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The original was posted on /r/worldnews by /u/3kOlen on 2024-04-08 14:12:57.
Food inflation in world’s rich nations falls to pre-Ukraine war levels
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.theguardian.com/business/2024/apr/08/food-inflation-rich-nations-falls-ukraine-war-oecd
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Food prices across the world’s richest nations rose in February at the slowest rate since before the Russian invasion of Ukraine, according to figures that show easing inflationary pressures on households.
However, Turkey was among a group of countries to suffer a rapid rise in food inflation, mainly linked to a decline in the local currency pushing up the cost of imports.
Analysts forecast that central banks will make several interest rate cuts this year in response to falling inflation, but have become more cautious in recent weeks about the extent of any reductions.
Wage growth has remained elevated in many countries, including the UK, and Brent crude oil prices have risen towards $90 (£71) a barrel, increasing the cost of fuel for consumers.
Andrzej Szczepaniak, an economist at Nomura, said he did not expect eurozone services inflation to fall sufficiently before the European Central Bank’s June meeting to allow policymakers to begin cutting rates.
The OECD said in the countries covered by the G20, which includes Saudi Arabia and Brazil, year-on-year inflation rose to 6.9% in February compared with 6.4% in January, reaching its highest level since March 2023.
The original article contains 554 words, the summary contains 190 words. Saved 66%. I’m a bot and I’m open source!