As ‘lunch-flation’ bites, S. Koreans hit convenience stores

Office worker Park Mi-won had never bought her lunch from a convenience store until her favorite lunch buffet recently raised prices by more than 10% to 9,000 won ($7) as South Korean inflation soared to a 14-year high. “After the price rise, I went to convenience stores instead, where I thought the prices were reasonable … Read more

Turkish central bank keeps key rate steady for 6th straight month

Turkey’s central bank held its benchmark policy rate unchanged for a sixth straight month on Thursday, as it reiterated its view that a disinflation process was expected to begin. The Monetary Policy Committee (MPC), led by Governor Şahap Kavcıoğlu, kept the one-week repo rate at 14%, in line with the forecasts of most economists. The … Read more

UK inflation hits fresh 40-year high with worse still to come

Soaring food prices pushed British consumer price inflation to a new 40-year high of 9.1% in May, the highest rate out of the Group of Seven (G-7) countries, shedding light on the severity of the cost-of-living crunch . Records from the Office for National Statistics (ONS) show May’s inflation was the highest since March 1982 … Read more

UK inflation hits fresh 40-year high of 9.1% in May

Soaring food prices pushed British consumer price inflation to a new 40-year high last month of 9.1%, the highest rate out of the Group of Seven (G-7) countries and underlining the severity of the cost-of-living crunch. Historical records from the Office for National Statistics (ONS) show May’s inflation was the highest since March 1982 – … Read more

Britain comes to standstill amid biggest rail strike in 30 years

Tens of thousands of staff walked out on Tuesday to kick off Britain’s biggest rail strike in 30 years in a dispute over pay and jobs that could pave the way for widespread industrial action across the country in the coming months. Some of more than 40,000 cleaners, signalers, maintenance workers and station staff gathered … Read more

Turkey proposes over $50B extra budget to tackle rising costs

Turkey’s government on Monday submitted a proposal to Parliament for a supplementary budget of more than $50 billion amid a surge in global energy prices and rampant inflation. The government now expects to spend an extra TL 880.5 billion ($50.8 billion) through the end of the year. The state-owned gas and coal importers account for … Read more

Britain brought to standstill amid biggest rail strike in 30 years

Tens of thousands of staff walked out on Tuesday to kick off Britain’s biggest rail strike in 30 years in a dispute over pay and jobs that could pave the way for widespread industrial action across the economy in the coming months. Picket lines appeared at dawn and will be lined by some of the … Read more

Lagarde reaffirms plans to hike ECB’s interest rates

European Central Bank President Christine Lagarde reaffirmed on Monday plans to raise the ECB’s interest rates twice this summer while fighting widening spreads in the borrowing costs of different eurozone countries. “These decisions underpin our previous commitments to adjust all of our instruments within our mandate, incorporating flexibility if warranted, to ensure that inflation stabilizes … Read more

Turkish central bank to leave rates unchanged for 6th month

Turkey’s central bank is expected to hold its policy rate unchanged for a sixth meeting this week, surveys show, extending a pause in the face of a global tightening cycle and rampant inflation. The one-week repo rate has been kept at 14% since January when the Central Bank of the Republic of Turkey (CBRT) paused … Read more

BoE hikes rates for 5th time as inflation heads for double digits

The Bank of England (BoE) raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. While the United Kingdom’s central bank began raising interest rates earlier than its counterparts, the BoE is now trailing the US Federal Reserve … Read more