September 29, 2023
United States:
US Core PCE Prices Post Smallest Monthly Rise Since Late 2020
The Federal Reserve’s preferred measure of underlying inflation rose at the slowest monthly pace since late 2020, helping to lay the groundwork for policymakers to forgo an interest-rate hike at their next meeting.
The core personal consumption expenditures price index, which strips out the volatile food and energy components, climbed 0.1% in August, according to the Bureau of Economic Analysis report out Friday.
Europe:
Euro-Zone Core Inflation Hits 1-Year Low, Backing ECB Pause
Euro-area core inflation eased to its slowest pace in a year, supporting expectations that the European Central Bank will keep interest rates on hold to gauge the impact of its unprecedented campaign of hikes.
Underlying price gains, which strip out energy and food costs, came in at 4.5% in September, Eurostat said Friday. That’s down from 5.3% in August and much less than the 4.8% median estimate in a Bloomberg survey of economists.
Asia:
India to Cut Floor Price for Basmati Exports to Stay Competitive
India, the world’s biggest rice exporter, is considering to cut the floor price for basmati shipments to make the premium variety attractive in the world market, according to people familiar with the matter.
The nation, which has curbed overseas sales of all grades of rice to control domestic food inflation, will reduce the minimum export price to $850 a ton from $1,200, said the people who asked not to be identified as the discussions are confidential. A decision on the issue will be taken soon, they said.
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