While headline inflation is expected to rise to 3.6 percent this autumn for advanced economies, the International Monetary Fund (IMF) predicts it will decrease to 2 percent by mid-2022.
Similarly, emerging markets and developing countries will experience an increase in inflation to reach 6.8 percent, according to IMF forecasts, but it will quickly drop again to 4 percent next year.
However, the Fund cited shortage-induced inflation as a source of possible risk.
Russia has reached a 5-year high level of annual inflation as the indicator increased to 7.4 percent in September from 6.7 percent in August, official data shows.
The country was already suffering an increasing level of inflation for the past few months. In August last year, the rate stood at a much-lower 3.67 percent.
This was accompanied by a 0.6 percent month-on-month price increase in September, jumping from 0.2 percent in August.
Moreover, annual Dutch inflation also recorded a 20-month high as it increased to 2.7 percent in September, up from 2.4 percent in August, Statistics Netherlands said. This was fuelled by a massive 19.4 percent annual increase in prices of gas, electricity and other fuels.
France’s current account deficit narrowed to EUR1.3 billion in August, from EUR3.4 billion in July, Banque de France data showed. Additionally, the country’s trade deficit fell to EUR6.67 billion in August, compared to EUR7.08 billion in July. This was driven by jumps in exports; particularly, transport equipment and agricultural, forestry and fishing goods.
On the other hand, Korea’s current account surplus slightly decreased in August to reach $7.51 billion down from $8.21 billion in July. Data released by the Bank of Korea also revealed the goods surplus shrank to $5.64 billion in August compared to $7.08 billion in the same month last year.
United States employment
Employment in the American private sector increased by 568,000 workers in September, a rise from the 340,000 recorded in the previous month.
The ADP Institute data also revealed that employment increased the most in the leisure and hospitality sector as well as the education and health sectors.
Sub-Saharan Africa’s GDP
Following removal of Covid restrictions and an upturn in global trade, the World Bank expects Sub-Saharan Africa’s economy to expand by 3.3 percent this year and 3.5 percent in 2022.
The World Bank report added that the economy could even grow by 5.1 percent in 2022 and 5.4 percent in 2023 if vaccination rollouts gain momentum.
According to official data, the yearly unemployment rate in Switzerland slightly fell to 2.6 percent in September from 2.7 percent in the previous month. This is a noticeable decrease from the January rate which stood at 3.7 percent.