Consumer prices in the US, eurozone and UK rose in October at their fastest pace for more than 30 years.
- High and rising inflation is fast becoming a global trend as the combination of surging energy costs, strong demand and supply chain disruptions continue to push up prices by more than economists expected only a few months ago.
- According to CNBC, The persistent high inflation have led many economists to question the Federal Reserve’s long-held view that the spike will be “transitory”.
- Following the U.S. CPI came in at an annual 6.2% in October, President Joe Biden has offered in his last speech multiple responses to spiking inflation: investigating gas prices, smoothing supply chains, touting benefit programs. None seems to offers Americans much immediate relief.
- From Israeli perspective, the inflation rate unexpectedly slowed in October to 2.3% and remains significantly below the OECD average of 4.56%. According to Bloomberg, October’s data mean the central bank now has even less reason to raise interest rates from the record lows that have helped the economy weather the pandemic.
