Inflation rises to 10.72%
Inflation rose to 10.72 per cent for the week ended October 25 on account of higher prices of cereals and vegetables.
The annual rate of inflation, measured by movement in the wholesale prices, was 10.68 per cent a week ago.
BOE Leads European Central Banks in Cutting Rates
The Bank of England led European central banks in reducing borrowing costs to counter the worst financial crisis in almost a century, cutting its key rate by 1.5 percentage points to the lowest level since 1955.
The U.K. central bank reduced its benchmark rate by the most since 1992, taking it to 3 percent. The European Central Bank lowered its rate by 50 basis points to 3.25 percent and Swiss policy makers cut by the same margin after an unscheduled meeting. The Bank of England's benchmark is now below the ECB's for the first time since the euro region was founded in 1999.
Oil prices near $60 on recession fears
Oil prices neared $60 a barrel Thursday, the lowest point in about a year and a half, as a growing number of economic reports point to a long and painful recession.
Oil prices have now fallen nearly 60 percent since peaking at $147.27 a barrel in mid-July. They surged above $70 Tuesday as Americans elected Barack Obama their first black president, but a crude sell-off began the following day when prices dipped 7.4 percent.
Sources…
TOI
Bloomberg
Yahoofinance
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