Inflation in the OECD surged to its highest rate in almost a quarter of a century as energy prices continued to soar for major economies across the world. Japan was the only Group of Seven country not to register an increase in its overall rate in October, while the U.S. and the U.K. both recorded particularly sharp rises. While price pressures are stronger and longer-lasting than the OECD initially expected, it said in its outlook on Wednesday that inflation will fade at the turn of the year and central banks should not move precipitously to tighten conditions.
China May Raise Coal Contract Prices in 2022 After Squeeze
China plans to raise the benchmark price for long-term coal contracts in 2022 after a supply scare earlier this year, adding to inflationary pressures faced by manufacturers.The National Development and Reform Commission drafted a plan to set the benchmark rate for thermal coal at 700 yuan ($110) a ton for long-term contracts, allowing prices to rise or fall within a 150 yuan band around it in monthly adjustments, according to people familiar with the plan.