In this month’s update, we explain how two G7 economies have slipped into a recession, Türkiye’s unending inflation crisis, global temperature records, and more.
Within safety limits but japan still faces backlash from neighbouring countries. the chinese government has been the main opponent of the water police. water police. seen by the bbc suggests the uk has increasingly boughtjet fuel in recent months refineries in india which is crude oilfrom russia. written and the other g7 economies band direct russian energy imports six months ago but the numbers calculated by the campaign of global witness campaigned highlighted a practice which is legal but raises ethical questions. we re here in the peloponnese region in southern greece. the picturesque laconian gulf is a home to fishermen and an international tourist destination. but all is not as it seems. this idyllic location has now become a key artery for russian oil. we re just leaving greek territorial waters and we re approaching a number of tankers that have left russia.
Domestic economy has not done so well and consumption is down on the quarter and investment spending is treading water. in that respect it would be premature to say the japanese economy is out of the woods but it is a positive surprise. this is a tricky it is a positive surprise. this is a tricky balance it is a positive surprise. this is a tricky balance for- it is a positive surprise. this is a tricky balance forjapan because they have been trying to boost inflation unlike some other g7 economies yet they are having a problem, people aren t feeling confident in purchasing and buying things there. how do they balance this? they balance this? indeed, that s the they balance this? indeed, that s the million-dollar i that s the million dollar question right now. we ve had a pretty good result for these spring wage negotiations this year and wage growth is picking up year and wage growth is picking up injapan so in that respect things are changing. but the wage gains we are seeing now are not keeping close to my pace with inflation which means purchasing power is still declining which is one of the factors that will have contributed to the very subdued reading for domestic consumption in this quarter.
To monetary fiscal policy there. , . to monetary fiscal policy there. . , . to monetary fiscal policy there. , ., ., there. japan is an outlay in terms of there. japan is an outlay in terms of the there. japan is an outlay in terms of the big there. japan is an outlay in terms of the big g7 - there. japan is an outlay in - terms of the big g7 economies. it has kept interest rates ultra low. you anticipate they will continue to do this, because now they are starting to see inflation? for because now they are starting to see inflation? to see inflation? for them to will be very to see inflation? for them to will be very incremental, - will be very incremental, people have been any period for many years with japan where they have had is low interest rate environment, so they don t want to all of a sudden derail demand or confidence in the country by all of a sudden increasing too much stop between china and japan, as you rightly pointed out, these are the countries very much an easing mode, where the rest of the world almost economies around the world are very much still in the tightening phase. that is fidelity international s catherine yeung international s catherine yeung in hong kong. some countries have been losing the immigration policies to address labour shortages at home. new zealand is one of them and it is already seeing the results. according to recent data moments ago, more than 86,000 people move their in the first half of the year, which is close to a record set in march
To fiscal policy there.- to fiscal policy there. japan is a bit of to fiscal policy there. japan is a bit of an to fiscal policy there. japan is a bit of an outlay - to fiscal policy there. japan is a bit of an outlay in - to fiscal policy there. japan | is a bit of an outlay in terms of the big g7 economies, has kept interest rates ultra low. you anticipate they will continue to do this because now they are starting to see inflation. they are starting to see inflation. ., ., ., inflation. again, for them to do it we will inflation. again, for them to do it we will be inflation. again, for them to do it we will be very - do it we will be very incremental, people have been appearing for many years in japan where they have had this low interest rate environment and they don t want to all of a sudden derail demand or confidence in the country by all of a sudden increasing tumours. between china and japan, as you rightly pointed out, these are the countries that are very much in the easing mode whereas the rest of the world almost economies around the world are very much still in the exciting phase. that is catherine yeung from fidelity international. some countries have been losing their immigration policies to address labour shortages at home. new zealand is one of them and is already seeing the result. according to data released just moments ago more than 86,000 people moved there in the first half of the year, which is close to a record set in march 2020. maryjo vergara
According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners. The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States along with the European Union.
Last february, we spotted that things were on the rise outside of the core product, which we had seen for about 18 months before that. but it was really those miscellaneous costs around it, the packaging, your transport. we noticed they were going up. i hoped to think we ve seen a peak in the packaging costs and things like that, but inflation continues to be very real and very present. the overall rate at which prices rise, the inflation rate, went back up again after being forecast to fall below io%. instead, it s still only a little below its a2 year high. it s still over five times the official target for inflation ofjust 2%. still, it should fall from here as energy prices stabilise and then eventually fall. this is the official forecast from the budget in the orange. you can see it is for now proving a little sticky, the path to halving inflation proving a bumpier ride than forecast. and it s worth comparing with the major g7 economies. it s quite a bit lower elsewhere.
With the major g7 economies. it s quite a bit lower elsewhere in europe, it s pretty close, but the uk was in february clearly the only one still in double digits raising reasonable questions about whether the uk has become more inflation prone due to gas dependence or post brexit barriers to trade and workers. now, food prices are driving this, and let s break that down having a peek through a basket of groceries. spreadable butter is up nearly a pound since this time last year. a dozen eggs is now £3.18, up 72p. and tomatoes are averaging £3.15 per kilo, 48p up. even when inflation falls, these prices will still be going up, just by less than we saw over the past year. food prices are on the whole at a new 45 year high for the annual rise of 18%, as you can see over there. part of that is general post ukraine trend, part is from the specific shortages we saw last month.