Latest news with #CPI
Perth Now
11 minutes ago
- Business
- Perth Now
Economic outlook blooms with key data to guide rate cut
Australia's economic growth prospects have been upgraded by an international financial body as mortgage holders await fresh inflation figures that could cement a Reserve Bank rate cut. United Nations financial agency the International Monetary Fund on Tuesday said a modest de-escalation in trade tensions had boosted the prospects of the global economy. The fund has raised its forecast for Australian GDP growth this year to 1.8 per cent in its July update to its World Economic Outlook, 0.1 per cent higher than its last projection in April. Global growth is also expected to be 0.1 per cent higher at three per cent, while both the Australian and world economies received a 0.2 per cent upgrade for 2026, at 2.2 and 3.1 per cent respectively. But despite the easing of tariff threats as countries strike trade deals with the United States, the risks to the economy remain weighted firmly to the downside, said IMF chief economist Pierre-Olivier Gourinchas. "The current trade environment remains precarious," he said. "Tariffs could well reset at much higher levels once the 'pause' expires on August 1 or if existing deals unravel." IMF models suggest that would constrain the global economy by 0.3 per cent in 2026. US President Donald Trump on Monday flagged he was considering raising the baseline tariff rate for all countries, including Australia from 10 per cent to "somewhere in the 15 to 20 per cent range". Despite the tariff threat, Australia's economy is still expected to keep growing as falling interest rates give a boost to consumers. The RBA could cut rates again as soon as August 12, with the Australian Bureau of Statistics' all-important quarterly consumer price index print on Wednesday the potential green-light the central bank board needs to lower the cash rate to 3.6 per cent. Westpac senior economist Pat Bustamante expects trimmed mean inflation - which is the RBA's preferred measure - to come in at 2.7 per cent over the 12 months to June. That is 0.1 per cent higher than RBA staff economists predicted in their May Statement on Monetary Policy. But Mr Bustamante said that shouldn't stop the board from cutting, given the CPI is a lagging indicator and more forward-looking indicators of inflation, such as the labour market and private demand, have softened recently. Westpac expects the data to show a pick-up in the housing costs component, which includes electricity, accelerated in the quarter, as government energy rebates roll off. "Where we differ from the Reserve Bank is on the unit labour cost story," Mr Bustamante told AAP. Governor Michele Bullock cited concerns over weak productivity growth, which despite a gradual easing in the jobs market, could contribute to higher labour costs and flow through to inflation. But inflation has eased regardless. That is because much of Australia's weak productivity performance has been driven by the mining and non-market sectors, whereas the market sector excluding mining has been running at 0.8 per cent per year, closer to the long run average, Mr Bustamante said. "We're not as concerned as the RBA because a lot of the lower productivity outcome has been driven by sectors that don't flow into the CPI."
Hindustan Times
5 hours ago
- Politics
- Hindustan Times
TN IT engineer murder: DMK allies seek law against honour killing
Tiruneveli/Chennai, With the alleged honour killing of a Dalit IT engineer in Tamil Nadu sending across shock waves, allies of the ruling DMK on Tuesday demanded a separate legislation to handle such incidents. TN IT engineer murder: DMK allies seek law against honour killing The victim, 27 year-old Kavin Selvaganesh was hacked to death by a youth, allegedly over an inter-caste relationship near a Siddha facility in the southern Tirunevlei district on Sunday. The victim was employed as an engineer with a software firm in Chennai. Thol Thirumavalavan, VCK chief, an ally of the ruling DMK, demanded legislation to prevent honour killings. "It is said the woman's parents, who were involved in this gruesome honour killing, have not been arrested. They must be arrested and removed from service," Thirumavalavan said in a statement here. He sought the transfer of the case to a special investigating team for fair probe. "It is distressing that caste-based honour killings and casteist attacks continue to occur, particularly in the southern districts. We reiterate our demand for the creation of a dedicated intelligence unit in the police department to curb such caste-based atrocities," he said. CPI state secretary P Shanmugam too demanded the state government to enact legislation to prevent honour killings. "The occurrence of such caste killings in many parts of Tamil Nadu, especially in the southern districts, is a cause for concern. The government contends that the existing criminal laws are sufficient, but the ongoing caste killings underscore the need for a new law," he said in a statement. He also sought appropriate compensation and government jobs for Kavin's family. The suspect, S Surjith, has been arrested on July 28 and remanded. According to a police officer, both Saravanan and Krishnakumari, the parents of the accused, are police sub-inspectors, and they have been placed under suspension following the incident. Senior police officials went to the house of Kavin Selvaganesh to console his parents and provide relief. However, his parents declined to accept the relief and demanded the immediate arrest of the SI couple as justice for their son's murder. A case has been registered against the SI couple and their son Surjith under various sections of BNS and SC/ST Act, police said. Police investigation revealed that on July 27, the victim, Kavin had gone to KTC Nagar to consult the woman, a Siddha physician, about his grandfather's health condition. He was accosted by the woman's brother Surjith who invited him home for a discussion. Trusting him, Kavin went along with him. But enroute, Surjith abruptly stopped his two-wheeler, pulled out a sickle and indiscriminately attacked Kavin, police said. Though Kavin attempted to flee, Surjith overtook him and hacked him to death, police added. Meanwhile, On Tuesday, the relatives of Kavin staged a protest in neighbouring Tuticorin district, demanding justice for him. One of his relatives attempted to immolate himself, but the police present on the spot poured water on him and thwarted the attempt. This article was generated from an automated news agency feed without modifications to text.
