The Brazilian government, following orders issued by President Luiz Inácio Lula da Silva earlier this month, implemented a zero import tax reduction on eleven basic products.

The measure applies to meat, sardines, roasted coffee, coffee beans, olive oil, sugar, palm oil, sunflower oil, corn, pasta, and cookies. With this zero tax reduction, the president “aims to especially protect low-income families, who will be able to spend up to 40 % of their income on food.”

This decision is expected to contribute to increasing the food supply, in addition to reducing market prices and thus multiplying the availability of these items in the domestic market.

The Brazilian president is focused on reducing shortages and ensuring the most dignified living conditions for the population. “The government indicates that the measure will be accompanied by other structural actions, preserving the sustainability of the national production chain.”

M.Pino

Source: americaeconomia

(Reference image: Paul Teysen on Unsplash)

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The European Central Bank (ECB) decided to cut interest rates this month by 25 basis points, to set the reference rate at 3.25 %.

This is the third adjustment by the European body, announced by the ECB Governing Council at a meeting in Ljubljana (Slovenia). Meanwhile, “the main refinancing operations (MROs) – the weekly injections of money – and the credit facility – the one that lends to banks for one day – stood at 3.4 % and 3.65 %, respectively.”

With this technical adjustment, the ECB seeks to “align short-term interest rates in the money market with the decisions of the Governing Council, as well as to remove excess liquidity from the system so that it does not interfere with the correct transmission of monetary policy.”

The slowdown in inflation in the eurozone, which was already reported in September at 1.7 %, is the result of the decrease in the price of energy, fresh food, alcohol, tobacco, among other items during the month of August.

M.Pino

Source: publico.es

(Reference image source: Dimitri Karastelev in Unsplash)

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Eurozone inflation for the month of September, which stood at 1.7 %, was the lowest since April 2021, according to Eurostat.

The inflation rate slowed by half a percentage point compared to the 2.2 % rise in prices for the month of August.

According to data from the community statistical office, the value had initially been calculated at 1.8 %. On the other hand, “for the European Union as a whole, the inflation rate reading for the month of September shows a drop of three tenths, to 2.1 %”.

This slowdown in inflation in the eurozone in September reflects the 6.1 % drop in the cost of energy, which fell 3 % year-on-year in August, while fresh food prices rose by 1.6 %.

Also, “the price of non-energy industrial goods rose 0.4 % year-on-year in September, unchanged from the increase in August”.

The countries where the greatest increase in the cost of living was seen are Romania (4.8 %), Belgium (4.3 %) and Poland (4.2 %). On the contrary, the nations with the lowest price increases with an impact on the cost of living are Ireland (0 %), Lithuania (0.4 %) and Slovenia (0.7 %).

M.Pino

Source: forbes.es

(Reference image source: Alexey Larionov en Unsplash)

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Interannual inflation in the United States fell one tenth in the month of July, standing at 2.9 %; the lowest figure since 2021.

The record implies a slowdown compared to the previous data according to records from the Bureau of Labor Statistics of the Department of Labor, which also publishes the “underlying index, which excludes food and energy prices from its calculation due to their greater volatility, closed the seventh month of 2024 with an increase of 3.2 % one tenth less and the lowest mark since April 2021.”

In the details of the prices with the greatest variation, an increase in food prices of 2.2 % year-on-year is observed, “while energy was 1.1 % more expensive in July than twelve months before.”

The statistics for the month of July could contribute to the “normalization of monetary policy by the United States Federal Reserve (Fed), since it points to a containment of inflation, although the variable preferred by the Fed to monitor The cost of living is the personal consumption expenditure (PCE) price index.”

The Fed, which decided to keep interest rates between 5.25 % and 5.5 %, the highest since January 2001, will continue to evaluate the outlook and risks, with confidence that inflation will reach a sustained level towards 2 %.

M.Pino

Source: americaeconomia

(Reference image source: Frederick Warren in Unsplash)

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The President of the Government, Pedro Sánchez, announced this Sunday that the third package that the Executive is preparing for 2023 in order to counteract the socioeconomic consequences of the war in Ukraine will incorporate mechanisms to “contain the evolution of food prices.”

Sánchez made the announcement during a PSC event at the Palau de Congressos in Barcelona, ​​which was attended by more than 2,500 people.

He was accompanied by the party leader, Salvador Illa; the city’s first deputy mayor and mayor, Jaume Collboni, and the PSC’s vice-first secretary of electoral organization, as well as the mayoress of Sant Boi de Llobregat (Barcelona), Lluïsa Moret.

“I announce that at the end of this year, when we approve the new aid package for people, the middle class and workers, we are also going to incorporate mechanisms to contain the evolution of food prices”, Sánchez stated.

The president emphasized the use of all resources to help those most affected by the high cost of food and services, as they did during the critical stage of the Covid-19 pandemic. The focus is placed not only on the government’s social commitment but also on “economic efficiency”, as quoted by the newspaper ElPeriodico.com.

Source: dpa

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The year-on-year increase in the consumer price index (CPI) in the United States stood at 6.8 % in November, which represents an inflation marked by the acceleration of six tenths compared to October and the highest rate registered in the country since June 1982. This was reported this Friday by the Bureau of Labor Statistics of the US Department of Labor.

The figure registered in October, of a year-on-year rise of 6.2 %, had already been the highest figure since 1990 (31 years), so the price increase maintains its upward spiral with highs of several decades.

Highest inflation in almost 40 years

Food prices registered an increase of 6.1 % in the eleventh month of the year, eight tenths more than the increase registered in October. On the other hand, energy inflation shot up 33.3 %, representing a rise of 3.3 percentage points compared to the 30 % year-on-year increase observed the previous month.

Thus, without taking energy and food prices into account, given their higher volatility, core inflation in the United States reached 4.9 % in the year-on-year rate in November. This represents an acceleration of three tenths compared to the October figure.

In monthly terms, inflation experienced a growth of 0.8 % in November, compared to the 0.9 % observed during the previous month. The underlying data rose 0,5 %, one tenth less than in October.

The Office has explained that the data collection for November has been affected by the temporary closure or limited operations of various types of establishments. This limitation, together with the suspension of visits in person that has been in force since March 2020, has caused the number of prices considered “not available” to be temporarily increased.

Source: dpa

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