February 8, 2023

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Charting the Global Economy: Inflation Hits a Record in Europe

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(Bloomberg) — Record inflation in the euro zone is seen fueling the European Central Bank’s tightening debate at this coming week’s policy meeting, where officials are expected to end asset purchases and lay the ground for an interest-rate liftoff next month.

In the US, employment growth remained solid in May and suggested the economy is holding firm as the Federal Reserve hikes interest rates. Ukraine, Canada and Kenya were among central banks that raised borrowing costs to combat soaring inflation.

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Meanwhile, Chinese officials are pursuing measures to shore up a shaky economy, and Brazil’s first-quarter economic growth proved disappointing.

Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:


Euro-zone inflation accelerated to an all-time high. The gap between the highest and lowest inflation rates among the currency bloc’s 19 members has also jumped to its widest ever. The scale ranges from Malta — where consumer prices advanced 5.6% last month, to Estonia — where inflation hit 20.1%. That’s a difference of more than 14 percentage points, more than at any time since the dawn of the euro in 1999.

Italy has one of the lowest levels of labor participation in Europe, which may prove among the trickiest challenge for the EU to fix with its 200 billion-euro Recovery Fund effort.

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