By announcing an inflation goal, central bankers feel they build credibility for themselves and focus the planning of households and firms in ways that help keep inflation controlled.
The U.S. economy likely rolled out of 2022 with momentum, registering decent growth in the face of painful inflation, high interest rates and rising concern that a recession may be months away.
US inflation was 6.5% over the 12 months to the end of December, down from 7.1% in November, the US Labor Department said.
The wheat production in the country is set to jump to a record this year as all-time high prices prompted farmers to expand planting areas, and opting of high-yielding varieties, news agency Reuters said.
India's economy is expected to grow 7% year-on-year in the financial year ending in March, the Ministry of Statistics said on Friday in its first estimate for the period.
Third of world economy to hit recession in 2023.
Bank of England has made its biggest interest rate rise in three decades, lifting borrowing costs to the highest since the 2008 financial crisis
U.S. economic growth rebounded strongly in the third quarter amid a shrinking trade deficit, but that overstates the economy's health as domestic demand was the weakest in two years because of the Federal Reserve's aggressive interest rate hikes.
