Overseas Headlines – December 12, 2024

December 12, 2024

 

United States:

US Wholesale Inflation Unexpectedly Accelerates on Food Costs

 

US wholesale inflation unexpectedly accelerated in November as a surge in egg prices masked more mild costs elsewhere.

 

The producer price index for final demand rose 0.4% from a month earlier, the most since June, according to a Bureau of Labor Statistics report released Thursday. The median forecast in a Bloomberg survey of economists called for a 0.2% gain.

 

https://www.bloomberg.com/news/articles/2024-12-12/us-wholesale-inflation-unexpectedly-accelerates-on-food-costs?srnd=phx-economics-v2

 

Europe:

ECB Cuts for Third Straight Time to Prop Up Flagging Economy

 

The European Central Bank lowered interest rates for a third consecutive meeting, signalling more reductions next year as inflation nears 2% and the economy struggles.

 

The deposit rate was cut by a quarter-point to 3% — as predicted by all but one analyst in a Bloomberg survey. That brings total easing since June to 100 basis points.

 

https://www.bloomberg.com/news/articles/2024-12-12/ecb-interest-rates-third-straight-cut-will-help-support-eurozone-economy?srnd=phx-economics-v2

 

Asia:

China Vows Bigger Fiscal Spending to Boost Consumption Next Year

 

China signalled more public borrowing and spending in 2025 with a shift of policy focus to consumption, stepping up stimulus to recharge growth ahead of looming US tariffs.

 

Top officials led by President Xi Jinping vowed to raise the fiscal deficit target next year in an announcement made following a two-day huddle of the Central Economic Work Conference in Beijing, according to China Central Television.

 

https://www.bloomberg.com/news/articles/2024-12-12/china-signals-more-fiscal-stimulus-rate-cuts-to-boost-economy?srnd=phx-economics-v2

 

 

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