Tag Archives: inflation

Turkish inflation surged to 15-year high in August

Turkish inflation surged to 15-year high in AugustInflation in Turkey rose again in August to nearly 18 percent, official statistics showed on Monday, a record since late 2003 and coming after the Turkish lira dramatically weakened against the US dollar last month. Consumer prices rose 17.9 percent in August from the same month in the previous year, up from 15.85 percent in July, according to the Turkish statistics office (TUIK), increasing pressure on the central bank to hike interest rates. The lira was worth 6.5 against the US dollar, a loss of nearly two percent on the day, after the data were released.



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Venezuela abandons petrol subsidies as inflation set to hit one million per cent

Venezuela abandons petrol subsidies as inflation set to hit one million per centPresident Nicolas Maduro said Monday that some of the world's cheapest petrol that Venezuelan drivers enjoy will soon be sold at world market prices to combat rampant smuggling. "Gasoline must be sold at an international price to stop smuggling to Colombia and the Caribbean," Maduro said in a televised address. Venezuela, like most oil producing countries, has for decades subsidised fuel as a benefit to consumers. But its fuel prices have remained nearly flat for years despite hyperinflation that the International Monetary Fund has projected would reach 1 million per cent this year. That means that for the price of a cup of coffee, a driver can now fill the tank of a small SUV nearly 9,000 times. Recently, the average price of a coffee with milk was 2.2 million bolivars, or about 50 cents, local media has reported. Smugglers do brisk business reselling fuel in neighboring countries. Supporters of Venezuelan President Nicolas Maduro take part in a rally in Caracas on Monday Credit: FEDERICO PARRA/AFP Maduro said the government would still provide "direct subsidies" to citizens holding the "fatherland card," a state-issued identification card that the government uses to provide bonuses and track use of social services. He said the subsidy was only available to those who registered their cars in a vehicle census being conducted by the state.



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10 Most Expensive Cars Sold At Auction, Adjusted For Inflation

10 Most Expensive Cars Sold At Auction, Adjusted For Inflation



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Venezuela president solution to inflation: Change money

Venezuela president solution to inflation: Change moneyCARACAS, Venezuela (AP) — President Nicolas Maduro attempted to tackle Venezuela's staggering inflation Thursday by lopping three zeros off the increasingly worthless currency called the bolivar.



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Rare public protests spread across Iran amid spiraling inflation

Rare public protests spread across Iran amid spiraling inflationIranian police clashed with protesters demonstrating against government corruption on Friday, in a rare public show of discontent in the Islamic republic.  About 300 people gathered in the western city of Kermanshah on Friday calling for a "revolution", shouting "where's my paycheck?", "the people are begging, the clerics act like God" and “death to the dictator”. It followed a day after similar protests in the northeastern city of Mashhad, where more than 50 were arrested.  President Hassan Rouhani's government has been unable to control spiralling prices – the costs of basics such as milk and eggs has doubled in a week. And despite the loosening of international sanctions in 2015, the country has seen little economic growth and few ordinary residents feel they have benefitted.  There have been calls on social media for protests up and down the country, despite warnings from the government against illegal gatherings. Protestors attack security forces in Iran (location unknown) #iranprotestspic.twitter.com/aeS8zVyM9X— Wladimir (@vvanwilgenburg) December 29, 2017 The outbreak of unrest reflects growing discontent over rising prices and alleged corruption, as well as concern over the country’s costly involvement in regional conflicts such as Syria and Iraq. There were also chants in Mashhad on Thursday of "not Gaza, not Lebanon, my life for Iran" and "leave Syria, think about us". Mohsen Nasj Hamadani, deputy security chief in Tehran province, said about 50 people had rallied in a Tehran square and most left after being asked to by police, but a few who refused were "temporarily detained", the ILNA news agency reported. In the central city of Isfahan, a resident said protesters joined a rally held by factory workers demanding back-pay. "The slogans quickly changed from the economy to those against Rouhani and the Supreme Leader (Ayatollah Ali Khamenei)," the resident said by telephone. Chants in the holy city of Qom tonight, the spiritual center of #Iran: “We don’t want an Islamic Republic!” pic.twitter.com/ilawigFGej— Holly Dagres (@hdagres) December 29, 2017 In Qom, a stronghold of the Shi'ite clergy, footage posted on social media showed protesters attacking Ayatollah Khamenei by name. "Seyyed Ali should be ashamed and leave the country alone," they chanted. Police arrested 52 people in Thursday's protests, Fars quoted a judicial official as saying in Mashhad, one of the holiest places in Shi'ite Islam. In social media footage, riot police were seen using water cannon and tear gas to disperse crowds. Some social media videos showed demonstrators chanting "Death to Rouhani" and "Death to the dictator". Protests were also held in at least two other northeastern cities. Openly political protests are rare in Iran, where security services are omnipresent. The last unrest of national significance occurred in 2009 when Mahmoud Ahmadinejad's re-election as president ignited eight months of street protests. Pro-reform rivals said the vote was rigged. The protests came as Tehran looked to have bowed to internal pressure to relax its strict Islamic dress codes. Morality police in the capital said they will no longer automatically arrest women for failing to women seen without the proper hijab head-covering in public, mandated since the 1979 revolution. For nearly 40 years, women in Iran have been forced to cover their hair and wear long, loose garments.  Younger and more liberal-minded women have long pushed the boundaries of the official dress code, wearing loose headscarves that do not fully cover their hair and painting their nails, drawing the ire of conservatives. The announcement signalled an easing of punishments for violating the country's conservative dress code, as called for by the reform-minded Iranians who helped re-elect President Rouhani, a relative moderate, earlier this year.



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No-show inflation poses conundrum for US Fed

No-show inflation poses conundrum for US FedAfter tightening monetary policy last month for the second time this year, the US central bank is expected to pause for the next few months to monitor developments. The Federal Reserve will leave the benchmark interest rate untouched when it meets Tuesday and Wednesday, partly because it has yet to begin to wind down its huge stock of bond holdings, and will not make another move on interest rates until that process is underway. In the normal course of events, as an economy recovers and hiring increases, that brings with it rising wages and inflation, which in turn prompts the central bank to hike lending rates to keep prices in check while still allowing economic growth to continue.



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