central banking

Turkey shocks markets with rate cut despite inflation near 80%

Turkey shocks markets with rate cut despite inflation near 80%

Turkish President Tayyip Erdogan arrives for a NATO summit in Madrid, Spain June 29, 2022. Nacho Doce | Reuters Turkey’s central bank shocked markets Thursday with a cut to its benchmark policy rate, despite inflation in the country sitting near 80%. The country’s currency, the lira, slide 0.9% against the dollar, trading at more than …

Turkey shocks markets with rate cut despite inflation near 80% Read More »

UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

ONS figures showed that real wages in the UK over the three months to May experienced their steepest decline since records began in 2001. Henry Nicholls | Reuters LONDON — UK inflation hit yet another new 40-year high in June as food and energy prices continued to soar, escalating the country’s historic cost-of-living crisis. The …

UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens Read More »