inflation
The National Bank of Hungary has reduced its base interest rate by a quarter point, down from last month's 7.25% to 7%. The cut comes after larger half-point reductions in April and May - and is the latest in a series of cuts which began in May last year. Before the bank started lowering borrowing costs, the key interest rate peaked at 18%, reaching the highest level seen in the European Union during this period. Experts believe that the cautious approach to easing was precipitated by a drop in the forint and creeping inflation. The Hungarian currency has fallen 2.5% against the euro over the ...
Euronews (English)
Today, the European Commission’s Eurostat data centre revealed the latest CPI inflation readings for inflation for the Euro area. The EU annual inflation rate rose by 0.1 percentage points in May 2024 to 2.7%, marking the first increase since December 2023. Previously, the April 2024 month-over-month for EU CPI was at 2.6%. For May 2024, the annual inflation rate was at 2.6%, up 0.2% from April 2024, with its reading of 2.4%. Exceeding expectationsForecasts from analysts for EU CPI month-over-month figures were broadly at 2.6% for May 2024. If this were to be the case, it would mean that the s...
Invezz
Taylor Swift’s record-shattering Eras Tour is supercharging consumer spending as it enters its U.K. leg, suggesting that the Bank of England (BoE) may face new challenges in its fight against inflation. As hundreds of thousands of dedicated Swifties flock to London in August to see the singing sensation during her final U.K. dates, the economic boost could be significant enough to defer a possible September interest rate cut, according to investment bank TD Securities. Bank of England’s dilemma: To cut or not to cut?The BoE is expected to soon begin lowering its bank rate from a 16-year high o...
Invezz
The French inflation report for May was released on Friday morning, coming in at 2.3%, a notch up from preliminary estimates, according to INSEE France. This was also slightly above April’s 2.2%, which was a two-and-a-half year low. Analysts had also estimated May’s figure to remain the same as April. This increase in inflation was mainly due to food inflation speeding up at 1.3% in May, up from 1.2% in April. This reversed a thirteen-month streak of slowing food inflation, primarily because of fresh products’ costs rebounding, coming in at 3.5%, up from -0.7% in April. Furthermore, energy cos...
Euronews (English)
Republicans hold Merrick Garland in contempt. This has long been true, but on Wednesday the GOP-controlled House of Representatives made it official. In a near-total party-line vote, with only Rep. Dave Joyce (R–Ohio) crossing the aisle, House Republicans voted to hold the attorney general in contempt of Congress for refusing to release recordings of an interview President Joe Biden did with Special Counsel Robert Hur as part of the president's classified documents case. Back in February, Hur controversially declined to prosecute Biden for keeping classified documents at his private residence,...
Reason
Spain’s year-on-year inflation report for May was released on Thursday morning, coming in at 3.6%, which was in line with market expectations, according to the National Statistics Institute. However, it was above April’s 3.3%. This was mostly driven by increases in housing inflation, which saw a rise of 1.2 points, clocking in at 5.2%. A significant portion of this was due to electricity prices, which had reduced in May 2023, but spiked in May this year. Transport inflation also increased to 3.8%, boosted by increases in fuel prices, which fell less in May 2024 than in May 2023. Hotels, cafes ...
Euronews (English)
Washington (AFP) - The US Federal Reserve left its key lending rate unchanged on Wednesday and penciled in just one rate cut this year, down from the three expected in March after inflation stalled in the first quarter. The Fed voted unanimously to keep its benchmark interest rate between 5.25 and 5.50 percent, and said that "modest" progress had been made toward its long-term inflation target of two percent. The announcement suggests that central bank officials remain wary about cutting rates too soon, despite consumer inflation data published earlier Wednesday, which pointed to a slowdown i...
AFP
Washington (AFP) - US consumer inflation continued to cool last month, according to US government data published Wednesday, giving the US Federal Reserve some positive news shortly before it publishes its latest interest rate decision. The annual consumer price index (CPI) came in at 3.3 percent in May, down 0.1 percentage point from April, the Labor Department said in a statement. This was slightly lower than the median forecast of economists surveyed by Dow Jones Newswires and The Wall Street Journal. The monthly inflation rate was unchanged from a month earlier, below expectations of a 0.3...
AFP
U.S. equities will likely open in the green today after the U.S. Bureau of Labour Statistics said inflation was up less than expected in May. What to expect from the S&P 500?Versus a year ago, the consumer price index (CPI) came in at 3.3% versus the Dow Jones estimate of 3.4%. Today’s data is a positive for the U.S. Federal Reserve that closely follows inflation to set its monetary policy. Cooler than expected CPI may push the central bank favour rate cuts at some point in 2024 which, in turn, could be a positive for the S&P 500. In fact, Fundstrat’s Tom Lee expects the benchmark index to hit...
Invezz
China's consumer price index rose slightly in May by 0.3% compared to the same month last year, continuing a slow upward trend over the past four months in the world's second-largest economy. Analysts had predicted a slightly larger rise. Compared with April this year, prices declined by 0.1%, the national statistical bureau reported on Wednesday. China experienced deflation from the autumn of last year up to January as the economy slowed and fears rose of falling wages and job losses. Consumer demand remains weak, partly because many young people are unemployed and the property market, in whi...
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