Have food prices increased where you live?
— Election Wizard (@ElectionWiz) July 6, 2021
Inflation in advanced nations is rising at the fastest pace since 2008, sparking fresh concerns over the state of the global economy in the wake of the pandemic.
The annual rate of inflation among the Organisation for Economic Cooperation and Development’s 38 members averaged 3.8pc over May, up from 3.3pc in April.
The figures – which came as UK services firms pushed up prices at a record rate – will intensify the debate among central bankers over when to curb emergency stimulus introduced to help businesses and households battle the pandemic.
In Britain, where the cost of living rose above the Bank of England’s 2pc target for the first time in two years during May to reach 2.1pc, Governor Andrew Bailey and his departing chief economist Andy Haldane have clashed publicly over inflation risks.
The energy alliance, often referred to as OPEC+, on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments.
It also proposed to extend the remaining output cuts to the end of 2022.
The United Arab Emirates rejected these plans, however, blocking an agreement for the second consecutive day to leave oil markets in limbo over the weekend.
Reuters, citing two sources, said that the meeting had been postponed with no new date set.