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☆ Argentina inflation seen hitting 149% this year, up from previous poll
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 9 (Reuters) - Analysts polled by Argentina's central bank forecast annual inflation this year at 149%, above the 126% expected in the previous poll, according to the monthly survey released on Friday. For May, the analysts polled expect prices to have risen 9% in the month. Analysts see the weakened Argentine peso, currently officially valued at 245 pesos per dollar, ending this year at 408.68 pesos per dollar and 2024 at 917.54 pesos per dollar. Rising prices and tumbling foreign reserves pose a challenge for Argentina's left-leaning government ahead of general elections in October. Reporting by Maximillian Heath; Editing by David Alire Garcia and Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

Persons: Argentina's, Maximillian Heath, David Alire Garcia, Sarah Morland Organizations: Argentine, Thomson Locations: BUENOS AIRES

☆ These economies benefited from Russia's isolation — but they now risk Western retaliation
▼ + stars: | 2023-06-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

Changing trade patterns in the region are an opportunity, but also a risk. Georgian public support for EU membership has resurged over recent months, with four-fifths (81%) of the population currently in favor joining the bloc, according to a recent poll from U.S.-founded non-profit the National Democratic Institute. Armenia, meanwhile, has never submitted an application for either membership, and other Central Asian countries would not be eligible to join the EU. The geopolitical context with which we [Georgia] are now thought of is with other Central Asia countries. But they don't have EU membership as a target — we do," Kukava said.

Persons: Armenia's, haven't, Mikheil Kukava, Subir Lall, —, Kukava, they're, Ursula von der Leyen, Armen Nurbekyan, Nurbekyan Organizations: Anadolu Agency, Getty, International Monetary Fund, Institute for Development of, CNBC, Russia Western, European Bank for Reconstruction, Development, European Union, Georgia's National Statistics Office, European Commission, of Seven, Central Bank of, EU, NATO, of Information, U.S, National Democratic Institute, Central Locations: Tbilisi, Russian, Moscow, Georgia, Armenia, Ukraine, Russia, Soviet, Russia's, Caucasus, Central Asia, Kazakhstan, Turkey, United Kingdom, United States, Kyrgyzstan, Tajikistan, Azerbaijan, East, Central Bank of Armenia, Armenia's, U.S, of Information Georgia

☆ Australia's current account surplus widens in Q1, small drag on GDP
▼ + stars: | 2023-06-06 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, June 6 (Reuters) - Australia's current account surplus widened in the March quarter, helped by strong exports of resources and travel services, with net exports proving to be a much smaller drag on growth than first thought. Data from the Australian Bureau of Statistics on Tuesday showed the current account surplus widened to A$12.3 billion ($8.14 billion) in the first quarter, from a revised surplus of A$11.7 billion the previous quarter. It also beat forecasts of a A$15 billion surplus. "Exports of travel services recorded the highest quarterly increase on record as more international students came to Australia for on-campus learning," said Kim. Analysts had forecast GDP to rise 0.3% in the first quarter from the previous quarter, and up 2.4% for the year.

Persons: Grace Kim, Kim, Stella Qiu, Kim Coghill Organizations: SYDNEY, Australian Bureau, Statistics, International Statistics, ABS, Analysts, Reserve Bank of Australia, Thomson Locations: Australia

☆ High inflation fails to boost most UK companies' profits
▼ + stars: | 2023-05-30 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, May 30 (Reuters) - Britain's highest inflation in four decades failed to boost company profits last year, with the exception of oil and gas extractors who benefited from a surge in energy prices, official figures showed on Tuesday. Subsequently, rises in food prices and wages have added to inflation pressures. Margins fell sharply to 12.7% in the final quarter of 2022, however, as oil and gas prices dropped. "Net operating surplus in UK continental shelf companies is strongly related to oil and gas prices," the ONS said. Britain's government has levied a 25% windfall tax on energy profits since May 2022, which it forecast in March would raise 25.9 billion pounds ($32.7 billion) between 2022 and 2028.

☆ UK inflation surprises for all the wrong reasons
▼ + stars: | 2023-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Britain’s stubbornly high inflation is a major drag on its economy because it increases the cost of everyday goods and services, dampening consumption. At the same time, interest rate hikes to combat inflation make loans and mortgages more expensive, which further weighs on spending by businesses and consumers. “The indirect impact of energy prices on business costs means lower gas and electricity prices should eventually feed into lower core inflation. But strong wage growth is likely to keep services inflation high throughout this year,” he added. But it cautioned that high inflation is still a considerable risk to the UK economy.

Persons: Grant Fitzner, Britain’s, ” Paul Dales, Martin Beck, ” Organizations: London CNN —, National Statistics, Bank of England, International Monetary Fund, Bank, Capital Economics, IMF, Bank of England’s Locations: United Kingdom

☆ ‘Greedflation’ loosens its grip on food retailers
▼ + stars: | 2023-05-24 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

Big food manufacturers like Kraft Heinz (KHC.O) and Unilever (ULVR.L) are ratcheting down the price rises they have been inflicting onto supermarket chains. If food retailers can convince cash-strapped customers to skimp less and pay more, their profit margins will finally start growing. Last week, the country’s food retailers opened negotiations on prices with manufacturers like Coca-Cola (KO.N) and Unilever as food inflation surged to over 15% in March. Food manufacturers can certainly do more. Meanwhile, food inflation remained high at 19.1% in April versus 19.2% in March.

☆ Pent-up demand promises record tourist season for southern Europe
▼ + stars: | 2023-05-19 | by ( Giselda Vagnoni | ) www.reuters.com time to read: +6 min

What's more, there appears to be growing demand for the luxury end of the spectrum. Portugal registered more than 2.8 million of foreign visitors from January to March, the best first quarter on record, according to official data. Airlines such as Lufthansa, easyJet and Ryanair have confirmed robust summer bookings while Ryanair, in anticipation of strong demand, has just ordered 150 new 737 Max-10s and optioned another 150. Italian travel and tourism company Alpitour forecasts turnover 30% higher this year. "We already see a very strong demand to book Christmas holidays in 2023.

☆ Italian book-reading hit 22-year low in 2022, after COVID pick up
▼ + stars: | 2023-05-18 | by ( Alessandro Parodi | ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Less than 40% of Italians read a book for pleasure last year, data showed on Thursday, the lowest figure for 22 years, but children were more avid readers than their parents. National statistics bureau ISTAT reported that 39.3% of people above the age of five read at least one book in 2022 for a reason other than study or work. Reading picked up marginally during the COVID-19 pandemic, which interrupted a downtrend that began in 2010, ISTAT said. Only 17.4% of people had read as many as three books in the 12 months prior to the survey, it said. Overall, female readership is 10 points higher than for males, ISTAT said, continuing a trend which began in 1988.

☆ Spain to launch app to find out if men shun household chores
▼ + stars: | 2023-05-18 | by ( Jack Guy | ) edition.cnn.com time to read: +2 min

CNN —Spain’s equality ministry says it will launch an app designed to monitor the sharing of chores between members of a household, as part of a drive to improve gender equality. “What surveys tell us is that women spend a lot more time on household chores than men do,” said Rodríguez, who added that the app will allow each member of the household to input the time they spend on chores. According to a survey from Spain’s national statistics institute, published in December, 45.9% of female respondents said they carried out the majority of household chores, compared to just 14.9% of men. Rodríguez emphasized that all sorts of different tasks should be considered household chores. “All of those who are offended by the household chores app are really offended by the possibility that they will have to start doing their bit at home,” she wrote.

☆ Italy's birth rate is at a record low. Young Italians say they can't afford to have babies
▼ + stars: | 2023-05-17 | by ( Barbie Latza Nadeau Valentina Di Donato Antonia Mortensen | Barbie Latza Nadeau | Valentina Di Donato | ) edition.cnn.com time to read: +8 min

The birth rate in Italy has been declining steadily since the economic crisis in 2008, for reasons demographers agree is rooted in economic insecurity. In France, the birth rate is higher at 1.8 children per woman, according to figures for 2022 from its national statistics agency. The Catholic Church, which is a predominant political force, and the right-wing government under Meloni have both lamented the low birth rate, but have put up roadblocks to ways to remedy the situation. De Luca blames the government for not doing enough for the younger generation, in part because decades of low birth rates have made the youth a minority. Testa fears that the low birth rate is contagious.

☆ UK jobless rate rises, potentially easing Bank of England inflation worries
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: +2 min

Investors are questioning the health of the commercial real estate sector following a string of recent banking crises. Britain's unemployment rate unexpectedly rose to 3.9% in the three months to March as more people sought to get back into the jobs market, potentially easing concerns at the Bank of England about inflation pressures. Economists polled by Reuters had expected the rate to hold at 3.8%. However, pay growth - which is at the heart of the BoE's debate about whether to raise interest rates further - remained strong by historical standards. Annual pay growth including bonuses held at 5.8%, as expected in the Reuters poll.

