What began in Tehran’s Grand Bazaar has quickly expanded far beyond the capital. Demonstrations are now reported in major cities, including Mashhad, Shiraz, Isfahan, and Kerman, with unrest affecting nearly all 31 provinces.

People from across Iranian society have joined the protests. Shopkeepers, students, oil workers, retirees and low-income families are taking to the streets, driven by anger over soaring prices, a collapsing currency and long-standing political failures.

Iran’s economy is at the centre of the crisis. Inflation has surged, the rial has fallen to historic lows, and the cost of essentials such as food and medicine has risen sharply. For many households, wages have failed to keep pace, turning daily life into a struggle for affordability.

As the rial continues to lose value and budget pressures deepen, unrest has spread beyond traditional economic centres. Protests have reached university campuses, suburban neighbourhoods and rural towns.

Student demonstrators are no longer chanting only about prices, but also demanding greater freedom and political change, signalling a shift from economic protest to broader opposition to the state.

Unlike previous uprisings, this movement has no single leader. It is decentralised, drawing support from a wide cross-section of society, and has been amplified in part by calls for mass action from figures outside Iran, including members of the diaspora.

Human rights organisations and international observers report hundreds of arrests and about 62 deaths, including children in some documented cases.

As demonstrations intensify, the government has moved to restrict information. Internet and mobile phone services have been disrupted or shut down in multiple regions, limiting communication among protesters and making independent reporting increasingly difficult.

Iran’s Supreme Leader, Ayatollah Ali Khamenei, on Friday, January 9, condemned the protests and accused protesters of acting on behalf of U.S. President Donald Trump during a televised broadcast.

Trump has, in turn threathened to have Iran pay dearly if more civilians or protesters are killed during the demonstrations.

He shared with a reporter that Iran has “been told very strongly … that if they do that, they’re going to have to pay hell.”

What happens next will depend on whether the state can contain the unrest or whether economic pressure and public anger continue to push Iran toward deeper instability.

South Africa has announced a historic change to its monetary policy framework, lowering the official inflation target from the long-standing 3 – 6 % range to a fixed 3 % target, with a ±1 % band. The move marks the first adjustment in 25 years and is intended to strengthen price stability, enhance investor confidence, and pave the way for lower long-term interest rates. Analysts have described it as one of the most significant economic policy shifts since the 1990s. The rand firmed following the announcement, reflecting positive market sentiment, although economists caution that fiscal discipline and structural reforms remain essential to sustaining the gains.

Trump’s claims of Afrikaner persecution

Finance Minister Enoch Godongwana has dismissed U.S. President Donald Trump’s allegations that white Afrikaners are victims of a “genocide” in South Africa, calling the claims “false and inflammatory.” Trump’s remarks, which also led to the U.S. boycott of the upcoming G20 Summit in Johannesburg, have been widely condemned by South African officials. Godongwana stated that the government’s land reform policies are lawful, transparent, and aimed at addressing historical inequalities — not targeting any racial group. He also accused Trump of “recklessly exploiting misinformation” for political purposes, warning that such rhetoric risks damaging diplomatic relations between Pretoria and Washington.

G20 Summit

South Africa’s Cabinet has confirmed that preparations are complete for hosting the G20 Leaders’ Summit in Johannesburg from November 22–23, the first time the event will be held on African soil. Despite the U.S. decision to skip the summit, the government insists it will proceed smoothly, highlighting the significance of Africa’s growing voice in global economic affairs. During the same Cabinet meeting, President Cyril Ramaphosa noted that the country added over 248,000 jobs in the third quarter of 2025, a sign of gradual recovery in key sectors such as manufacturing and construction. Ministers also reiterated South Africa’s commitment to inclusive growth, energy security, and fiscal reform ahead of the 2026 G20 presidency transition to the United States.

Vehicle sales surge in October

South Africa’s automotive industry recorded a 16 % year-on-year increase in vehicle sales in October 2025, signaling renewed consumer confidence and modest improvement in economic conditions. Data from the National Association of Automobile Manufacturers of South Africa (NAAMSA) revealed that both passenger and light commercial vehicle segments experienced growth, supported by improved credit conditions and inventory stability. Industry analysts, however, remain cautious, noting that persistent power supply challenges, low disposable incomes, and policy uncertainty continue to weigh on sustained momentum. The government has welcomed the figures as an indicator that its industrial support programs and trade incentives are beginning to yield results.

Economy could be in decline

A growing number of analysts believe South Africa’s economy may be on the cusp of a gradual turnaround after a decade marked by corruption scandals, energy shortages, and stagnant growth. Recent reforms in the energy, logistics, and financial sectors have improved investor confidence, while fiscal tightening has started to reduce budget deficits. Experts say the combination of a stronger monetary framework, improved governance oversight, and better infrastructure spending could help restore the country’s long-term growth trajectory. Still, they warn that entrenched corruption, unemployment, and sluggish productivity remain serious threats to sustained recovery. The coming year will be critical in determining whether South Africa’s reform agenda can deliver tangible results.

Since the Pentagon deployed warships and aircraft in operations it claims are targeting drug trafficking networks near Venezuela, the bolívar has lost around 70 per cent of its value against the US dollar, according to central bank data. The gap between the official and black-market exchange rates has widened sharply, while authorities continue to prohibit publication of unofficial rates. The collapse of the currency has pushed up the cost of essentials such as maize flour and fuel, worsening living conditions for millions.

Maduro, who has governed for over a decade, accuses Washington of attempting to overthrow him through sanctions and economic pressure. The government has responded by cracking down on the parallel currency market, detaining dozens accused of “exchange manipulation”. Yet, inflation has continued to soar. The International Monetary Fund now estimates Venezuela’s annual rate at around 270 per cent — the highest in the world — and warns it could exceed 600 per cent by 2026.

The crisis has been compounded by falling oil revenues, tighter US sanctions , and the recent decision to limit Chevron’s ability to pay Venezuela in cash. In response, Caracas has turned increasingly to cryptocurrency transactions in a bid to secure foreign income. For ordinary Venezuelans, however, the reality remains bleak: a collapsing currency, dwindling purchasing power, and an uncertain future under the shadow of both economic and geopolitical strain.

By absolute size, Germany hosts the EU’s largest foreign-born population (15.8 million), followed by France (10.1 million), the UK (9.6 million) and Italy (6 million).

These totals are Eurostat’s harmonised “foreign-born” stocks, which count usual residents by country of birth rather than citizenship. Outside the EU aggregates, the United Kingdom also remains one of Europe ’s top destinations.

Smaller states, however, have the highest shares of foreign-born residents, with Luxembourg and Malta perennial outliers. Northern and Alpine countries such as Sweden and Austria also sit near the top by share, reflecting long-standing labour routes and humanitarian inflows.

Eurostat’s tables further put Ukrainian, Turkish and Moroccan citizens among the largest groups of non-EU nationals living in the EU, while Romanian and Polish citizens dominate intra-EU mobility as another reminder that Europe’s migration story spans both neighbours and member states.

Tying this information to market trends, Europe’s working-age population is flat to shrinking, yet demand for skills tied to the green and digital transitions is rising.

Migration eases those bottlenecks at the margin, helping explain why euro-area unemployment remains close to historic lows (around 6.2% this summer).

At the same time, the latest inflation prints in major euro-area economies, including Germany, ticked higher in September, complicating the ECB’s next steps after rate cuts earlier in the year.

Argentina’s country risk index climbed to 1,200 points, its highest level since October 2024. This metric, closely monitored by investors, reflects the perceived likelihood of Argentina defaulting on its debt. The surge highlights concerns about the country’s fiscal health, dwindling foreign reserves, and the impact of political turbulence on economic reforms. Analysts warn this could deter foreign investment, raise borrowing costs, and strain President Javier Milei’s already ambitious stabilisation plans.

