November 15, 2023
United States:
US Producer Prices Decline by Most Since April 2020 on Gasoline
Prices paid to US producers unexpectedly declined in October by the most since April 2020, adding to evidence of abating inflationary pressures across the economy.
The producer price index for final demand decreased 0.5% from a month earlier, a sharp slowdown that’s largely reflective of a decline in gasoline prices. Excluding food and energy, the so-called core PPI was unchanged, government data showed.
Europe:
UK Inflation Slows to Two-Year Low, Bolstering Rate Cut Bets
UK inflation tumbled to the lowest level in two years, firming up bets that the Bank of England will be able to cut rates as early as the middle of next year.
Consumer prices rose 4.6% from a year earlier in October, down sharply from 6.7% in September and the slowest pace since 2021 as energy prices fell, the Office for National Statistics said Wednesday. The figures allowed Prime Minister Rishi Sunak to declare victory in his goal of cutting inflation in half in this year, one of five priorities he hoped would improve his party’s poll number ahead of a looming general election.
Asia:
China’s Mixed Economic Data Adds to Case for More Stimulus
China’s consumer spending and industrial activity expanded faster than expected in October, but a worsening property market fueled expectations the government will have to roll out more stimulus.
Retail sales climbed 7.6% in October from a year earlier, the National Bureau of Statistics said Wednesday, a better-than-forecast result aided in part by comparisons with a contraction during the same month in 2022. October also captured the week-long Golden Week holiday period, during which Chinese travel surged, but tourist spending disappointed.
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