Defining the News
Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank’s latest Commodity Markets Outlook.
The report also finds that a major outbreak of conflict in the Middle East could halt the inflationary decline that has occurred over the past two years. It said that between mid-2022 and mid-2023, global commodity prices plummeted by nearly 40 percent, helping drive most of the roughly 2-percentage-point reduction in global inflation between 2022 and 2023.
It said that since mid-2023, however, the World Bank’s index of commodity prices has remained essentially unchanged. “Global inflation remains undefeated,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president.“A key force for disinflation—falling commodity prices—has essentially hit a wall. That means interest rates could remain higher than currently expected this year and next. The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years,” Gill said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
‘Rewind’ tops Netflix PH, five Middle East countriesDefining the News
Baca lebih lajut »
Financial Markets Rattled by Middle East TensionsWorries about escalating tensions in the Middle East have rattled financial markets, leading investors to seek safer investments. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all experienced significant declines. JPMorgan Chase, despite reporting stronger profits than expected, saw its stock price drop due to a conservative forecast for future income. The pressure is on companies to increase profits, especially with concerns about interest rates offering little support.
Baca lebih lajut »
Oil prices surge to five-month highs amid rising tensions in the Middle EastRising tensions between Iran and Israel have caused oil prices to reach their highest levels in five months. Concerns over a possible war between the two countries have created a volatile environment in the oil market. Brent and WTI futures have experienced significant increases, with year-to-date performance standing at 17.4 percent and 19.5 percent, respectively.
Baca lebih lajut »
Middle East, world cannot 'afford more war' — UN chiefUnited Nations Secretary General Antonio Guterres warned the international community Sunday against deeper descent into conflict, addressing the Security Council during a meeting over Iran's weekend attack on Israel.
Baca lebih lajut »
Israel Launches Air Strikes on Gaza Amid Middle East TensionsIsrael launched dozens of air strikes on Gaza overnight, escalating tensions in the Middle East after Iran's attack was foiled. The Israeli military remains focused on the ongoing conflict with Hamas.
Baca lebih lajut »
Oil Prices Sink as Traders Bet on De-escalation in Middle EastWorld oil prices dropped as traders predicted de-escalation in the Middle East despite Iran's strike on Israel. Iran launched missiles and drones, but most were repelled by Israel's air defenses. Experts believe Iran was trying to show strength without starting a conflict.
Baca lebih lajut »