Milei faces setback after Peronist victory in Buenos Aires

President Javier Milei’s reformist government is facing headwinds after the Peronist party scored a significant victory in Buenos Aires. The first post-election poll suggests growing voter dissatisfaction with Milei’s policies, especially among working-class voters who have borne the brunt of austerity measures. As the country heads toward key October elections, Milei is expected to recalibrate his messaging and shore up support to avoid further losses that could stall his legislative agenda.

Budget speech: “The worst is over”

In a nationally televised address, Milei sought to reassure Argentines that the country is turning a corner economically. He promised that “the worst is over” and appealed to citizens to hold firm as his administration works to stabilise inflation, attract investment, and fund social programs. Milei also signalled increased spending on healthcare and education, hoping to counter criticisms that his government’s austerity approach has disproportionately hurt the poor.

Government shake-up amid ANDIS scandal

The Argentine government announced structural changes within ANDIS (National Agency for Disability) following leaked audio recordings involving Diego Spagnuolo that sparked public outrage. The scandal triggered protests in Buenos Aires and other cities, with citizens demanding accountability and transparency. The administration’s swift response suggests an effort to limit political fallout and restore public trust ahead of the upcoming electoral cycle.

Marco Rubio meets Netanyahu to discuss Qatar attack and Gaza crisis

U.S. Senator Marco Rubio held discussions with Israeli Prime Minister Benjamin Netanyahu, focusing on the aftermath of the recent attack in Qatar and the ongoing humanitarian and security situation in Gaza. This conversation underscores Washington’s growing concern over Middle Eastern instability and its ripple effects on global security. Argentina, while geographically distant, is watching closely — particularly given its large Jewish community and its own security policies in relation to Middle Eastern geopolitics.

Protests have already broken out in provinces like Carchi and Santo Domingo, with roadblocks and arrests reported. The Confederation of Indigenous Nationalities of Ecuador (Conaie) called the move a “paquetazo” and warned it will affect millions of poor and rural families. The group has threatened nationwide mobilizations, recalling their major role in the 2019 protests that forced a previous government to reverse a similar reform.

The government says it will not negotiate the decision, while critics warn the measure could increase inflation and living costs. Officials argue the reform is necessary to reduce Ecuador’s deficit, which reached nearly 5% of GDP when Noboa took office in 2023.

With a nominal GDP of about $4.66 trillion , according to the World Bank and Trading Economics , Germany continues to dominate the European economic landscape despite recent headwinds.

The comparison is striking as it reveals that nations such as Poland, Czechia, Romania, Finland, and the entire Baltic region collectively generate roughly the same economic output as Germany alone, according to IMF data highlighted by Visual Capitalist .

This visualisation underlines not just Germany’s weight in Europe, but also how dependent the continent’s economic health is on a single country’s performance.

Yet, Germany’s size does not shield it from challenges. The economy actually contracted slightly in 2024, shrinking by 0.2% , as reported by the OECD . Growth forecasts for 2025 remain tepid, with energy costs, supply chain disruptions, and weak global demand weighing heavily.

The European Commission has noted that while inflation has eased, high costs and sluggish investment continue to pressure German industry.

This matters far beyond Germany’s borders. As the world’s third-largest exporter, Germany’s manufacturing-heavy economy is deeply tied to global trade flows.

Recent warnings from Germany’s IAB Institute suggest that a full-scale trade war, such as a 25% tariff scenario, could cut German GDP by more than 1% and erase tens of thousands of jobs. Such a downturn would inevitably ripple through European supply chains and financial markets.

The broader Eurozone has also felt the drag. Growth in the second quarter of 2025 was nearly flat at just 0.1%, with Germany and Italy both posting slight contractions.

Meanwhile, several Central and Eastern European economies, including Poland and Romania, are projected to outperform the Eurozone average in 2025, hinting at a gradual shift in the region’s growth dynamics.

Germany’s scale ensures that when it slows, the rest of Europe feels the tremors. Whether 2025 marks a turning point toward recovery or deeper stagnation will depend on how Berlin addresses structural issues like energy dependence, labour shortages, and sluggish investment.

This visualisation is as much about global inequality as it is about crypto adoption. In North America, Western Europe, and parts of Asia, where incomes are highest, the cost of one Bitcoin is roughly equivalent to one to three years of earnings.

In contrast, across large parts of Sub-Saharan Africa, South Asia, and parts of Latin America , the same purchase would require more than 13 years of income, and in some countries, over 40 years.

The data underscores how dramatically access to digital assets varies depending on where one lives. The IMF’s April 2025 report shows that while global growth is expected to edge up to 3.3%, many emerging markets are still struggling with high inflation and slow income growth.

The World Bank’s 2024 classification confirms that more than 70 countries remain in the low- or lower-middle-income bracket, where annual earnings are a fraction of those in the U.S. or Europe.

And while Bitcoin remains a borderless asset, its price, hovering near record highs, does not scale to incomes equally.

TradingView data highlights that Bitcoin’s rally since early 2024 has been driven by institutional inflows, ETF approvals, and a new wave of speculative trading. For workers in low-income nations, this means Bitcoin is effectively receding further from reach, making full coin ownership an aspiration rather than a realistic investment.

This divide has wider implications for the global economy. Wealthier nations not only enjoy easier access to Bitcoin but also benefit from more robust financial infrastructure, lower transaction fees, and regulated exchanges.

Meanwhile, populations in poorer nations face higher volatility risks and are more likely to engage through informal peer-to-peer markets, which can be costly and expose them to scams.

The result is a two-tier crypto world: one in which Bitcoin acts as an asset class and portfolio diversifier for wealthier investors, and another where it remains largely symbolic for those locked out by income disparities.

Meanwhile, more accessible yet still luxurious options like ribeye cap, tomahawk, porterhouse, New York strip, and filet mignon fetch over $70, a showcase of the evolving taste and purchasing power of consumers.

According to Steak Revolution , Olive Wagyu commands over $200–$400 per pound, prized for its extraordinary marbling and buttery texture derived from cattle fed on olives. Other varieties of Japanese Wagyu range between $75–$400, while Australian Wagyu typically falls into the $100–$200 bracket.

This era of premium steak indulgence comes amid a backdrop of rising beef prices worldwide. In the United States, the average price of uncooked beef steak has soared to a record $11.49 per pound, marking an 8% year-over-year increase.

Ground beef isn't far behind, with a staggering 12% surge to $6.12 per pound. Experts warn this inflation may persist into 2026, driven by tight supplies and shrinking cattle inventories.

Restaurants are responding by revamping menus and leaning into vertical supply chains to stabilise costs and ensure quality.

The global steak market is thriving—valued at USD 76.5 billion in 2023, with projections pointing to USD 110.7 billion by 2032, thanks to growing demand for high-protein, gourmet dining experiences. Premiumisation of meat, boosted by consumer demand for quality and health-conscious choices, continues to drive the market.

In the UK, fresh food inflation hit 2.4% in May 2025, with beef prices playing a significant role. Supply chain disruptions, fewer cattle, and strong international demand—especially from China—are pushing prices upward.

Meanwhile, Argentina’s famed steak exports are on the decline, falling nearly 20% in early 2025 due to a strengthened peso and elevated production costs undermining competitiveness. Top buyer China particularly cut back, leading meatpackers to reduce staff and even shut down some plants.

On the other hand, Australia is experiencing a boom: beef exports jumped 24% in 2024, earning AUD 14 billion, as the nation reclaims its role as a leader in premium, sustainable beef amidst global shortages.

The map, compiled from Numbeo’s 2024 Cost of Living Index and supported by other regional data, highlights how daily expenses vary widely across the continent.

Egypt, with a cost index between 37.5–45.5, benefits from government-subsidised food staples and relatively low housing costs.

Zimbabwe tops the list with an index above 67.5, reflecting persistent inflation, currency instability, and high import costs.