☆ UK jobless rate rises, potentially easing BoE inflation worries
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 16 (Reuters) - Britain's unemployment rate unexpectedly rose to 3.9% in the three months to March as more people sought to get back into the jobs market, potentially easing concerns at the Bank of England about inflation pressures. Economists polled by Reuters had expected the rate to hold at 3.8%. However, pay growth - which is at the heart of the BoE's debate about whether to raise interest rates further - remained strong by historical standards. Annual pay growth including bonuses held at 5.8%, as expected in the Reuters poll. However, the number of people not working due to long-term sickness rose to a new record, Morgan said.

☆ UK economy limps along as high inflation hits spending
▼ + stars: | 2023-05-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

“Sky-high inflation, negative real wage growth and general cost of living pressures are weighing on the consumer, and in turn the services industry which is typically a key growth engine for the UK economy,” she added in a note. The Bank of England raised interest rates for the 12th consecutive time Thursday in its battle with double-digit inflation. The central bank expects the UK economy to grow by 0.25% this year and by 0.75% in 2024 — a much more positive assessment than in February, when it forecast contractions of 0.5% and 0.25%, respectively. Inflation still highConsumer price inflation in the UK remains stubbornly high, holding above 10% in the year to March. “With inflation still in double digits, it feels depressingly like a re-run of the 1970s.”The Bank of England expects inflation to fall sharply over the coming months.

☆ UK economy grows by 0.1% in the first quarter but inflation continues to weigh
▼ + stars: | 2023-05-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. economy grew by 0.1% in the first quarter, following an unexpected contraction in March, official figures showed on Friday. The construction sector expanded by 0.7%, while manufacturing performance went up by 0.5% in the first quarter, with 0.1% growth logged in services and production. The national statistics agency said there was no growth in real household expenditure, as incomes remained under the squeeze of higher prices. We still have inflation that is too high, growth is still not as high as we would like it to be, and when I talk to my fellow finance ministers we all talk about the same thing. Labor supply, productivity, how we are going to increase our long-term growth rates so that we can pay for the increasing number of things that tax payers want governments to do," Hunt continued.

☆ Italy calls crisis meeting over surging pasta prices
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

MILAN, May 4 (Reuters) - Italy's Industry Minister Adolfo Urso called on Thursday for a crisis meeting over prices for pasta, the country's favourite staple, after they jumped by more than double the national inflation rate. Urso's ministry said the cost of spaghetti and other pasta products rose year-on-year by 17.5% in March despite a drop in wheat prices. In that month, Italian EU-harmonised consumer prices (HICP) rose overall by 8.1%. Italian inflation rose by even more in April to 8.8% year-on-year, driven by a fresh spike in energy prices, national statistics agency ISTAT said on Tuesday. 'Core' inflation, net of fresh food and energy, was stable at 6.8% year-on-year.

☆ Italy's government calls crisis meeting over surging pasta prices
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

☆ Quiche is the official coronation food. Prices are up 21% in a year
▼ + stars: | 2023-05-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

Still, quiche from a store is just one of a number of items that are outpacing the painful rise in British food prices, according to the ONS analysis. Average annual food price inflation was more than 19% that month. Food price crisisUK taxpayers will pay tens of millions of pounds towards the cost of the King’s coronation, according to estimates published by British media. But, for many Britons, including fans of the royals, the expense feels particularly galling while millions of people struggle to make ends meet as prices rise. Food price rises show no signs of pulling back.

☆ What King Charles' coronation means for the UK economy
▼ + stars: | 2023-05-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

But the UK economy as a whole could suffer as workers take an extra day’s holiday. John Lewis' Coronation Lewis Bear. John Lewis & PartnersDepartment store John Lewis has had to limit in-store purchases of its Coronation Lewis Bear to two per household, and the teddy is out of stock online. For the coronation, UK luxury brands “have procured unique merchandise at all levels of the economy and we’re seeing people buying it, particularly Americans and EU customers,” she added. (The coronation holiday will be the third holiday Monday this month.)

☆ As cost of living crisis bites, some Brits are questioning spending money on glitzy coronation As cost of living crisis bites, some Brits are questioning spending money on glitzy coronation
▼ + stars: | 2023-05-02 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +18 min

The church operates the cafe alongside a food bank which offers free food, clothes, household items and other necessities to locals who are struggling. When it first opened before the pandemic, the food bank was serving mostly homeless people. Liz Coopey, left, a volunteer at the Given Freely Freely Given food bank in Doncaster, helps local resident Angela Davis with her shopping bags. The Given Freely Freely Given food bank in Doncaster offers its clients other items than just food, including household goods and clothing. Liz Coopey, one of the volunteers there, said she understands the idea of having to rely on a food bank might be scary to many.

