Inflation elsewhere
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@George-K said in Inflation elsewhere:
@Klaus said in Inflation elsewhere:
Why?
Increased energy prices?
But why does this impact Germany more than others?
France may be better off due to its nuclear plants.
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thailand had its highest inflation rate in February since 2008.
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Inflation has dominated the news about America’s economy in recent months as prices for food, gas and other goods have increased faster than they have in four decades.
But inflation is a global phenomenon right now — and the U.S. has actually fared better than other countries in recent months. In June, consumer prices in the U.S. increased 9.1 percent over the previous year; they increased 9.6 percent across the E.U. in the same time period.
The big factors that drove up inflation in the U.S. also affected the rest of the world: the disruption of supply chains by both the pandemic and Russia’s invasion of Ukraine, and soaring consumer demand for goods.
But increasing inflation has played out differently in different countries, said Jason Furman, an economist at Harvard University. The U.S.’s earlier, bigger price spike had different causes than Europe’s more recent increase. (Countries differ in how they calculate price changes, but economists still find comparisons of the available data useful.)
In the U.S., demand has played a bigger role in inflation than it has elsewhere. That is likely a result of not just the American Rescue Plan but also economic relief measures enacted by Donald Trump. Altogether, the U.S. spent more to prevent economic catastrophe during the pandemic than most of the world did. That led to a stronger recovery, but also to greater inflation.
In Europe, supply has played a bigger role. The five-month-old war in Ukraine was a more direct shock to Europe than it was to the rest of the world, because it pushed the continent to try to end its reliance on Russian oil and gas. That prompted Europe’s recent jump in inflation.
“The U.S. is trying to cool down an overheating economy,” my colleague Eshe Nelson, who covers economics from London, told me. “That is just not the situation in Europe.”
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for whatever its worth.... i think the trends around the world are similar
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The US inflation rate was at a much higher rate than most of Europe from January 2021 through February 2022. While the UK was at 3.8% in October of 2021, the US was at 6.2%.
Rising gas prices have helped drive inflation on a global level, but it’s not a misplaced feeling of American Exceptionalism to suggest that the when the largest consumer and producer of oil in the world proceeds to attack the oil industry with the implicit goal of ending fossil fuels, that it effects the global market. When pipelines in the American continent get shut down, it has impact around the world.
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I dont quite understand, but reading a paper from the EIA, refining capacity is down only 1% from Jan 2021.
And, of the 12 pipelines cancelled in the US since 2019, 8 of them were cancelled in 2020 or before.
So President Trump gets 66% of the blame and President Biden 33%? 555