Other affordable countries include Tunisia, Algeria, and Ethiopia, while higher-cost nations include South Africa , Namibia, and Mauritius.

According to the African Development Bank and World Bank reports, differences in the cost of living are driven by:

Regional patterns

The platform’s Cost of Living Index is calculated using crowdsourced price data for goods, services, rent, and utilities, submitted by residents across the globe.

Here are the top five cities:

1. Harare, Zimbabwe — Cost of Living Index: 36.6

Harare tops the list as Africa’s most expensive city to live in. Persistent economic instability and rampant inflation have pushed consumer prices to unsustainable levels, straining household budgets for basic needs such as food and utilities. Numbeo places the city at the very top, with no African city surpassing its index score.

2. Johannesburg, South Africa — Index: 33.2

As South Africa’s financial and commercial hub, Johannesburg comes in second. High costs are driven mainly by expensive housing markets, elevated utility fees, and robust demand for urban services. The city’s affluent suburbs and thriving economic activity contribute to its elevated living index.

3. Accra, Ghana — Index: 31.8

Accra claims the third position, as a rising economic centre facing rapidly increasing costs of housing, transportation , and food, largely fueled by inflation and surging consumer demand.

4. Casablanca, Morocco — Index: 31.4

Casablanca, Morocco’s largest city and main economic power centre, ranks fourth. Costs here are elevated by urban infrastructure needs, rising rents, and escalating price levels across food and services.

5. Cape Town, South Africa — Index: 31.3

Cape Town rounds out the top five, tied with Pretoria in living costs. High property prices, especially in scenic or highly desirable neighbourhoods, have kept housing and overall living costs elevated.

These rankings directly reflect the steep price of everyday life in select African cities. From housing and utilities to food and commuting, residents feel the pinch.

For example, Cape Town’s housing market has ballooned, with home prices exceeding R2.23 million (about $120,000) as of September 2024, doubling rates in other major South African cities.

Similarly, Casablanca, Rabat, and Marrakech face sustained price hikes. In 2025 alone, Rabat’s rental costs were measured 2.2% higher than Casablanca, and 34.1% more expensive than Marrakech.

Uruguay has moved closer to passing a bill legalising euthanasia , scheduling the final vote on August 12 and potentially becoming the third Latin American country to institutionalise the controversial policy. The legislation, debated for eight years, would set strict medical and legal criteria for adults with terminal or incurable illnesses seeking the procedure. Patients would require medical and psychological assessments, plus two independent medical opinions. If passed, Uruguay would join Colombia and Ecuador in permitting euthanasia, a move that has garnered criticism, especially from pro-life advocates and religious figures. 

Inflation falls to one-year low in July

Uruguay’s inflation slowed to 4.5% in July, down from 4.6% in June and the lowest since May 2024. It marked the fourth straight monthly decline, keeping inflation within the Central Bank’s 3.0-6.0% target range. The drop was driven by weaker price growth in housing, utilities, and transport, though food costs accelerated. Annual average inflation slid to 5.1% from 5.2% in June. On a monthly basis, consumer prices rose 0.05%, reversing the 0.09% decline recorded in June.

Uruguay, DR Congo ink cultural cooperation pact

Uruguay and the Democratic Republic of the Congo signed a cultural cooperation agreement on  August 8, focusing on promoting Afro-descendant heritage, including rumba and candombe. The deal was concluded during a visit by Congolese Culture Minister Yolande Elebe, who also met President Yamandú Orsi and held talks on copyright, intellectual property, and joint cultural projects. The partnership marks the DRC’s return to South America after 40 years and forms part of a broader government mission to strengthen South-South cooperation. 

Gov’t unveils five-year strategy vs money laundering, organised crime

President Yamandú Orsi’s government has unveiled a national strategy to combat money laundering, terrorism financing, and arms proliferation, cracking down on drug trafficking and organised crime. The 2025-2030 plan follows a risk assessment identifying drug trade, corruption, and football transfer rights as high-risk areas. The move comes after a record 2.2-tonne cocaine seizure this month. The strategy will work alongside the SILCON system, coordinating intelligence and strengthening financial investigations to dismantle criminal networks.

Uruguay to hold first solar power auction since 2013

Uruguay will launch a 200 MW solar power auction in 2025, its first in over a decade, as part of efforts to boost renewable energy and cut reliance on fossil fuels. The initiative forms part of the country’s strategy to increase the share of renewables in its electricity mix and strengthen energy security. Officials say the project will help diversify energy sources and support the transition to a low-carbon economy.

The traditional MAS support base—primarily Indigenous Aymara and Quechua voters—is shifting away, driven by urgent concerns over livelihoods rather than identity politics , with many now casting “wallet votes” based on economic realities.

Meanwhile, the left is deeply fragmented: neither Evo Morales nor president Luis Arce is participating, and MAS is divided, while the right—though also somewhat split—gains ground, with candidates like Samuel Doria Medina and Jorge “Tuto” Quiroga leading in polls .

Overall, economic hardships have overshadowed ideological divides, making financial stability the decisive issue for Bolivian voters at this critical moment.

The United States and Pakistan announced a trade deal Thursday, which Islamabad said would boost investment and reduce tariffs, though exact rates weren’t disclosed. Pakistan's finance ministry called it the start of a new era of economic cooperation across sectors like energy, IT, crypto, and mining. Finance Minister Muhammad Aurangzeb said the agreement reflected broader strategic goals beyond trade. Previously facing a possible 29% tariff, Pakistan secured a suspension ahead of the August 1 trade talks deadline, aiming for better terms than regional competitors like Vietnam (20%) and India (threatened with 25%).

Intel says Pakistan is rebuilding terror camps

Pakistan is allegedly reviving terrorism infrastructure with a new approach, an intelligence report reveals. The Pakistan Army, ISI, and other agencies are reportedly aiding major terror groups in reconstructing at least 13 camps and launchpads destroyed in Operation Sindoor, especially near the Line of Control in PoK and the Jammu border. Sites named include Kel, Shardi, Dudhniyal, Lipa Valley, and Jura, among others. Four launchpads near Jammu — Masroor, Chaprar, and a drone hub in Shakargarh — are also being reactivated using advanced techniques and funding from state entities.

Olympian killed in climbing accident

Olympic gold medallist Laura Dahlmeier died after being struck by falling rocks while climbing Laila Peak in Pakistan’s Karakoram range, officials said Wednesday, July 30. Bad weather delayed rescue efforts, and her body has not been recovered. Her partner survived, and local authorities said any recovery attempt would respect her family’s wishes. An Instagram post stated Dahlmeier did not want anyone to risk their life retrieving her body. German President Steinmeier paid tribute, calling her an “exceptional sportswoman” and recalling awarding her the Silver Laurel Leaf in 2018.

Pakistan keeps key rate unchanged to curb inflation

Pakistan’s central bank kept its key rate at 11% on Wednesday, defying expectations of a cut due to worsening inflation driven by higher energy prices. The State Bank cited rising gas costs and a widening trade deficit as key risks, noting that inflation pressures had intensified. All 15 analysts in a Reuters poll had predicted a rate cut. Central Bank Governor Jameel Ahmad said it was prudent to wait rather than risk reversing a premature easing move.

Pakistan repeats claims of 'resounding success' in Operation Sindoor

Pakistan dismissed India’s Operation Sindoor statements in the Lok Sabha on Wednesday, July 30, as “baseless and provocative,” accusing New Delhi of spreading disinformation and jingoism. It reiterated claims of military success and warned Indian leaders to acknowledge their losses and third-party roles in the ceasefire. Islamabad also alleged India lacked evidence for the Pahalgam attack and failed to meet strategic goals, while praising its military response as decisive.

Most other G20 members fall somewhere between these poles, highlighting how different economic policies and post‑pandemic recoveries are shaping price dynamics globally.

To provide context beyond the graphic, this article cross‑checks the data against Trading Economics and Financial Times reports and looks at what is driving inflation or deflation in individual countries.

