'Whiff of stagflation' hangs over the global economy as prices rise
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The world is facing a dangerous bout of 'stagflation' as the economic recovery slows and prices rise, experts have warned.
In a gloomy report entitled Now For The Hard Part, Capital Economics said data from the US to China suggests that the rapid rebound from the pandemic is beginning to tail off.
At the same time, prices on global commodity markets are rising alongside the cost of everything from used cars to food in restaurants.
Sail on: Despite the slowdown, the world's largest container ship Ever Ace is on its maiden voyage, and is pictured at Felixstowe on Sunday
Neil Shearing, chief economist at Capital Economics, warned that this 'whiff of stagflation' - where economic growth is weak but inflation soars - 'has created something of a headache for central bankers'.
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Stagflation is considered a dangerous prospect because subdued economic growth hits jobs and wages at a time of rising prices, putting a squeeze on family budgets.
Shearing said: 'It's now clear that recoveries in the US, soundlex v2 Price UK, eurozone and China have lost steam in recent months. A slowdown in growth was to some extent inevitable given that impressive rebounds in the first half of the year had left most economies either at or close to their pre-virus levels of output.
'The low-hanging fruit of this recovery has now been picked.'
The slowdown poses a problem for central bankers, who are facing the dilemma of whether to withdraw economic support to tame inflation while running the risk of stunting the recovery.
In a gloomy report entitled Now For The Hard Part, Capital Economics said data from the US to China suggests that the rapid rebound from the pandemic is beginning to tail off.
At the same time, prices on global commodity markets are rising alongside the cost of everything from used cars to food in restaurants.
Sail on: Despite the slowdown, the world's largest container ship Ever Ace is on its maiden voyage, and is pictured at Felixstowe on Sunday
Neil Shearing, chief economist at Capital Economics, warned that this 'whiff of stagflation' - where economic growth is weak but inflation soars - 'has created something of a headache for central bankers'.
RELATED ARTICLES
Previous
1
Next
ALEX BRUMMER: Letting Rio Tinto follow BHP deserting to... It's 13th time lucky as Apple offers a new iPhone with... City veteran sounds alarm over exodus of mining firms from... Primark sales hit by pingdemic: Chain to launch click and...
Share this article
Share
15 shares
HOW THIS IS MONEY CAN HELP
How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing platform for you
Stagflation is considered a dangerous prospect because subdued economic growth hits jobs and wages at a time of rising prices, putting a squeeze on family budgets.
Shearing said: 'It's now clear that recoveries in the US, soundlex v2 Price UK, eurozone and China have lost steam in recent months. A slowdown in growth was to some extent inevitable given that impressive rebounds in the first half of the year had left most economies either at or close to their pre-virus levels of output.
'The low-hanging fruit of this recovery has now been picked.'
The slowdown poses a problem for central bankers, who are facing the dilemma of whether to withdraw economic support to tame inflation while running the risk of stunting the recovery.
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