world economic news

Economic News Daily – Wednesday 11/05/2022

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GERMANY

Germany’s Consumer Price Index (CPI) was confirmed at 7.4% in April, the highest level since 1981 and accelerating from 7.3% in the previous month, mainly boosted by rises in prices of energy (35.3% vs 39.5%) and food (8.6% vs 6.2%), the Federal Statistical Office announced on Wednesday, confirming the preliminary report.

CHINA

China’s annual inflation rate accelerated to 2.1% last month from 1.5% in March, above market forecasts of 1.8%, the National Bureau of Statistics said on Wednesday. This was the highest reading since last November, amid logistic disruptions caused by strict COVID-19 measures. On a monthly basis, consumer prices were up 0.4% in April, topping consensus of a 0.2% rise and after a flat reading in March.

HUNGARY

Headline inflation in Hungary accelerated to 9.5% y-o-y in April, from 8.5% in March, led by higher prices for food and consumer durables, data from the Hungarian Central Statistical Office showed on Tuesday. Core inflation edged up from 9.1% to 10.3%.

S. KOREA

South Korea’s  jobless rate was a seasonally adjusted 2.7% in April, remaining at a historical low for the third straight month. The number of people employed totaled 28.078 million people in April, which went up 865,000 or 3.2% from a year ago, data from Statistics Korea showed on Wednesday.