IMF tells central banks to focus on inflation as recession looms
IMF cuts 2023 global growth to 2.7% on war and downturns
IMF cuts 2023 global growth to 2.7% on war and downturns
Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
The Paris-based group reported that annual inflation for the OECD area rose to 9.6% in May, up from 9.2% in April — marking the sharpest price rise since 1988.
The Democratic president also called on states to suspend their own gas taxes or provide similar relief, and he delivered a public critique of the energy industry for prioritizing profits over production.
In a rare interview, President Joe Biden has said Americans are "really, really down" as they grapple with soaring inflation after two years of a pandemic.
Argentina's central bank yanked its benchmark interest rate up to a dizzying 60 per cent in a bid to control rampant inflation as the country's currency plummeted 15.8 per cent to a record low 40.5 pesos per US dollar.
Venezuelan President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend -- a 95 percent plunge that will test the capacity of an already beleaguered population to stomach even more pain.
Argentina's central bank has raised interest rates as the country's currency, the peso, continues to fall sharply.