Oil
Oil price feeds into core inflation more than before Covid – study
Costlier crude results in sevenfold hit to price levels, Fed economists find
Czech Republic raises rates in split vote
Governor says decision, reached by 4–3 majority, is ‘fine-tuning’ to curb inflation expectations
Bank of England makes first rate hike since 2023
MPC votes shift from 3–6 to 8–1 in favour of 25bp increase to 4%
Botswana holds, while Namibia hikes to protect currency peg
Southern African neighbours diverge as inflation takes different directions
Bank of Canada tightens policy for first time in a year
Macklem says governing council made ‘tricky’ decision to hike rather than hold
Ugandan finance minister calls for calm as shilling slides
Government official urges households to prioritise essential expenditure after currency hits historic low
Inflation fears prompt Pakistan to tighten policy by 50bp
Although price growth has eased slightly, it remains well above 5–7% target range
Oil discoveries drive persistent inflation increases – BIS paper
Price effects of energy discoveries concentrated in economies with inflexible exchange-rate regimes
Philippines tightens more than expected as inflation bites
BSP expects price growth to remain high next year due to oil prices and El Niño effects
RBNZ chief economist values greater freedom to share policy views
Paul Conway also says central bank flexible about potential mandate change
French prices half as sensitive to oil as in 2016 – BdF blog
Lower household fuel use and less oil-intensive production reduce pass-through to consumers
Tighter financing and high oil prices dominate Fed Beige Book
But strong variations exist between districts
Singapore surprises with pause in tightening cycle
MAS says decision made against backdrop of rising inflation, but expects price growth to slow next year
Hammack: explaining Fed moves is accountability via transparency
Cleveland Fed CEO says setting out the reaction function is not the same as forward guidance
Oil futures gloomier than reality during conflicts – Feds note
Commodity has become hedge against macroeconomic risk, research finds
Rising inflation prompts first RBI hike since 2023
Bank announces shift to calibrated tightening, with near-term rate cuts ‘off the table’
Rising bond yields slow policy transmission – Lane
‘Second wave’ of energy inflation yet to ripple through to other prices, says ECB chief economist
Goodhart and Pradhan on the end of monetary independence
The unanchored central banker authors speak about how ageing populations, soaring healthcare costs and rising fiscal deficits will force central bankers to compromise on inflation targets and bail out indebted governments
Switzerland, Sweden and Hungary hold rates, Norway hikes
Four European central banks announce monetary policy decisions
Sarb hikes rates 25bp, citing persistent global supply shock
Global economy not in a healthy space, governor says
Indonesia holds and enacts new measures to protect rupiah value
Damayanti’s first rate decision as governor comes as BI and HKMA advance payments co-operation