In its latest Africa’s Pulse report, the World Bank warns that the spectre of stagflation is stalking Africa as inflation surges and central banks react with rate hikes. Russia’s imperialist invasion of Ukraine is fanning the flames of food and fuel inflation and the poorest of the poor on the world’s poorest continent will suffer the most. From Russia with a big middle finger stuck in the air.
The Africa’s Pulse report, a biannual look at the sub-Saharan region’s economic trajectory, said this week that Africa’s central bankers are caught in a bind.
In layman’s terms, this means central banks are hiking interest rates in a bid to contain inflation, which is slicing across the continent like a scythe. But this policy response in Africa may be a dull blade. This can be seen in South Africa, where retail trade sales in February fell 0.9% year-on-year, according to data released this week by Statistics South Africa . When demand pressures are muted they tend not to be inflationary, which means inflation is bubbling against the backdrop of economic weakness – a classic sign of emerging stagflation.
It said more than 80% of the countries in the region for which data was available experienced food inflation of more than 5% in the year to February 2022 and nearly half were saddled with double-digit inflation.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Biden says Russia committing genocide in UkraineBiden has repeatedly called Putin a war criminal, but delivering a speech at an ethanol plant in Iowa earlier on Tuesday the US president escalated his rhetoric to accuse Russia of genocide.
Weiterlesen »
Russia was committing atrocities in Ukraine even before the warHuman rights declined in 2021, with Russia joining Saudi Arabia, Mexico, China and Afghanistan as the worst offenders
Weiterlesen »
Oil prices rise as Russia bemoans failed peace talks with UkraineCrude futures are also drawing support from Russian oil and gas condensate production falling to below 10-million bpd, its lowest since July 2020
Weiterlesen »
Russia was committing atrocities in Ukraine even before the warHuman rights declined in 2021, with Russia joining Saudi Arabia, Mexico, China and Afghanistan as the worst offenders
Weiterlesen »
Ukraine halts humanitarian corridors as Russia can't 'properly control their people on the ground' | BusinessinsiderNo corridor will open on Wednesday as Russia is ignoring international humanitarian law and 'cannot properly control' its troops, Iryna Vereshchuk said.
Weiterlesen »
LONG READ – WAR IN EUROPE: A memo to General Secretary Xi Jinping on Russia and Ukraine, and much elseThis imaginary memo reviews the Russia-Ukraine war at its current stage through the eyes of an adviser to the General Secretary Chinese Communist Party Xi Jinping.
Weiterlesen »