world economic news

Economic News Daily – Wednesday 29/06/2022

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UK

UK shop prices have hit their highest rate of inflation in almost 14 years reflecting the cost of living crisis, data published by the British Retail Consortium showed on Wednesday. The BRC-NielsenIQ shop price index was up 3.1% on a year ago in June, up from 2.8% in May. This was the biggest annual growth since September 2008.

SPAIN

Annual inflation rate in Spain jumped to 10.2% in June of 2022 from 8.7% in May, significantly above market estimates, preliminary estimates showed. It is the highest inflation rate since April of 1985, according to a preliminary report published by the National Statistics Institute on Wednesday.

US

Consumer confidence in the U.S. continued to deteriorate in the month of June. The consumer confidence index reading, came in at 98.7 and missed Dow Jones’ estimate of 100. “Consumer confidence fell for a second consecutive month in June,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

SINGAPORE

Singapore’s manufacturing producer price index climbed 19.4 percent year-on-year in May, faster than the 17.8 percent increase in April, data from the Department of Statistics showed on Wednesday. This was the highest rate of increase since November 2021, when prices had grown 19.8 percent.

JAPAN

Japan’s consumer confidence decreased to the lowest in seventeen months in June, data from the Cabinet Office showed on Wednesday. The seasonally adjusted consumer confidence index weakened to 32.1 in June from 34.1 in May. This was the lowest since January 2021, when the reading was 29.8.