☆ UK retailers report record food inflation but see falls ahead
▼ + stars: | 2023-05-01 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Overall inflation among BRC members dropped to 8.8% from March's 8.9% as price increases for non-food items slowed due to heavy discounting of clothing, footwear and furniture. Costlier coffee beans and more expensive packaging and production of ready-meals pushed up food inflation, but prices of butter and vegetable oil were starting to decline. "We should start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through," BRC chief executive Helen Dickinson said. Britain's official measure of consumer price inflation peaked last October at 11.1%, its highest in more than 40 years. The Office for National Statistics' measure of food price inflation - which is calculated differently to the BRC's - was the highest since 1977 in March at an annual 19.1%, reflecting higher costs for biscuits, cakes and confectionery.

☆ Forget the pension protests. France’s economy has momentum
▼ + stars: | 2023-04-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

France’s economy grew 0.2% in the first quarter of this year, its national statistics agency said Friday, after stagnating in the previous quarter. Yet the long-running protests are unlikely to leave a lasting dent in France’s economy, according to Charlotte de Montpellier, a senior economist at Dutch bank ING. But its $2.8 trillion economy has held up comparatively well. Office buildings illuminated in the La Defense business district of Paris, France, on Monday, Feb. 6, 2023. ‘Momentum’ building for banksBritain’s exit from the European Union has also been a boon for France’s financial sector.

☆ UK PM Sunak faces first test of comeback credentials in local polls
▼ + stars: | 2023-04-28 | by ( Alistair Smout | ) www.reuters.com time to read: +5 min

With voters going through a cost-of-living crisis and inflation stubbornly high at about 10%, local council votes in much of England on May 4 give Labour an opportunity to prove their electoral credentials. Swindon has returned lawmakers representing the winning party at every national election since 1983, making it a bellwether and a key target for Labour, who chose the town for the launch of their local election campaign. "Whilst Sunak's personal poll ratings aren't great, they're not toxic in the way that his predecessors have been," he said. David Renard, the Conservative leader of Swindon Borough Council, said the national picture might hinder his attempts to focus the campaign on more local issues. In its town centre, many voters expressed unhappiness with the Conservatives but some had a degree of sympathy for Sunak personally.

☆ Single people should be ‘valued’ as Jesus was single, Church of England says
▼ + stars: | 2023-04-27 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +2 min

London CNN —Single people should be honored as much as couples and families, the Church of England has said, pointing to Jesus’ own single status. The report’s suggestion to “honour” singleness is another deviation from the church’s traditional teachings of heterosexual marriage. While same-sex couples cannot be married by the church, a vote earlier this year favored blessing their marriage. “(The report reveals) that the shape of family changes through our lives,” Butler said. “It further shows that there is no one best shape, except that loving long term relationships are absolutely key for us all to flourish.”

☆ Brits warned they are not saving enough for retirement and face a 'risky' future
▼ + stars: | 2023-04-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +4 min

Richard Baker / Contributor / Getty ImagesLONDON — Workers in the U.K face a "risky" future when it comes to their pensions, according to a report released by think tank the Institute for Fiscal Studies. Almost 90% of Brits aren't putting an appropriate amount of money into their pension pots — generally considered to be around 15% of earnings, according to the IFS report. Including self-employed savers within that framework would also boost their pension pots and reduce their dependence on the state pension later in life, Savova added. Most people in the U.K. are automatically entitled to a state pension, which is currently £203.85 ($253) per week. "Increasing the State Pension Age will only escalate pensioner poverty which falls disproportionately on those who have lower incomes and retire early due to ill-health," Peaple told CNBC via email.

The PMI was driven by the services sector as consumer spending on travel, leisure and entertainment showed strength while manufacturing remained weak. S&P Global's input price index - a good guide to future inflation pressures - showed the slowest growth in costs for firms since March 2021, although overall cost pressures remained high by historical standards. There were also signs of recovery in Friday's consumer confidence survey by polling firm GfK which rose to its highest since February last year, albeit to weak levels. There was a reminder of the problems facing many consumers in official retail sales data also published on Friday. "A strong performance from retailers in January and February means the three-month picture shows positive growth for the first time since August 2021," he said.

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