Britain’s Office for National Statistics (ONS) said on Thursday it intends to begin using CPIH as its preferred gauge of British inflation, a measure that includes more housing costs, from March 2017. CPIH does not measure house prices or mortgage payments. Source: Reuters
The United States and Germany reached an agreement on Wednesday on Russia’s Nord Stream 2 gas pipeline, ending a longstanding dispute between the allies, the Washington Post reported. Source Reuters
Turkish annual inflation has jumped to a two-year high of 17.53 percent in June, exceeding a forecast of 17 percent and continuing an extended rise after a brief dip, potentially delaying any interest rate cuts to later in the year. Source AL Jazeera
The federal government will be swimming in $3 trillion of red ink by the end of fiscal 2021, according to a Congressional Budget Office estimate released Thursday that swelled 33% from the last forecast.
As a result of multiple stimulus measures aimed at combating the pandemic’s economic impact, Congress will run a budgetary shortfall this year equivalent to 13.4% of GDP, the second-largest level since 1945 and exceeded only by the 2020 spending. Source CNBC
