Major economies across the globe are under pressure due to sky-high inflation. In the U.S., July inflation slowed down to 8.5% from a 40-year high of 9.1% seen in June, mainly due to lower fuel prices. However, U.S. inflation still remains high, and the Federal Reserve is expected to continue to implement aggressive rate hikes to tame inflation. Meanwhile, China’s consumer price index (CPI) increased 2.7% year-over-year in July, compared to the 2.5% rise reported for June. The rise in China’s July CPI was the highest since July 2020 and was mainly due to higher food prices (specifically pork prices).
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