United States:
U.S. Freight Cost Blowout May Mean Little Inflation Relief Soon
“Getting goods to market in the U.S. is becoming costlier by the month and that suggests American shoppers will find little relief from high inflation any time soon. The costs of transportation and warehousing goods for final demand climbed another 1.4% in January from a month earlier, the government’s latest Producer Price Index showed. Compared with a year ago, the Labor Department’s gauge was up a whopping 16%, the largest annual advance in data back to 2009.”
Europe:
U.K. Inflation Overshoot Adds to Brutal Cost of Living Squeeze
“U.K. inflation unexpectedly accelerated for a fourth straight month in January, highlighting a cost-of-living crisis that’s set to worsen dramatically this year. Prices grew 5.5% over the year, a new three-decade high, driven by clothing and footwear, the Office for National Statistics said Wednesday. Both economists and the Bank of England had expected inflation to remain unchanged at 5.4%. An index that excludes volatile items quickened to a record 4.4%.”
Asia:
China’s Inflation Slows, Giving Central Bank Room to Ease
“China’s inflation eased in January as food and energy prices weakened, providing Beijing with more leeway to shore up a slowing economy ahead of a key political leadership meeting later this year. The producer price index rose 9.1% from a year earlier, official data showed Wednesday, down from 10.3% in December, while consumer-price growth slowed to 0.9%. Both gauges were below the median forecasts by economists in a Bloomberg survey.”
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