Description
Added on the 07/04/2023 16:15:17 - Copyright : Euronews EN
Global food commodity prices rose in July, influenced by the termination of the Black Sea Grain Initiative and new trade restrictions on rice. The FAO Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 123.9 points in July, up 1.3% from the previous month while 11.8% below its July 2022 level. FRANCE 24's Oliver Farry tells us more.
During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies. Also in the show, Switzerland holds parliamentary hearings to review the takeover of embattled bank Credit Suisse by its rival UBS. Plus, Chile passes a law to gradually reduce the working week to 40 hours.
France's cost of living crisis shows signs of stabilizing, as inflation dropped from 7.1% to 6.7% in December. It's among the lowest levels in the Eurozone, but many households and businesses are still struggling. French bakers are asking for more financial aid, with the cost of flour up a staggering 45%. Also in the show - UK Prime Minister Rishi Sunak vows to tackle inflation and recession, and Facebook's parent company Meta faces a €390 million fine in Ireland.
US Consumer Price data for the month of September will be released later this Thursday, and is expected to stay high. Core prices, which exclude food and energy, are expected to have increased 6.5 percent annually last month, a rate not seen in 40 years. The data will be crucial for the US Federal Reserve ahead of its next meeting in early November, as it decides whether or not to continue with its aggressive rate-hiking policy.
As the Russian invasion of Ukraine drags on, prices of food rose nearly 13 percent in March, up from already record high levels reached the previous month. The UN Food and Agriculture Organization warns that at least a fifth of Ukraine's cropland will not be harvested this year because of the fighting. Plus, Elon Musk promises to launch futuristic self-driving taxis at a huge opening party of Tesla's latest Gigafactory in Texas.
|
Support : Technical 
- Content 
- Editors 
