Inflation in India is at a 15-month high, among other economics headlines this week

Inflation Surges in India: Retail inflation in India has reached a 15-month high in July, driven by increasing prices of vegetables and cereals. The inflation rate rose sharply to 7.44%, up from June’s 4.87%, the highest level since April 2022. Food inflation, contributing significantly to the consumer basket, jumped to 11.51% in July, compared to 4.49% in June.

Global Household Wealth Declines: Global household wealth has declined for the first time since the 2008 financial crisis, as reported in the Global Wealth Report by Credit Suisse and UBS. The overall net private wealth decreased by $11.3 trillion in 2022, amounting to $454.4 trillion, largely due to the appreciation of the US dollar. Wealth inequality also reduced, with the top 1% owning 44.5% of global wealth.

Global Economic Highlights: The Russian rouble hit a record low, influenced by increased export levies on oil producers; Japanese GDP growth exceeded expectations; Argentina devalued its currency and raised interest rates; China’s central bank cut its key policy rate unexpectedly; Canada’s consumer price index rose; Nigeria’s inflation reached an 18-year high; Danish GDP grew modestly; Dutch economy entered a recession; UK’s inflation rate decreased; Japanese core consumer inflation eased; US mortgage interest rate reached a two-decade high.

Insights on Finance and the Economy: Efforts to bridge the digital divide in Europe through internet access initiatives by the EDISON Alliance; Analysis of the transformative impact of artificial intelligence on jobs and work dynamics; Innovative strategies for business leaders to thrive amidst global economic uncertainties by identifying their unique ‘superpower.’