High‑inflation countries: Argentina and Turkey

Argentina continues to battle chronic price pressures despite recent progress. According to Trading Economics, the annual inflation rate dropped to 39.40% in June 2025 , the lowest level since 2020. The fall reflects President Javier Milei’s aggressive fiscal tightening, exchange‑rate liberalisation and removal of price controls. Nevertheless, the figure is still by far the highest among G20 members. The Financial Times noted that Milei managed to push monthly inflation below 2% for the first time in five years, a milestone that illustrates the impact of his austerity programme.

Turkey remains another inflation hotspot. Its consumer prices eased slightly but still accelerated 35.05%. Price growth remains broad‑based. That is food, housing, utilities and education all posted double‑digit increases, and the central bank has kept interest rates high to anchor expectations. Although inflation has retreated from the peak near 70% seen in 2022, Turkey’s economy continues to grapple with currency weakness and a lack of foreign reserves.

Inflation in Russia, Brazil and Mexico

Russia’s annual inflation moderated to 9.4%. The slowdown reflects easing food and services prices, though the rate remains more than double the central bank’s 4% target. Moscow’s price controls and rouble management may also be tempering increases, but analysts warn that supply constraints tied to geopolitical tensions could reignite price pressures later this year.

In Brazil, inflation ticked up to 5.35% with transport and housing costs rising while food inflation slowed. The government’s decision to lift electricity tariffs contributed to the uptick, but inflation remains well within the central bank’s target range after double‑digit rates in 2022. Mexico’s inflation slowed to 4.32% as price increases for agricultural products and energy cooled. Core inflation, however, edged up, reminding policymakers to stay vigilant.

UK, Japan and the US: above‑target but manageable

The United Kingdom saw its annual inflation rate rise to 3.6%, driven mainly by higher transportation costs such as fuel and airfare. Food inflation remained elevated at 4.5%, though services inflation stabilised. Britain’s rate is still above the Bank of England’s 2% target but far below the double‑digit levels experienced in 2023.

Japan’s inflation eased to 3.3%, the lowest since November 2024. Falling electricity and gas prices contributed to the decline, but food bills remain sticky, and rice prices were up 100.2% year‑on‑year . Core inflation matches the headline rate, suggesting that underlying price pressures are still present.

The United States recorded an annual inflation rate of 2.7% in June. Food, transportation services and used cars saw strong price increases, while energy costs declined. The Financial Times described the jump as a sign that tariffs announced by former president Donald Trump are feeding into consumer prices. Core inflation rose to 2.9%. The moderate yet sticky inflation complicates the Federal Reserve’s efforts to cut interest rates.

Differing narratives in Saudi Arabia, South Korea and India

Saudi Arabia’s inflation ticked up to 2.3% as housing rents rose 7.6% while food inflation eased. The government has maintained fuel and food subsidies to cushion consumers, but is grappling with higher import costs and demand linked to mega‑projects.

South Korea’s consumer prices rose 2.2%, the highest reading since January. Furnishings, food, restaurants and education costs climbed, prompting the central bank to cut interest rates to support growth amid U.S. tariffs on Korean exports. Trading Economics expects inflation to moderate later in the year as supply bottlenecks ease.

India recorded the lowest inflation since 2019, with the annual rate sliding to 2.1%. Falling prices for vegetables, pulses and spices offset modest increases in housing and education. Analysts warn that food prices are volatile and could push inflation higher in the coming months.

European economies

Germany’s inflation rate held steady at 2% in July, close to the June figure, as food prices rose but energy costs continued to decline. Services inflation slowed, and the harmonised rate fell to 1.8%. The Euro area as a whole posted 2% inflation in June, exactly hitting the European Central Bank’s target. Services prices accelerated while energy price declines softened, and core inflation remained at 2.3%.

Italy’s annual consumer price inflation edged up to 1.7% percent in June, up from 1.6% in May. Price growth came from non‑processed and processed foods as well as transportation services. Core inflation rose to 2.1%, while energy prices saw milder deflation. In July, the rate stayed at 1.7%.

France reported annual inflation of 1% in June and July. Energy prices fell more sharply because of base effects, but food and service costs continued to creep up. The harmonised rate remained at 0.9%, keeping France among the low‑inflation economies in the euro area.

Canada, Indonesia and China: low inflation and deflation risks

Canada’s annual inflation rate rose to 1.9% in June, up from 1.7%. Fuel deflation eased due to base effects, and prices for durable goods like passenger vehicles and furniture increased. Food and shelter inflation slowed, and the Bank of Canada’s trimmed‑mean core CPI remained at 3%.

Indonesia’s inflation accelerated to 1.87%, still within the central bank’s 1.5%–3.5% target range. Food, housing, health and clothing costs rose, while prices for accommodation, restaurants, furnishing and education moderated. Core inflation eased to 2.37%, the lowest in five months

China’s consumer prices inched up 0.1%, ending a three‑month deflationary streak. The first positive reading since January was fuelled by mid‑year shopping festivals, subsidies for consumer goods and a slight improvement in non‑food prices. Core inflation reached 0.7%, a 14‑month high, but the overall price picture remains tepid.

This represents a cumulative inflation growth of approximately 35.6%, according to data compiled by World Visualized using figures from the U.S. Department of Labour.

While the average annual inflation rate during this period stands at 3.09%, year-to-year rates have fluctuated significantly, highlighting economic instability triggered largely by the COVID-19 pandemic and global supply chain disruptions.

The inflation journey began with relative calm. In 2015, the inflation rate stood at a negligible 0.12%, barely nudging the value of $500,000. However, by 2018, the rate had risen to 2.49%, indicating the increasing impact of monetary policy shifts and wage pressures.

The real inflation spike occurred post-pandemic when 2021 saw inflation soar to 4.70% , marking the largest single-year increase in a decade at that point.

In 2022, inflation surged to a record 8.00%, reflecting global supply shortages, high energy prices, and aggressive fiscal stimulus measures.

Although inflation eased slightly in the years that followed: 4.12% in 2023, 2.89% in 2024, and 2.54% in 2025, it has not returned to the pre-pandemic lows, indicating persistent underlying economic pressures.

The significant erosion of the dollar’s purchasing power over just ten years serves as a sobering reminder for both consumers and policymakers. A dollar in 2025 buys considerably less than it did in 2015, forcing households to stretch budgets and reallocate spending priorities.

So, how did the dollar become this powerful? And what does it mean for countries that depend on it every day, even for transactions between neighbouring nations?

Namibia's economy is significantly being affected by rising oil prices and a strengthening US dollar, leading to increased imported inflation and widened trade deficits. Simonis Storm Securities estimates that a 10% increase in Brent crude prices can raise Namibia's inflation by 0.8 to 1.2 percentage points, depending on currency stability. The Bank of Namibia faces challenges in balancing inflation control and economic growth amidst external shocks.

Namibia lifts ban on South African maize seed imports

Namibia's Ministry of Agriculture has lifted a temporary ban on maize seed imports from South Africa, initially imposed due to concerns over Goss’s Wilt. The ministry urges compliance with updated phytosanitary requirements to prevent the introduction of harmful pathogens, emphasising the importance of vigilance among stakeholders.

Upcoming Global African Hydrogen Summit in Namibia

The second Global African Hydrogen Summit is set to take place in Windhoek from 9 to 11 September 2025, under the theme ‘Ambition in Action: Fuelling Africa’s Green Industrial Revolution’. As reported , the event aims to gather influential leaders to promote green hydrogen projects and secure strategic investments, building on the success of last year's inaugural summit.

Local authorities in Namibia support alternative building materials

Local authority leaders in Namibia affirm their openness towards alternative building materials, contingent on safety and health compliance. Challenges remain regarding bank financing for these options, although precast slabs are gaining traction. As reported , some towns have successfully piloted the use of clay houses as a low-cost housing solution, indicating a potential shift in building practices.

