LONDON, July 14 — World stock markets fell today following news of accelerating consumer price increases in both Britain and the United States.
Frankfurt equities declined 0.2 per cent in early afternoon deals, while Paris dipped 0.3 per cent in light trade with many traders away for the Bastille Day public holiday. Britain’s annual CPI rate meanwhile jumped to 2.5 per cent in June, the highest since August 2018, data showed today.“The Fed and Bank of England will hope that the hot readings are a summer heatwave driven by parts of the economy that were essentially shut down last year.”Investors are on red alert over global inflation as pent-up demand and galloping prices could force policymakers to raise interest rates earlier than thought, hindering the post-Covid economic recovery.
Powell likely will find himself defending the Fed’s pledge to continue providing stimulus to the US economy until there has been substantial progress on lowering unemployment and getting annual inflation to hold above two per cent.
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