S. Department of Labor website.

The last time analysts recorded such high values for core inflation in the U.S. was in August 1982. The benchmark U.S. consumer price index rose 0.6 percent in September, repeating the average growth rate seen in the last month of the summer.

U.S. Core Inflation Rate — what is happening to the world’s leading economy?

In contrast, the annual average inflation rate slowed to 8.2% by the end of September. In previous months, the rate was 8.3% and 8.5%, respectively. Prices rose 0.4% in September after rising 0.1% in August, analysts with the U.S. Labor Department pointed out.

The biggest increases for the first month of autumn were in medical services (+1%), food (+0.8%) and real estate (+0.7%). At the same time, the cost of gasoline in the country during this time has decreased by 4.9%.

However, in annual terms, there was a sharp increase in energy prices (+19.8%) and food (+11.2%). It is connected with the strengthening energy crisis in the world, said in the material.

October 11 analysts at S & P Global Market Intelligence worsened the forecast for the U.S. economy in 2023. According to their expectations, the country will face a recession in the fourth quarter of 2022. The GDP of the United States may decline by 0.5% by the end of 2023.

Earlier we reported that European authorities want to rent floating power plants in the energy crisis.

Economy

Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling

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Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.

“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.

According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.

In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.

Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.

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EU talks on restrictions on Russian crude oil prices today stalled

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Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.

Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.

“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.

Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.

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Economy

More than 50% of Germans said they had given up shopping for new clothes and electronics. Is Germany’s economy failing?

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is germany's economy failing

Die Welt newspaper cited a survey by the consulting company EY and said that about 56% of Germans who took part in the survey said that they had practically refused to buy new clothes.

Also, 56% of German consumers reported that they now refrain from buying televisions, smartphones, laptops and game consoles. Also, nearly one in two now uses less gasoline, and one in four said they are saving on medications.

What caused the economic crisis in Germany? The main reason is the war in Ukraine and the resulting sanctions by the EU. Also, every second respondent reported that at the moment he could buy only the essentials. According to EY analysts, German households plan to further reduce spending in the coming months. In particular, they plan to save money on food delivery and entertainment.

Earlier, we reported that prices for liquefied natural gas in Asia reached their highest since October.

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