Snowfall in Namibia: Impending cold front for Pretoria

Recent reports reveal that snow is currently falling in Namibia as a powerful cold front approaches South Africa, expected to affect Pretoria. The Eastern Cape will experience severe cold with snowfall and damaging winds from 25 June 2025. As residents brace for the chill, the South African Weather Service has issued warnings regarding potential disruptions to agriculture and infrastructure.

Malaysian Prime Minister Anwar Ibrahim spoke by phone with Iranian President Masoud Pezeshkian on June 24 regarding the Iran-Israel conflict. According to Anwar, Pezeshkian expressed Iran’s willingness to cease military actions if Israel stops its attacks on Palestine and Iran. The Iranian president also asked Malaysia to convey this position to other Muslim countries to counter biased narratives.

Malaysia to impose 6% service tax on international private education

Starting July 1, 2025, Malaysia will implement a 6% service tax on private education services for international students under its revised Sales and Service Tax (SST) framework. The tax applies to preschools, schools, universities, and language centres. The Ministry of Finance clarified that the tax targets non-Malaysian students only; Malaysian students remain exempt. Private institutions with annual tuition exceeding RM60,000 (approximately US$14,155) must register for SST. All higher education and language centres serving international students must register, regardless of turnover.

Hyundai assumes full control of Malaysian operations

Hyundai Motor Company has established Hyundai Motor Malaysia (HMY), transitioning from a distributor-led model under Sime Darby Motors to a principal-led structure. The company now directly oversees brand operations in Malaysia, including marketing, sales, and customer experience. HMY’s new headquarters is located at Menara Affin TRX in Kuala Lumpur. According to HMY President Eric Lee, the move reflects a long-term commitment to positioning Malaysia as a strategic hub in ASEAN.

Lowest inflation rate in 51 months recorded

Malaysia recorded an inflation rate of 1.2% in May, the lowest in 51 months, according to official data released on Tuesday, June 24. The Department of Statistics Malaysia attributed the slower inflation to declining global oil prices, consistent with Malaysia’s status as an open economy. The producer price index fell by 3.4% in April, mainly driven by a 17.8% drop in the mining sector. Food and beverage prices, which make up 29.8% of the consumer price index, rose at a slower pace of 2.1% in May.

Malaysia explores Central Asia expansion via Uzbekistan

Malaysia plans to strengthen its market presence in Central Asia by positioning Uzbekistan as a strategic entry point, according to Deputy Prime Minister Datuk Seri Fadillah Yusof. During his four-day official visit, Fadillah highlighted potential collaboration in sectors including energy, palm oil, and Islamic finance. Engagements with Uzbek officials and business leaders resulted in agreements to promote trade and investment, particularly in renewable energy and carbon trading. 

Dr. Touray stated that global economic growth is expected to slow to 2.8% in 2025 from 3.3% in 2024, before rising slightly to 3.0% in 2026. Global inflation is projected to ease from 5.7% in 2024 to 4.3% in 2025. In emerging and developing economies, inflation is expected to decline from 5.5% in 2024 to 4.6% in 2025.

“In sub-Saharan Africa, inflation is projected to decline significantly from 18.3% in 2024 to 13.3% in 2025,” he said . He also projected a further decline to 11.5% in 2026, attributing the trend to tighter monetary policies and falling food and energy prices.

“Equally, inflation is expected to decline to 12.8% in 2025, compared to 18.4% in 2024,” he added.

On the regional situation, Dr. Touray said, “The political and security context of the region is also marked by the effective withdrawal of Burkina Faso, Mali and Niger from ECOWAS, though the initial tensions generated by their withdrawal is waning down, giving way to a more constructive engagement.”

“Activities of terrorists and armed groups have intensified, with repeated attacks against security forces in the northern part of Benin Republic; the resurgence of Boko Haram in the northeastern part of Nigeria, and the advent of the ‘Lakurawa’ armed groups, disrupting lives and livelihoods in the northwestern part of Nigeria,” he said, as he expressed concerns over ongoing violence. 

Dr. Touray also referenced global tensions, including the war in Ukraine and U.S. policy shifts, which he said are affecting the region.

He reported that each ECOWAS member state received $100,000 under the ECOWAS Cross-Border Cooperation Support Programme. “The Gambia, Ghana and Senegal received the second tranche of the disbursement to finance various projects,” he said.

Zambian customs officials apprehended a 27-year-old Indian citizen at Kenneth Kaunda International Airport attempting to transport over $2.3 million in cash and suspected gold valued at $500,000 to Dubai. The Drug Enforcement Commission (DEC) reported that the individual was intercepted by a multi-agency team, leading to ongoing investigations into the incident.

Inflation in Zambia expected to fall below 8% for first time since 2019

Zambia's inflation rate is projected to fall below 8% for the first time since 2019, with Secretary to the Treasury Felix Nkulukusa expressing confidence in reaching the central bank's target of 6-8% by year's end. This optimistic forecast follows a period of significant economic challenges, including a historic debt default and recent drought, suggesting a potential stabilisation of living costs for Zambians.

Zambian tech agencies urged to transition to paperless system

The Zambian Ministry of Technology and Science is advocating for a shift to paperless processes among its agencies, with Minister Felix Mutati emphasising the need for technological adaptation to improve service delivery. This initiative aims to eliminate manual systems and foster an environment conducive to economic transformation, reinforcing the importance of skills from the Technical Education, Vocational and Entrepreneurship Training Authority (TEVETA) in achieving these objectives.

U.S. tariffs threaten Zambian economy

The Zambia Consumer Association has warned that the U.S. tariffs—10% on African agricultural exports and 25% on copper imports—could severely impact the nation's trade prospects, reducing the competitiveness of Zambian products in foreign markets. Executive Director Juba Sakala highlighted existing issues, such as currency depreciation and rising costs of essential goods, exacerbated by the new tariffs.

Zambia faces mpox and cholera challenges

Zambia confirmed its second mpox-related death, with 49 total cases reported across six provinces. Health Minister Elijah Muchima stated that efforts are underway to trace and contain the outbreak while simultaneously addressing an increase in cholera cases, with 18 new cases bringing the total to 490 and nine deaths. The Ministry of Health, in collaboration with partners, is actively working to combat both public health challenges.

With a baseline 10% tariff on all imports, which took effect April 5, 2025, and higher rates for specific goods and countries, global supply chains are being restructured in real time.

Top affected countries and sectors:

Country : China

Sectors affected : Electronics, steel, solar tech

Tariff rate : 54%

Country : Cambodia

Sectors affected : Garments, textiles

Tariff rate : 49% Country : Vietnam

Sectors affected : Electronics, clothing, footwear

Tariff rate : 46%

Country: Thailand

Sectors affected: Electronics, clothing, footwear

Tariff rate: 36%

Country: Indonesia

Sectors affected: Palm oil, textiles, minerals

Tariff rate: 32%

Country: Taiwan

Sectors affected: Semiconductors, tech components

Tariff rate: 32%

Country: India

Sectors affected: IT services, pharmaceuticals

Tariff rate: 26%

Country: South Korea

Sectors affected: Electronics, vehicles

Tariff rate: 25%

Country: Japan

Sectors affected: Auto industry, robotics

Tariff rate: 24%

Country: Malaysia

Sectors affected: Semiconductors, oil & gas

Tariff rate: 24%

Real-time impacts already in motion

1. Supply Chains Scramble to Adapt

Major U.S. retailers like Walmart and Target have already begun rerouting orders, with apparel firms shifting operations from Cambodia and Vietnam to Latin American countries like Mexico and Honduras to avoid steep tariffs.

2. Stock Market Volatility

U.S. tech giants such as Apple, Dell, and Tesla—heavily reliant on Chinese and Taiwanese components—have seen share price dips in anticipation of costlier imports. Analysts at Morgan Stanley predict a 0.5–0.7% drag on U.S. GDP if tariffs remain in place beyond Q3 2025.

