world economic news

World Economic News – Tuesday 02/08/2022



Annual house price growth in the United Kingdom stood at 11% in July, according to the Nationwide House Price Index released on Tuesday. The figure marks an increase from June when annual house price growth stood at 10.7%. On a monthly basis, the index was up by 0.1% on a seasonally adjusted basis, while the average house price in the country in March stood at £271,209.


The Reserve Bank of Australia raised the cash rate by 50 bps to 1.85% on Tuesday. The move followed a 50-bps hike in July and June and a 25-bps rise in May, bringing the cash rate to a level not seen since April 2016. “The increase in interest rates over recent months has been required to bring inflation back to target and to create a more sustainable balance of demand and supply in the Australian economy,” RBA Governor Philip Lowe said.


Consumer prices in South Korea were up 6.3% on year in July, Statistics Korea said on Tuesday – in line with expectations and accelerating from 6.0% in June. On a monthly basis, inflation rose 0.5%. . The July inflation rate was the fastest pace since a 6.8% gain in November 1998.


Gross domestic product contracted 1.4% from the last year, following a 3.9% fall in the first quarter, the advance estimates from the Census and Statistics Department showed Monday. Economists had forecast an annual expansion of 0.6%.