Accelerating inflation has cooled the Philippines’ second-quarter economic growth to 7.4 percent, below market expectations, the government reported on Tuesday. Gross domestic product (GDP) expansion during the April-to-June period was lower than 8.2 percent a quarter ago and 12.1 percent a year ago, National Statistician Dennis Mapa said in a press briefing. The majority of economists watching the Philippines had projected a sustained above 8-percent growth for the second quarter. Also, Mapa said second-quarter GDP or the total goods and services produced in the country was smaller than the first-quarter output by 0.1 percent. “Transportation and storage, manufacturing, human health and social work activities were the top contributors to the [quarter-on-quarter] decline,” the Philippine Statistics Authority (PSA) said in a statement. Socioeconomic Planning Secretary Arsenio Balisacan nonetheless noted that the Philippines was the second-fastest growing economy in emerging … [Read more...] about Soaring inflation cools PH Q2 GDP growth to 7.4%
Why argentina has high inflation
Share to Twitter Share to Linkedin The pandemic fueled a meteoric rise in rental prices, and a severe shortage of supply isn’t helping. The nation’s median rental price hit its latest new high of $1,849 per month in May, representing a 26.6% increase since 2019 before the pandemic began, according to the Realtor.com monthly rental report released today. A key factor driving the ongoing rent surge is a lack of supply, as rental vacancy rates, which were already trending lower, have taken a sharp dive during the pandemic. These trends are magnified in the biggest cities that tend to attract younger residents, many of whom are in the early stages of their careers and looking for the flexibility in their living situations. “We do not have enough housing, and increased costs are a concern for all, including the 40 million Americans who choose to rent,” said Bob Pinnegar, president and CEO of the National Apartment Association. “The white-hot housing market … [Read more...] about Sky-High Rental Prices Surpass Pre-Pandemic Levels By More Than 25%
Workers load sacks of cement onto trucks parked at a rail yard on the outskirts of Patna, Bihar, India, on Thursday, Feb. 25, 2021. Photographer: Anindito Mukherjee/Bloomberg The Reserve Bank of India’s surveys have no doubt played a part in the rate hike and in formulating the stance of the Monetary Policy Committee. Take, for instance, the survey of household inflation expectations. While it’s true that inflation expectations have come down, they remain elevated, as Chart 1 shows. The last time inflation expectations were this high before the pandemic was in September 2015, when households were yet to recover from the soaring inflation in the post-financial crisis... … [Read more...] about RBI survey data show upbeat business sentiment, elevated inflation
Representative image Shares slipped and the dollar hung off recent highs on Tuesday as investors eyed U.S. inflation data due a day later that will likely yield clues to any further aggressive Federal Reserve rate hikes. The stakes are high for the July U.S. consumer prices report on Wednesday after an unexpectedly strong U.S. jobs data last week boosted expectations of a sharp interest rate increase to tackle soaring inflation. The broader Euro STOXX 600 fell 0.6%, after logging its best session in nearly two weeks on Monday, with German stocks down 0.7%. Miners and autos, among top gainers a day earlier, led declines on Tuesday. Wall Street futures pointed to slim gains. "The focus is on tomorrow's U.S. inflation numbers and whether or not they are likely to show any indication of a softening of inflationary pressures," said Michael Hewson, chief market analyst at CMC Markets. Close "Are we near the peak, and will tomorrow's CPI numbers reflect that?" … [Read more...] about Stocks stumble as caution reigns ahead of U.S. inflation data
Share to Twitter Share to Linkedin One of the ways that the Biden Administration and the Democratic Congress has tried to deflect the opprobrium for the inflation spike of the last year or so has been to blame the middlemen—those entities that facilitate transactions between buyers and sellers—for contributing to high prices without providing anything of value for what it receives. In the last few months it has investigated the prescription drug market , online platforms operated by big tech companies, oil and gas producers , and food delivery apps , to name but a few. Last week Senator Durbin signaled he is considering adding only Mastercard and Visa to this list by introducing legislation that would mandate that credit cards be enabled with at least two unaffiliated networks, which would require the replacement of every credit card currently in circulation with a new, more expensive card for consumers. The legislation mirrors the so-called … [Read more...] about A Durbin Amendment For Credit Cards Will Reduce Their Ubiquity And Do Nothing To Reduce Inflation
