Financial and Monetary Systems

Indian inflation at 15-month high and other economics news to read this week

Published · Updated
Economic woes ... India's rising food prices drove inflation to 7.44% in July.

Economic woes ... India's rising food prices drove inflation to 7.44% in July. Image: REUTERS/Rajendra Jadhav

Joe Myers
Writer, Forum Agenda

Listen to the article

  • This weekly round-up brings you the latest stories from the world of economics and finance.
  • Top economy stories: Indian inflation jumps; Global household wealth falls; Dutch economy enters recession.

1. India's inflation hits 15-month high

India's annual retail inflation hit a 15-month high in July, driven by rising vegetable and cereal prices.

Inflation rose to 7.44% during the month, up sharply from 4.87% in June, putting it at its highest level since April 2022.

Food inflation, which accounts for around half of the total consumer basket, jumped to 11.51% in July – up from just 4.49% in June.

"The spurt in CPI inflation in July 2023 was on expected lines, however, 7.44% retail inflation was totally unexpected," Devendra Pant, an economist at India Ratings, told Reuters.

India: Rise in food prices
India's food prices jumped in July. Image: Reuters/Refinitiv Datastream

2. Global household wealth falls

Global household wealth fell in 2022 for the first time since the 2008 financial crisis, according to Credit Suisse and UBS's latest Global Wealth Report.

Total net private wealth fell by $11.3 trillion in 2022, measured in current nominal US dollars, taking it down to $454.4 trillion, the report says. Much of this decline has come as a result of the appreciation of the US dollar against other currencies.

The report also found that overall wealth inequality fell in 2022. The wealth share of the global top 1% dropped slightly to 44.5%.

The global wealth pyramid 2022
The global wealth pyramid 2022. Image: UBS/Credit Suisse

3. News in brief: Stories on the economy from around the world

The Russian rouble slipped in value to lower than 1 US cent this week, hitting its lowest level since immediately after the invasion of Ukraine.

It comes as Russia is set to increase the export levy oil producers have to pay by more than 25% to $2.92 per barrel, in an attempt to boost the state's finances.

Japanese GDP grew much more quickly than expected between April and June, with a quarterly gain of 1.5%. A Reuters poll had anticipated growth of 0.8%.

Argentina has devalued its currency by nearly 18% and raised its benchmark interest rate by 21 percentage points to 118%.

China's central bank has cut its key policy rate for the second time in three months. The unexpected move is an attempt to boost the stuttering economy.

Canada's consumer price index rose 3.3% in July compared with a year earlier, marking the first time price rises have quickened since April.

Nigeria's inflation rate has risen to an 18-year high as a result of rising transport and food costs, with a year-on-year increase of 24.1% in July.

Danish GDP grew by 0.2% in the second quarter, according to new data from Statistics Denmark.

The Dutch economy has entered recession, reports Reuters, after it shrank for a second consecutive quarter.

Annual inflation in the UK fell to 6.8% in July, down from 7.9% in June. It's the smallest increase since February 2022.

Japanese core consumer inflation eased to 3.1% year-on-year in July. The core measure includes oil products but not fresh food prices, which can be volatile.

The interest rate on a 30-year fixed-rate mortgage in the United States hit its highest level in more than two decades this week, rising to 7.09%.


4. More on finance and the economy on Agenda

How can we make sure as many people as possible can take advantage of the benefits of internet access and continue to close the digital divide? Read more about how this gap can be closed in Europe and the work of the EDISON Alliance in doing so.

Artificial intelligence is having a transformative impact on many aspects of our lives – including our work. Here we look at the potential impact of the technology on jobs and the world of work.

CEOs and business leaders face uncertain global economic times. So how can businesses and organizations thrive in the face of these challenges? This new approach looks at how leaders can identify and create a distinct 'superpower'.

Related topics:
Financial and Monetary SystemsEconomic GrowthGeo-Economics and Politics
1. India's inflation hits 15-month high2. Global household wealth falls3. News in brief: Stories on the economy from around the world4. More on finance and the economy on Agenda

About Us



Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum