INFLATION

Inflation 'shock' punishes Eurozone economy in June: survey

Indonesia's central bank left interest rates at a record low on Thursday, saying it was monitoring risks from rising inflation while downplaying recent pressure on the rupiah currency.

British finance minister Rishi Sunak has toughened his language towards Bank of England Governor Andrew Bailey, a reflection of the political pressure piling on them both as inflation surges towards double digits.

Central banks across Europe raised interest rates on Thursday, some by amounts that shocked markets, and hinted at even higher borrowing costs to come to tame soaring inflation that is eroding savings and squeezing corporate profits.

The Bank of England looks set to override its worries about a sharp slowdown in the British economy and raise interest rates again on Thursday as it tries to tackle an inflation rate on course for double digits.

Argentina's benchmark interest rate is likely to be hiked another 200 basis points next week, analysts polled by Reuters estimated, as the central bank seeks to counter soaring and painful inflation that could top 70% this year.

Construction of new homes in Britain almost ground to a halt last month as builders feared the cost-of-living squeeze and rising interest rates would constrain demand, a closely watched survey showed on Wednesday.

The Palestinian Authority announced on Tuesday it would pay partial salaries to most of its employees after Israel transferred some revenues it collects on the Palestinians' behalf, Palestinian officials said.

European shares fell on Tuesday as investors worried about the squeeze to economic growth from aggressive monetary policy tightening by central banks in a bid to tame rising inflation.

British shoppers facing a surge in inflation cut their spending in May by the most since the country was in a coronavirus lockdown in early 2021, according to a survey published on Tuesday.

The ECB is lagging behind the central banks in Britain and the United States, which have moved aggressively to try to stamp out inflation.

Stocks steadied in Asia on Wednesday as Shanghai emerged blinking from two months of lockdown and a dip in oil prices dangled the prospect of a respite from rising energy prices, but nerves about inflation kept investors and bond markets on edge.

The OECD urged monetary policymakers to "communicate clearly" about how far they will tolerate inflation exceeding their targets.

Even renowned hedge fund manager Paul Tudor Jones believes a bullish turnout is in the making for Bitcoin.

Analysts surveyed by Bloomberg News had forecast an increase of 4.3 percent on-year.

Senior economist Boris Glass said the U.K. economy has foregone economic activity of £6.6 billion in each of the 10 quarters since the 2016 referendum.

Almost six in 10 British households have admitted having to make 'significant financial sacrifices' during the festive period.

UK central bank expects economic growth to fall from 1.7% this year to 1.6% in 2018 before picking up again.

Reading underlines challenge facing the central bank as inflation remains below it's goal of just under 2%

Rail operators expected to hike fares by 3.5%, as trade unions complain of poor service for money.

New research suggests monthly incomes are at their lowest reflecting an ongoing squeeze on household incomes.