Cattle ranchers believe that beef prices will remain high as inflation, high energy prices and droughts are making it more expensive to raise cattle, according to Reuters. While grain prices have fallen as Ukraine’s exports have returned to the global market, the price of feed remains higher than it was last year, according to Reuters. This, combined with a decline in the number of cattle available for slaughter, is raising the cost to slaughter cattle, leading to a 10% increase in ground beef prices compared to last year, Reuters reported. (RELATED: Thousands Of Cattle Buried, Flattened In Mass Graves At Landfill) “The prices are here to stay for a while,” Glenn Brunkow, a Kansas cattle and sheep farmer, told Reuters. Brunkow also noted that he was paying 40% more on sheep feed, and that the prices were also impacted by the increased cost of diesel driving up the cost to bring an animal to slaughter. “People grossly underestimate how much the price of diesel fuel affects … [Read more...] about Beef Prices Are Going To Stay High — Here’s Why
Share to Twitter Share to Linkedin Topline The number of Americans who changed their addresses in May and June dropped nearly 10% this year, according to a new Pew Research Center report released Monday, as rising interest rates and rents cause fewer Americans to move. Key Facts Fewer people moved into every state this year compared to in May and June of 2021, with Maryland and New York facing the biggest drop (14%) followed by California and Louisiana (13%), according to the report, which used data from the United States Postal Service. The smallest year-over-year decreases were in Maine (1%), Delaware (3%) and Michigan, Mississippi and New Mexico (4%). Some of the areas with the biggest decreases were Manhattan’s Upper East Side neighborhood, where moves decreased to 1,371 in May and June (a 44% year-over-year decline), as well as Southwest Washington D.C. (32% decline) and Chicago’s Streeterville neighborhood (30%), according to Pew … [Read more...] about Fewer Americans Are Moving This Year Amid Rising Interest Rates And High Rents
Cuts of meat are seen for sale at a butcher shop in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly CHICAGO – U.S. consumers grappling with soaring inflation face more pain from high beef prices as ranchers are reducing their cattle herds due to drought and lofty feed costs, a decision that will tighten livestock supplies for years, economists said. The decline in cattle numbers, combined with stiff costs for other production expenses, illustrate why a recent fall in grain prices to levels not seen since Russia’s invasion of major corn and wheat exporter Ukraine may not immediately translate into lower food prices at the grocery store. Feed is the largest cost component of raising a cow for beef, so lower grain prices often help to reduce meat prices. But meat companies like Tyson Foods Inc, which reported weaker-than-expected earnings on Monday, must pay top dollar for animals when there are fewer to slaughter. Processors are also paying more for labor, … [Read more...] about Shrinking U.S. cattle herd signals more pain from high beef prices
Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. In a case of how cheer for the economy may not be so for markets, investors in US stocks fretted over excellent jobs data. US businesses added 5,28,000 jobs in July, beating most estimates by an embarrassing margin. US 2-year treasuries rose after the report, as the market priced in a more certain likelihood of another 75-basis point rate hike by the US Fed. But the S&P 500 slipped, as investors pondered over what too strong an economy could mean for interest rates. Those fears did not carry over to India, however, with the stock market rising by a strong 0.8 percent at 1.15pm. The RBI’s 50 basis point hike in the repo rate last week and its determination to stay in ‘withdrawal of accommodation’ mode is … [Read more...] about Moneycontrol Pro Panorama | Are US and Indian markets decoupling?
Share to Twitter Share to Linkedin Both oil and gas exported from Russia bring in significant revenue that can be used to support the Russian war in Ukraine. But the export revenue from oil sales is much greate r than export revenue from gas sales. If the West stops buying oil this really hurts Russia – more than if the West stopped buying gas. Back in May, the EU agreed to ban all Russian oil imports by the end of 2022, at least those that are delivered by sea. That was a good move. Russia threatens to cut gas supplies to the European Union. Russia has realized that cutting natural gas doesn’t affect their export revenue (like oil does) but it affects the economies of EU countries a lot more. Russia supplied the EU with 40% of its gas last year , with Germany, Italy, and Netherlands the top three importers in actual volumes of gas. Germany had imported more than 50% of its gas from Russia via the Nord Stream 1 pipeline. By the end of June, … [Read more...] about Russia Threatens, EU Reduces, US Industry Helps To Untangle The Natural Gas War In Europe.