Inflation Gauge Hits Highest Since 1991 as Americans Spend More
“U.S. personal spending growth accelerated by more than forecast in August, driven by goods purchases, while a closely watched measure of inflation exceeded estimates. Purchases of goods and services increased 0.8% from a month earlier, following a downwardly revised 0.1% decline in July, Commerce Department figures showed Friday. Spending in July was previously reported as a 0.3% gain.”
Euro-Area Inflation Surges to 13-Year High With More to Come
“Inflation in the euro area accelerated more than expected to the highest level in 13 years, adding fuel to a debate over how long the post-crisis spike will last. Consumer prices rose 3.4% in September, compared with an estimate for a 3.3% gain, according to figures released by Eurostat on Friday. A measure stripping out volatile components such as food and energy climbed to 1.9%, a rate not seen since 2008.”
Japan Finance Minister Aso to Be Replaced by His Brother-in-Law
“Former Olympics minister Shunichi Suzuki is set to be named Japan’s next finance minister, according to local reports, replacing Taro Aso, who has held the post longer than anyone in the country’s modern era. Suzuki, a ruling party lawmaker who nominated Fumio Kishida in his successful bid to become prime minister, is Aso’s brother-in-law and the son of a former premier.”
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