3. Price Hikes for U.S. Consumers

Tariffs on electronics and consumer goods will inevitably raise prices for American households. The National Retail Federation estimates that the average American family will pay $1,200 more annually due to tariff-induced inflation , particularly on smartphones, appliances, and clothing.

These tariffs, which impose a 10% levy on all imports—with higher rates for specific countries such as China (34%) and Japan (24%) —are projected to have significant economic repercussions.​

Impact on American Households

The financial strain on American families is substantial. A report from the Yale Budget Lab estimates that these tariffs will increase annual expenses for the average household by approximately $3,800.

This escalation is a regressive tax, disproportionately affecting lower- and middle-income households. Families earning between $30,000 and $60,000 may experience a loss of about 4% in disposable income , while those earning $175,000 or more might see a reduction of only 1.6%.

Essential goods are expected to see notable price increases: apparel by 17%, fresh produce by 4%, and vehicles by 8.4%, potentially adding around $4,000 to the cost of a new car. ​

Challenges for Small Businesses

Small businesses, which account for nearly 50% of private sector jobs and a third of exports, face significant challenges due to these tariffs. The Russell 2000 index, a benchmark for small-cap stocks, has entered bear market territory, dropping over 20% since its post-election peak.

Indicators of distress include a sharp decline of nearly 100,000 in employment at the smallest firms in March, decreasing revenue reports, and declining confidence levels. Limited financial cushioning and flexibility make it difficult for these businesses to manage higher input costs, tighter lending conditions, and weakened consumer demand. ​

Sector-Specific Impacts

Broader Economic Implications

Economists express concerns that these tariffs may lead to stagflation—simultaneous high inflation and slow growth—posing additional challenges for smaller firms.

Joshua Bolten, the CEO of Business Roundtable, an association that represents more than 200 CEOs, said in a statement that the tariffs "run the risk of causing major harm to American manufacturers, workers, families and exporters." He added: "Damage to the US economy will increase the longer the tariffs are in place and may be exacerbated by retaliatory measures."

“My business of used clothes is no longer profitable,” says Noria Chirambo, a vendor. “I am really struggling,” she told the AFP.

The deteriorating economic situation comes just months ahead of the country’s general elections in September, in which President Lazarus Chakwera is seeking a second term.

Steve Magombo, Chairperson of the Vendors Association in Lilongwe, explains the severity of the issue, “We marched to parliament to present our grievances to the government because our business partners, who are Indians and Chinese, have been raising commodity prices—sometimes three times in a day and with wide margins. We wanted our leaders to understand what our businesses are going through,” he shared.

For vendors like Chirambo, the crisis is not just a business issue, but a matter of survival. 

She explained “I have a lot of problems at home because my business is no longer profitable, yet I have orphaned children to take care of. Commodity prices have gone up, and I have to pay school fees from the little money I make from vending. Because of the difficult economic situation, I am really struggling.”

Agness Nyirongo, an Economic Governance Programs Officer at the Center for Social Concern, highlights the dire impact of inflation on household livelihoods. “When you look at the rising prices of basic goods, it is causing significant problems for families. Providing for their needs—whether it is food, school fees, or healthcare—has become an immense challenge.”

The economic hardship is being felt across the country, with families struggling to afford essentials such as food, school fees, and healthcare.

Inflation plays a crucial role in determining average hourly wages. When inflation rises, the purchasing power of consumers decreases, and employers may need to adjust wages to maintain employees' standard of living. Eurostat data reveals that countries with high inflation rates, such as Hungary and Poland, have experienced significant growth in average hourly wages (€12.8 and €11.9 respectively) between 2023 and 2024.

Unemployment rates also have a substantial impact on average hourly wages. In countries with low unemployment rates, such as Germany (3.5%) and the Netherlands (3.7%), average hourly wages have increased steadily to €31.6 and €33 respectively in 2024. On the contrary, countries with high unemployment rates, such as Greece (9.50%) and Spain (10.61%), have experienced slower wage growth and currently stand at €12.6 and €18.2 respectively.

Another essential factor influencing average hourly wages is GDP growth. Countries with robust GDP growth, such as Ireland and Malta, have seen significant increases in average hourly wages at €33.3 and €14 respectively.

Although these figures look significant, the constant pooling of funds by the EU and the hefty tariffs planned for the region by the Trump administration will likely subject these figures to change.

China tops Asia's economic charts, with Japan and India following closely. Together, these three nations command a substantial 66.2% share of the continent’s economy. South Korea and Indonesia round out the top five, while the leading eight economies collectively account for 82% of Asia's total economic output. Conversely, Timor-Leste represents the smallest economy in the region.

Vietnam's GDP growth rate was projected to exceed 7% by the end of 2024, with an ambitious target of 8% GDP growth in 2025. This growth positions Vietnam among the top 15 largest economies in Asia. However, the country's Inflationary pressures are forecasted to be around 3.5%.

The outfit also forecasts that the ongoing trade tensions between major economies like the USA, Canada, the UK and Mexico may impact Asia's export-driven economies.

Asia's biggest economies are expected to drive growth in 2025, with emerging economies like Vietnam and Indonesia playing increasingly important roles.

Regional Projections:

The OECD emphasises that while the global economy has shown resilience, significant challenges remain. Geopolitical tensions pose short-term risks, public debt ratios are high, and medium-term growth prospects are modest.

Policy actions are recommended to safeguard macroeconomic stability, including carefully calibrated monetary policy easing to ensure inflationary pressures are durably contained and fiscal policies aimed at rebuilding fiscal space to address future spending pressures

The OECD's projections for 2025 indicate a stable yet cautious global economic outlook, with varying growth trajectories across different regions and a focus on policy measures to address underlying challenges.

Sudan’s inflation rate continued its downward trajectory, falling to 145.14% in January, according to data released by the Central Bureau of Statistics on Sunday. This marks a significant decline from 187.83% in December 2024. According to Sudan Tribune , the latest figures indicate a sustained easing of inflation over recent months. In November, inflation stood at 198.22%, down from 211.48% in October and 215.52% in September. The trend suggests ongoing stabilization efforts in the country's economy, though inflation remains high. The inflation rate measures the percentage change in the general price level compared to the same month in the previous year, reflecting shifts in purchasing power and economic conditions.

UAE pledges additional $200m Sudan funding

The United Arab Emirates (UAE) has pledged an additional $200 million (AED 734 million) in humanitarian assistance to Sudan, raising its total contribution to $3.5 billion. As reported by ARN News , the announcement was made during the High-Level Humanitarian Conference for the People of Sudan held in Addis Ababa. In a statement on X (formerly Twitter), the UAE Ministry of Foreign Affairs emphasized the significance of the conference, describing it as the first major humanitarian gathering for Sudan in 2025. The ministry highlighted that the event aims to pave the way for future international conferences focused on providing essential support to the Sudanese people.

UN appeals for $6 billion for Sudan crisis aid in 2025

The United Nations has launched a $6 billion appeal to provide critical aid to 26 million people affected by Sudan’s ongoing war and the millions fleeing dire conditions. Since April 2023, Sudan has been engulfed in conflict between army chief Abdel Fattah Al-Burhan and Rapid Support Forces leader Mohamed Hamdan Dagalo. The war has displaced 12 million people, with 3.5 million seeking refuge abroad, according to OCHA and UNHCR, Arab News reports.

AU calls for immediate ceasefire amid worsening Sudan crisis

The African Union (AU) has urged Sudan’s warring factions to enforce an immediate ceasefire and initiate a political transition amid an escalating humanitarian crisis, AU Commissioner Bankole Adeoye said at the 38th AU Summit in Addis Ababa, calling Sudan’s war the worst humanitarian crisis in Africa and beyond, Adeoye condemned violations, particularly against women and children. The conflict, which began in April 2023 between the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF), has killed over 28,700 people and displaced 14 million. Despite Sudan's AU suspension since 2021, Adeoye emphasized that the crisis remains a priority for the AU and global peace efforts, News.AZ reported.

