Global economy news bites

The Russian rouble has experienced a decline in value, dipping below the 1 US cent mark this week. This drop has brought the rouble to its lowest point since the immediate aftermath of the invasion of Ukraine. This development coincides with Russia’s decision to raise the export levy on oil producers by over 25%, elevating it to $2.92 per barrel, as a measure to bolster the state’s financial situation.

Surprising economic news emerges from Japan, where the GDP exhibited robust growth between April and June, surpassing expectations. The quarterly expansion amounted to 1.5%, a notable outcome considering a Reuters poll had foreseen a growth rate of 0.8%.

Meanwhile, Argentina has implemented a nearly 18% devaluation of its currency while concurrently raising its benchmark interest rate by a substantial 21 percentage points, resulting in a rate of 118%.

In an unexpected move aimed at revitalising the sluggish economy, China’s central bank has made its second key policy rate cut in a span of three months.

Canada’s consumer price index experienced a 3.3% rise in July compared to the same period a year earlier, marking the first acceleration in price growth since April.

The inflation rate in Nigeria has surged to an 18-year high due to escalating transportation and food costs, registering a year-on-year increase of 24.1% in July.

The latest data from Statistics Denmark reveals a 0.2% growth in Danish GDP during the second quarter.

On the other hand, the Dutch economy has officially entered a recession as confirmed by Reuters, following two consecutive quarters of contraction.

In the UK, annual inflation has eased to 6.8% in July, marking a decline from June’s rate of 7.9%. This decrease signifies the smallest uptick since February 2022.

Turning to Japan again, core consumer inflation for July demonstrated a slowdown, standing at 3.1% year-on-year. This core metric excludes fresh food prices, which can be volatile, but encompasses oil products.

In the United States, the interest rate for a 30-year fixed-rate mortgage has reached its highest level in over two decades, surging to 7.09%.