Hyperinflation

Argentina's inflation slowed in February for a second consecutive month, as right-wing President Javier Milei continues to push austerity and deregulation measures in an effort to revive the country's struggling economy.

Argentina's Economy Minister, Luis Caputo, declared an unprecedented step to devalue the peso by more than 50%, aiming to rescue the country's struggling economy. This decision, changing the dollar conversion rate to 800 pesos per dollar from 365, comes early in President Javier Milei's tenure.

The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices, official figures showed yesterday, a welcome development for hard-pressed households struggling during the cost of living crisis.

After eight months of deceleration, the annual inflation rate has climbed from 38.2 percent in June to 47.83 percent in July, data from the Turkish Statistical Institute (TÜİK) showed on Aug. 3.

Consumer prices rose by 9.49 percent last month from June, when the monthly inflation was 3.92 percent.

At the level of the global economy, focusing on the US, the dominant question is whether we are going to see lower interest rates in the current year. The answer is no, if we look at the history of the Fed. Undoubtedly, we are not on the brink of another stretch of hyperinflation like that of the painful 1965-1982 period of rising prices for goods and services in the US.

Türkiye's annual inflation rate slowed further from 39.59 percent in May to 38.2 percent in June, the Turkish Statistical Institute (TÜİK) has said.

This marked the lowest annual inflation rate in 18 months.

Consumer prices advanced 3.92 percent in June from May, when the monthly inflation was 0.04 percent, pushed down by a temporary offer of free gas to households.

In the UK, food inflation hit a record high of 13.3% in December.

Food prices hit a record high in December ahead of Christmas, new data shows.

Food inflation jumped from 12.4% in November to 13.3% in December at a time when families typically stock up on food for the Christmas and New Year holidays.

South Korea's central bank yesterday hiked its key interest rate by half a percentage point to a decade high as it tries to tackle surging inflation and support the plunging won.

Consumer prices in Türkiye increased by 1.46 percent in August from the previous month, easing from the monthly increases of 2.37 percent in July and 4.95 percent in June, data from the Turkish Statistical Institute (TÜİK) have shown.

Consequently, the annual inflation rate advanced from 79.6 percent in July to 80.2 percent last month.

Bank of Greece governor Yannis Stournaras sees inflation in the Eurozone peaking this year, predicting a further decline in 2023 before retreating to near the ECB's 2% target next year. As he characteristically stated: "I am optimistic that the monster of inflation will have been defeated by the end of 2024″