RSF-backed parallel government plans to acquire warplanes

Al-Hadi Idris, a key figure in forming a parallel government in RSF-controlled areas, announced plans to acquire warplanes and weapons to “defend citizens.” The signing of the political charter, initially set for Tuesday, February 18, in Nairobi, has been postponed to Wednesday, February 19, to accommodate more signatories, with constitutional arrangements and government formation to follow. Idris stated the new government aims to create a unified army from various factions, including the RSF, to protect against air and land attacks. Sudan Tribune reports that it will rely on self-sustained resources, opening border crossings and airspace, while welcoming international support. Regarding financial pledges, the UAE committed $200 million, Ethiopia $15 million, and Kenya $1 million for humanitarian aid, earmarked specifically for the peace government.

This decision follows a meeting led by National Assembly Speaker Ayaz Sadiq on January 26, where the National Assembly's finance committee approved the bill without any objections from members of either the opposition Pakistan Tehreek-e-Insaf party or the ruling coalition.

This 138% pay increase aims to bring parliamentarians' salaries in line with federal secretaries' earnings.

This raises eyebrows, particularly as the nation experiences a significant economic downturn, thereby sparking discussions regarding the timing and implications of such a substantial salary increase for legislators.

In January, Brazil experienced fluctuating trends in pork prices. Increased demand from the industry resulted in higher prices for live swine and pork cuts in regions such as Goiás and Paraná. However, a downturn in overall demand due to reduced purchasing power led to declines in other areas. Exports of pork decreased by 3.2% compared to December 2024, with daily averages estimated at 4.4 thousand tons. If the current trend persists, total shipments could potentially reach 95.8 thousand tons.

Court ruling for slain journalist

The family of journalist Vladimir Herzog, who faced torture and execution during Brazil's military dictatorship, is celebrating a court ruling. This ruling provides his widow, Clarice Herzog, with a monthly stipend exceeding 34,000 reais (approximately $6,000) for life. This decision, enacted by a federal court in Brasília, reflects ongoing reconciliation efforts within Brazil as the nation continues to address the impacts of its two-decade-long dictatorship, wdrb reports.

Inflation

Brazil's Finance Minister, Fernando Haddad, has projected that inflation rates will remain above the target of 4.5% until June. According to money.usnews , he anticipates a positive surprise owing to strict monetary policy from the central bank, a robust crop yield, and appreciation of the Brazilian real. Current forecasts predict an inflation rate of 5.51% by the end of 2025, which surpasses the target range set by the monetary authority. Haddad noted that although inflation is expected to be persistent due to high-interest rates, any price declines may occur more swiftly than earlier predictions. In light of these concerns, the central bank raised the benchmark interest rate to 13.25%, with further increases possible in March, despite criticism from President Lula over the high rates.

Coffee production

The coffee sector in Brazil is facing rising concerns related to the emergence of "fake coffee" products, attributed to skyrocketing coffee prices. According to the Brazilian Coffee Roasters Association (ABIC), several powdered coffee products have been found to contain minimal actual coffee, instead incorporating coffee waste and artificial flavouring agents. With prices soaring over 50% in three months amid supply constraints caused by weather conditions, ABIC has approached health authorities and the Agriculture Ministry to address the legality of such misleading products. One notable product, Oficial do Brasil, is marketed under false pretences yet is claimed by producer Master Blends to be government-sanctioned. These counterfeit coffee items are retailing at approximately one-third the cost of genuine coffee, gmanetwork reports.

Warship discovered

The Brazilian Navy has confirmed the location of the "Vital de Oliveira," a warship sunk by a Nazi submarine on July 19, 1944, off Brazil's coast. This incident resulted in the deaths of around 100 out of 270 crew members. Although the wreck was originally discovered in 2011, its identification was recently achieved through advanced sonar imaging techniques. Initially named "Itaúba," the ship was repurposed during WWII to transport Allied forces. Smithsonianmag reports that the vessel is recognised as the only Brazilian Navy ship destroyed by enemy action, with German submarines also responsible for sinking 34 Brazilian merchant vessels during the conflict. Brazil played a significant role in World War II, contributing over 25,000 men to the Brazilian Expeditionary Force.

Government Statistician Samuel Kobina Annim told the media about the impact of slowing non-food inflation while warning that food prices continue to rise. “Although the rate of inflation has slowed by 0.3 percentage points, the figure of 23.5% is still the second highest in the past nine months,” said Annim .

Adding that, “In January 2025, general price levels of goods and services went up by 23.5%. Between January 2024 and January 2025 general price of goods and services went up by 23.5%," the government statistician stated. This indicates a disinflation as the rate of inflation has slowed down by 0.3% percentage points slowing down from the year-end 2024 figure of 23.8% to 23.5% for the month of January 2025.”

Leadership changes

Beyond presidential transitions, this inflation report coincides with a major leadership change at the Bank of Ghana. President John Mahama has nominated Johnson Asiamah as the new central bank governor , replacing Ernest Addison, who had held the position since 2017.

Global economic context

Globally, a trade war initiated by US President Donald Trump’s tariffs on imports from Canada, Mexico, and China threatens to disrupt supply chains and push up the cost of imports.

In response, Asiamah hinted at potential adjustments to monetary policy, stating during a press briefing in Accra, “We are focused on our mandate and may consider a few tweaks to policy in light of current challenges.”

Inflation trends and monetary policy

Ghana’s inflation rate has remained above the central bank’s 10% upper target limit since September 2021. The depreciation of the cedi, driven by the country’s debt challenges, has increased the cost of imports. To combat inflation and stabilise the currency, the Bank of Ghana has more than doubled the key interest rate during this period.

Despite maintaining the interest rate at 27% during its last two meetings, the Bank of Ghana projects that price pressures may gradually ease as the government tightens public finances under Mahama’s administration.

Meanwhile, the Mahama-led government is expected to outline its comprehensive economic strategy in March.

Historical background of inflation

Ghana has faced severe economic challenges, including major dips in key sectors like cocoa and gold, increasing inflationary pressures. Recent historical inflation rates include a surge to 38.11% in 2023, up by 6.85 percentage points from the previous year. This followed a rise to 31.26% in 2022, which was up by 21.28% from the previous year. In 2021, inflation stood at 9.97%, showing a slight increase from 9.89% in 2020, which had itself risen by 2.74 percentage points from 2019.

The new central bank administration has acknowledged that it will take time for inflation to return to its target range of 6% to 10%, citing persistent economic challenges.

Mahaman Nouri, President of the Consumer Rights Association (CSPA), explains, "It’s adaptation - that’s resilience, adapting to the situation. I know many who didn’t use to eat corn paste, but now they’ve adapted and understood they need to turn to local products. Even many well-placed officials have shifted to local goods."

Idrissou Issoufou, a Ghana ian truck driver, describes the hardships of transporting goods through the region, saying, "We transport cargo from Ghana, then stay in Kaya (Burkina Faso) to wait for military escorts to Dori (Burkina Faso), where new escorts take over until Téra (Niger). The challenges begin there, continuing all the way to Niamey."

Beninese merchant Salamatou Gna shares the difficulties of transporting goods, stating, "We face significant challenges shipping products from Benin to Gaya (Niger) by boat. We spend a lot of money. The border closure creates real obstacles, and it’s largely responsible for the high prices of goods."

Vendor Illa Jikan Taguimba notes, "We are blamed for the price hikes, but it’s not our fault. Sometimes, we can’t even find basic products in Niger. Even simple things like tomatoes often come from Morocco, Nigeria , Ghana, or Togo."