Fashion Network
5 hours ago
- Business
- Fashion Network
UK shop price inflation moves up, but fashion prices stay negative
UK shop price inflation rose year on year in July, continuing an upwards trend that could dent consumer spending overall. Shop price inflation increased to 0.7% year on year in July, against growth of 0.4% in June. This is above the three-month average of 0.3%. And even though non-food categories are still in deflation, the deficit there is narrowing and getting closer to moving upwards. The numbers of Tuesday from the newly renamed BRC-NIQ Shop Price Monitor showed non-food prices falling by 1% in July against a year earlier, which was a smaller drop that the 1.2% fall seen in June. In fact, the three-month average was also at 1.2%. The biggest impact on UK prices was food, however, and it rose 4%, which was higher than the 3.7% jump in June and the 3.5% three-month average. And of course, with prices of essentials continuing to rise noticeably, it means consumers are more likely to leave non-food non-essentials like fashion and beauty on the shelves. It's possibly that fact that's keeping non-food prices low as retailers compete for custom in a tough market. Helen Dickinson, chief executive of the BRC, said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes." And Mike Watkins, head of retailer and business insight at NIQ, added: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI. However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
Fashion Network
6 hours ago
- Business
- Fashion Network
UK shop price inflation moves up, but fashion prices stay negative
UK shop price inflation rose year on year in July, continuing an upwards trend that could dent consumer spending overall. Shop price inflation increased to 0.7% year on year in July, against growth of 0.4% in June. This is above the three-month average of 0.3%. And even though non-food categories are still in deflation, the deficit there is narrowing and getting closer to moving upwards. The numbers of Tuesday from the newly renamed BRC-NIQ Shop Price Monitor showed non-food prices falling by 1% in July against a year earlier, which was a smaller drop that the 1.2% fall seen in June. In fact, the three-month average was also at 1.2%. The biggest impact on UK prices was food, however, and it rose 4%, which was higher than the 3.7% jump in June and the 3.5% three-month average. And of course, with prices of essentials continuing to rise noticeably, it means consumers are more likely to leave non-food non-essentials like fashion and beauty on the shelves. It's possibly that fact that's keeping non-food prices low as retailers compete for custom in a tough market. Helen Dickinson, chief executive of the BRC, said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes." And Mike Watkins, head of retailer and business insight at NIQ, added: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI. However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
New Indian Express
8 hours ago
- Politics
- New Indian Express
Has the country become banana republic, asks CPI MP on arrest of Kerala nuns
NEW DELHI: Communist Party of India (CPI) MP P Sandosh Kumar said on Tuesday that the arrests of two Catholic nuns, hailing from Kerala, in BJP-ruled Chhattisgarh on charges of human trafficking and forced religious conversion are "strange and shocking," and questioned if the country has become a "banana republic." According to media reports, the Kerala-based nuns were arrested at a railway station in Chhattisgarh recently on charges of human trafficking and forced conversion raised by right-wing activists. "This is a strange, shocking case. The charges are under (section) 143 of the BNS, which is human trafficking. If more than one victim is involved, it is an offence punishable with more than 10 years of imprisonment," Kumar told PTI Videos. "What is this human trafficking from Durg station to Agra station? Has this country become a banana republic?" he asked. "Under the BJP's raj, all minorities are being targeted. Christian nuns and fathers are afraid of wearing their dresses," he said.
