Charting the global economy: India may ban rice exports, China economy struggles
inflation rate slipped to a more than two-year low, spelling relief for American consumers and moving the Federal Reserve a step closer toward ending an historic cycle of interest-rate hikes. China’s economy continues to struggle, with recent trade figures showing the largest drop in exports since early 2020. Industrial output in Europe remains weak, while strong wage growth in the UK threatens to add to inflationary pressures. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
US & CanadaUS inflation cooled sharply last month, offering fresh hope that the Fed can wrap up the most aggressive tightening in decades soon after an expected hike at their July 25-26 meeting. The Bank of Canada raised interest rates for a second straight meeting, keeping the door open for more hikes as it pushed back inflation’s return to its 2% target. At 5%, the overnight lending rate is the highest in 22 years. Some 72,700 people in families with children were experiencing homelessness in 20 of the largest cities in the US as of January, a 37.6% jump from a year before, according to an analysis of data provided by jurisdictions. In New York, that figure shot up by two thirds, while Chicago, the District of Columbia and Fort Worth, Texas, also saw outsize increases.
AsiaChina is facing pressure on trade as foreign shipments drop off and domestic demand remains weak, with a darkening global growth outlook and geopolitical tensions making a reprieve unlikely anytime soon. India, the world’s biggest rice shipper, is considering banning exports of most varieties, a move that may send already lofty global prices higher as the disruptive El Niño weather pattern returns. Australia’s
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