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An economist has warned that the US is on the verge of a 'cost of living' crisis due to rapid inflation. Food prices increased by 9.4% on average in the year to April – their largest 12-month rise in 40 years. Around 16% of Americans say they are struggling financially, compared with 66% of people in Turkey, according to an Ipsos poll for the ...
Reuters has been reporting on the impacts of the cost of living crisis in 18 countries around the globe in its three-part 'Inflation Diaries' series. Here are some of the ways inflation is affecting people’s daily lives: In Kenya, inflation is running at a five-year high of nearly 8%. Single mother-of-three Florence Kageha, 44, who sells ...
In September 2021, the Harmonised Consumer Price Index rose by 6.2 percent in the United States and by 3.6 percent in the EU. Within Europe, some countries like Germany experienced above-average inflation, while in France and Spain, for example, it remained below the European Union figure. Inflation is worked out by measuring the price increase ...
People expect inflation, interest rates and taxes to rise in 2023, according to a global Ipsos survey. The majority of people expect their household spending to increase in the next six months, driven by utilities, shopping and motoring costs. The public mostly blames the state of the global economy for the cost of living increases.
U.S. Inflation. Overall, the items in the basket of goods under the Consumer Price Index have increased by a collective 7.1% since last year, making purchasing necessary food and energy items more difficult. Here’s another look at how each overarching category increased, between November 2021 and November 2022: Food: +10.6%.
As the cost of living rises, the poorest in society are suffering most. Ipsos surveyed over 20,000 people in 30 countries and found that at least half also reported increases in the cost of clothing and shoes, housing, healthcare and entertainment.
UK: recession on the horizon. At first sight, the UK’s cost of living crisis might look fairly mild compared to other countries. Its inflation rate was 10.7% in November 2022, compared to 12.6% in Italy, 16.% in Poland and over 20% in Hungary and Estonia. But the Bank of England expects a recession in the UK this year – possibly lasting ...
The United Nations says the global cost of living crisis is pushing 71 million people into poverty. And a global effort is now needed to help shield the poorest from the impact of rapidly rising prices. The UN has called for a moratorium on debt repayments so that governments can subsidize food and energy for their people.
The FAO Food Price Index measures the monthly change in global prices of a basket of food commodities. Figures for March show a 12.6% increase in global food prices compared to February, the highest price levels recorded in the index’s three-decade history. Year-on-year comparisons show index prices increased by a third compared to March 2021.
Image: World Bank. Zimbabwe has seen extreme year-on-year food price inflation reaching 285%, the hardest-hit of any nation, while in Venezuela the figure is 158%, falling to 143% in Lebanon. Fourth-highest Argentina recorded the highest double-digit food inflation at 95%, compared to tenth-highest Haiti with year-on-year price increases of 53%.