Indian inflation at 15-month high and other economics news to read this week

Inflation rose to 7.44% during the month, up sharply from 4.87% in June, putting it at its highest level since April 2022.

Food inflation, which accounts for around half of the total consumer basket, jumped to 11.51% in July – up from just 4.49% in June.

“The spurt in CPI inflation in July 2023 was on expected lines, however, 7.44% retail inflation was totally unexpected,” Devendra Pant, an economist at India Ratings, told Reuters.

Total net private wealth fell by $11.3 trillion in 2022, measured in current nominal US dollars, taking it down to $454.4 trillion, the report says. Much of this decline has come as a result of the appreciation of the US dollar against other currencies.

The report also found that overall wealth inequality fell in 2022. The wealth share of the global top 1% dropped slightly to 44.5%.

It comes as Russia is set to increase the export levy oil producers have to pay by more than 25% to $2.92 per barrel, in an attempt to boost the state’s finances.

Japanese GDP grew much more quickly than expected between April and June, with a quarterly gain of 1.5%. A Reuters poll had anticipated growth of 0.8%.

Argentina has devalued its currency by nearly 18% and raised its benchmark interest rate by 21 percentage points to 118%.

China’s central bank has cut its key policy rate for the second time in three months. The unexpected move is an attempt to boost the stuttering economy.

Canada’s consumer price index rose 3.3% in July compared with a year earlier, marking the first time price rises have quickened since April.

Nigeria’s inflation rate has risen to an 18-year high as a result of rising transport and food costs, with a year-on-year increase of 24.1% in July.

Danish GDP grew by 0.2% in the second quarter, according to new data from Statistics Denmark.

The Dutch economy has entered recession, reports Reuters, after it shrank for a second consecutive quarter.

Annual inflation in the UK fell to 6.8% in July, down from 7.9% in June. It’s the smallest increase since February 2022.

Japanese core consumer inflation eased to 3.1% year-on-year in July. The core measure includes oil products but not fresh food prices, which can be volatile.

The interest rate on a 30-year fixed-rate mortgage in the United States hit its highest level in more than two decades this week, rising to 7.09%.

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