US inflation jumps to 31-year high amid global supply chain crisis – as it happened | Business – Community News
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US inflation jumps to 31-year high amid global supply chain crisis – as it happened | Business

Inflation has risen sharply in the US, China and Germany. In the US, consumer prices rose 6.2% year-on-year in October amid global supply shortages, the highest since 1990, while the core tariff excluding food and energy rose to 4.6%, the highest since 1991.

There was another jump in gasoline prices that had leveled off in recent weeks, as hotel room and car rental prices recovered amid a travel recovery, with new and used car prices rising as well.

Inflation in China rose to a tamer 1.5% yoy last month but doubled from 0.7%, while German inflation stood at 4.5% in October versus 4.1% in September.

Wall Street is down, while major European indices have also fallen lower, with the notable exceptions of the UK’s FTSE 100 index, which is up 0.6%, and Italy’s FTSE MiB, which is up 0.4%. .

Here are today’s other main stories:

Efforts to combat a looming debt crisis in the world’s poorest countries have been hampered by a lack of current, reliable figures showing how much individual countries owe, the World Bank said.

Demand for jeans, joggers and workwear has helped Marks & Spencer achieve a much-anticipated turnaround in its clothing business, leading the group to forecast a full-year profit of £500 million, its second profit increase in three months (and this century). ). The share price rose by more than 15%.

Twenty-four countries and a group of leading automakers have committed to ending the era of fossil fuel vehicles by 2040 “or sooner”, in a major new commitment captured at Cop26.

Jeff Bezos-backed electric car maker Rivian is aiming for a market cap of $65 billion (£48 billion) when its shares begin trading in New York on Wednesday, in one of the largest stock exchanges ever.

Shares in ITV rose 14% on Wednesday after the broadcaster said it was on track to enjoy the best year for ad revenue in its 66-year history as companies put money into marketing to support a recovery from the pandemic. to stimulate.

Wetherspoon’s has faced a slump in sales to below pre-pandemic levels, with pub chain chairman Tim Martin blaming older customers staying away amid continued caution over the danger of Covid-19 infection .

Thanks for reading and responding. We’ll be back tomorrow. Bye! – JK