inflation
Sweden's Riksbank cut its key interest rate from 3.75% to 3.50% on Tuesday, the second time borrowing costs have been lowered this year. Policy makers added that they are considering as many as three more reductions in 2024, provided that price pressures remain under control. In June, the bank’s approach was slightly more cautious, proposing a maximum of three rate cuts - which includes the one seen today. "The prime driver of the reduction is the decline of the Swedish inflation rate … which is close to the inflation target of the Riksbank of 2%," said Lars Jonung, professor emeritus at the K...
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The Netherlands’ unemployment rate figure for July was released on Thursday, coming in at 3.6%, the same as the last two months, according to Statistics Netherlands (the Centraal Bureau voor de Statistiek) The number of people without jobs came up to 370,000, while the number of people employed dropped to 9.803m, which was a decrease of 13,000. The labour force participation rate inched down from 76.1% in June, to 76% in July. Approximately 164,000 people were receiving unemployment benefits in July. The Dutch labour market has seen increased tightness in the past few months, mainly because of...
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Year-over-year US inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and giving hope that the Federal Reserve may cut the interest rate in September. Measured from a year earlier, prices rose 2.9% in July, down from 3% in June. It was the mildest year-over-year inflation figure since March 2021. Inflation has taken a central role in the presidential election, with former President Donald Trump blaming the Biden administration's energy policies for the price increases. Presidential-hopeful Harris to put forwa...
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France's year-on-year inflation rate for July came in at 2.3%, up from 2.2% in June, in line with analyst expectations, according to INSEE, France. The rise was mainly because of energy prices increasing to 8.5% in July, up from 4.8% in June. Gas prices saw a marked surge, at 11.4% up from -10.8%. However, services prices dropped to 2.5% in July, down from 2.9% in the previous month. Food prices also slowed down to 0.5% in July, from 0,8% in June. Tobacco prices remained stable at 8.7%, with manufactured goods' prices also seeing no change. Other services' prices also fell in July, coming in a...
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The pound fell following the release of the UK's inflation data for July. It was down by 0.22% against the US dollar and slid by 0.18% against the euro within the first 10 minutes after the data was published. According to the Office for National Statistics, consumer prices rose by 2.2% year-on-year, lower than the estimated 2.3%. However, this marked an increase from the 2% recorded in the previous two months and was also above the central bank's target of 2%. The outcome reversed the pound's gains on Tuesday when the currency surged following the release of UK wage data. The average pay rose...
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Some of America's largest companies, from Amazon to Disney, say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive. Consumers aren't cutting back enough to cause an economic downturn. Rather, economists say, they appear to be returning to pre-pandemic norms, when most companies felt they couldn't raise prices very much without losing business. “While inflation is down, prices are still high, and I think consumers have gotten to the point where they’re just not accepting it,” Tom Barkin, presi...
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Inflation in the eurozone rose again in July, defying economist expectations and raising some questions about the feasibility of rapid interest rate cuts by the European Central Bank. The harmonised index of consumer prices in the eurozone increased by 2.6% year-on-year in July, slightly up from 2.5% in the previous month, according to preliminary estimates from Eurostat released on Tuesday. Notably, the July annual inflation rate exceeded predictions of a drop to 2.4%. Energy costs were a significant driver, with prices rising 1.3% on a monthly basis, a sharp increase from the 0.2% rise in Ju...
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Preliminary estimates for Spain's year-on-year inflation rate for July show a fall of 2.8%, down from 3% in June, according to the according to the National Statistics Institute (INE). This was the lowest figure in five months and less than analyst expectations of 3%. The number was primarily due to falling food and electricity prices, although the cost of culture and recreation still increased at the same level as the previous year. Food items such as butter, milk, pasta, chicken and flour all saw decreasing prices. This was mainly because of Spain's temporary zero value added tax (VAT) rate ...
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Beer volumes at Dutch brewing company Heineken inched up 2.1% in the first half of the year, below the 3.4% expected by the market. The company also reported a revenue of €17,823m for the first half of 2024, representing a 2.2% rise on the same time last year. Operating profits rose 12.5% to €1,542m but below analysts' forecast of 13.2%. The company saw a diluted earnings per share of €2.15, a growth of 5.9%. The company has taken a hit of €874m on its investment in China Resources Beer, the country's largest brewery, as the latter's share price dropped because of falling demand. Heineken, whi...
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Unless you’ve been hiding under a rock with some particularly sturdy earplugs, you’re aware of Sabrina Carpenter and her 2024 chart domination. The 25-year-old former Disney Channel star is everywhere right now, with her bubblegum pop hit songs ‘Please Please Please’ and ‘Espresso’ topping charts throughout the world. Her cultural takeover is only just beginning – with the release of her upcoming sixth album ‘Short n’ Sweet’ coming out next month (23 August). Tickets for her upcoming European Short n' Sweet tour, set to kick off in March next year and spanning the UK, Ireland, France, Germany ...
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