Hadjia Hadjara concludes, "If you can afford lunch, you save a portion for dinner, but it’s no longer a question of preparing two hearty meals a day."

Colombia's inflation rate closed in 2024 at 5.20%, marking a significant drop from 2023’s 9.28%. According to Colombia’s National Administrative Department of Statistics (DANE), inflation has been on a steady decline since peaking at 13.34% in November 2022, Colombia One reports. However, the disinflation process has slowed due to the rising costs of electricity, food, and goods. The lowest inflation rate since November 2021 still far exceeds the 1.16% recorded in December 2020. Sectors like education, restaurants, and utilities continue to see the highest inflation, while entertainment and communication costs have declined.

Colombia rejects Maduro’s election results

Colombia's government has reiterated its stance against recognising the results of Venezuela’s contested July 2024 elections. This came ahead of President Nicolás Maduro's third-term inauguration. Foreign Minister Luis Gilberto Murillo emphasised that the elections lacked transparency and failed to meet democratic standards. “Colombia has adopted a consistent and prudent stance. The past electoral process did not provide guarantees to the participants, nor was it carried out in a transparent manner in accordance with the provisions of the laws and the Constitution of the Bolivarian Republic of Venezuela," El Colombiano quoted Murillo. Despite sending an ambassador to Venezuela, President Gustavo Petro declined to attend the swearing-in ceremony, aligning with international criticism of the electoral process.

Plane crash in Antioquia

All 10 passengers aboard a Cessna 402 aircraft that crashed in Urrao, Antioquia, have been confirmed dead. The plane, en route from Juradó (Chocó) to Medellín, lost communication on January 9, El Heraldo reports. Antioquia Governor Andrés Julián expressed deep sorrow and pledged continued efforts to recover the victims. Relief agencies and the Colombian Air Force are working on-site to transfer the bodies.

5.3 Earthquake Hits Pacific Coast

A 5.3-magnitude earthquake struck Colombia's Pacific coast near Chocó on January 10. The tremor, recorded at a depth of under 30 km, was felt in cities such as Medellín, Quibdó, and Bahía Solano. Two smaller aftershocks followed. The Colombian Geological Service reported that no injuries or structural damage have been recorded so far, El Heraldo reports.

Hybrid and electric vehicle market boom

Colombia's hybrid and electric vehicle market saw record-breaking growth in 2024. Hybrid sales increased by 53.4%, with over 42,000 units sold, while electric vehicle sales surged by 293%, totalling 9,178 units. December 2024 marked the best sales month in history, driven by the introduction of new green models and growing consumer interest. In a report by EL Tiempo , hybrid and electric vehicles now account for 25% of all vehicle deliveries in the country.

The Philippine peso is predicted to decline to an unprecedented low this year, with estimates suggesting it may sink beyond P59:$1. This anticipated depreciation is largely attributed to a strengthening US dollar alongside expected protectionist measures under the incoming US administration. According to GMA News , HSBC economist Aris Dacanay forecasts that this significant drop to materialise in the second quarter of 2025. However, he notes that the peso is likely to exhibit resilience when compared to other Asian currencies, largely due to the Philippines' protection against tariff risks, its robust dollar reserves standing at $106.837 billion as of December 2024, and consistent economic growth reported at 5.2% in the third quarter of 2024. For 2025, the Philippines is projected to achieve an average economic growth rate of 6.3%, falling within government benchmarks but slightly lagging behind initial aspirations.

Importation of birds from New Zealand banned amid bird flu outbreak

The Philippine Department of Agriculture has implemented a ban on the importation of both domestic and wild birds from New Zealand, in response to a recent outbreak of avian influenza, specifically the H7N6 strain. This ban encompasses eggs, day-old chicks, and poultry meat. Notably, GMA News reports that shipments that were already in transit prior to the ban will still be permitted as long as they were produced before November 9, 2024. This initiative is aimed at safeguarding the local poultry sector, a critical component for both food security and job creation, by preventing the high pathogenic avian influenza from infiltrating the Philippines.

Inflation speeds up to 2.9% in December 2024

In December 2024, inflation within the Philippines escalated to 2.9%, up from 2.5% in November, primarily driven by rising housing and energy costs. This inflationary increase surpassed analyst projections yet remained within the Bangko Sentral ng Pilipinas (BSP) forecast range of 2.3% to 3.1%. The overall average inflation rate for 2024 settled at 3.2%, marking a return to the BSP's target corridor of 2% to 4% for the first time in three years. The BSP now possesses the capacity to sustain its cycle of rate cuts to bolster economic growth, with Governor Eli Remolona suggesting possible further reductions in early 2025. Nevertheless, he cautioned against ongoing supply-side risks, underlining the importance of vigilance and readiness, ANN reports.

Philippine activists fear US’ anti-ICC bill may impede probe into Duterte’s drug war

A newly introduced US bill, which seeks to protect American and allied leaders from the scrutiny of International Criminal Court (ICC) investigations, has raised alarms among Filipino activists. Concerns centre around the potential impact this legislation may have on the ICC's inquiry into former President Rodrigo Duterte's controversial drug war, with fears that it could obstruct justice for victims of this campaign, as highlighted by My News . Known as the Illegitimate Court Counteraction Act, this bill, backed by bipartisan support from Republican lawmakers, threatens to impose sanctions on individuals aiding ICC investigations involving US citizens or affiliated officials, including those hailing from the Philippines. Detractors of the bill argue that it could significantly undermine legal cooperation and bolster initiatives to delegitimise the ICC's authority in the Philippines.

Hefty oil price hike to greet consumers

Beginning on January 7, 2025, consumers can expect an increase in fuel prices, with gasoline and kerosene experiencing a rise of PHP1 per litre, and diesel seeing a hike of PHP1.40 per litre, according to announcements from oil companies such as Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell. Following a price rollback on New Year’s Eve, this imminent increase has been linked to expected shifts in US policy as well as colder weather impacting supply chains, PNA reports. Currently, petrol prices in Metro Manila fluctuate between PHP50.85 and PHP74.62 per litre, with diesel priced between PHP48.77 and PHP71.30, and kerosene ranging from PHP69.94 to PHP81.20.

President Bola Tinubu has presented Nigeria’s 2025 budget, amounting to 47.9 trillion naira ($30 billion), to Parliament. The proposal assumes a benchmark oil price of $75 per barrel and production of just over 2 million barrels per day. Analysts, however, are sceptical about achieving this production target due to sabotage and ageing infrastructure, Semafor Africa reports. Oil sales, which constitute 90% of the country’s foreign exchange earnings, remain the budget’s cornerstone. The plan also forecasts a reduction in inflation from over 34% to 15% by next year, an estimate some economists label as overly optimistic. Ibukun Omoyeni, an economist at Vetiva Capital, anticipates inflation to remain higher than projected, potentially necessitating a supplementary budget.

Shell’s $1.3 Billion Asset Sale

Nigeria has approved a $1.3 billion deal allowing local companies to acquire Shell Plc’s onshore assets. The transaction, initially rejected in October, has now been greenlit by Petroleum Resources Minister Heineken Lokpobiri. Bloomberg reports that Renaissance Africa Energy will acquire Shell Petroleum Development Co., supported by ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co., and Waltersmith Group.

Fuel prices drop

Competition in Nigeria’s downstream sector has led to a reduction in petrol prices. Premium Motor Spirit (PMS), previously priced at N1,020 per litre, now sells at N899 following price cuts by the Dangote Refinery in Lagos, the Vanguard reports. This marks a 12% decrease after months of escalating prices that raised consumer concerns. The Nigerian National Petroleum Company Limited (NNPCL) also slashed its prices, dispelling rumours about operational issues at the Port Harcourt Refinery.

Stampedes kill 37 at Charity Events

Charity events aimed at distributing Christmas palliatives turned tragic in Abuja and Okija, Anambra State, claiming at least 37 lives and injuring scores. Twenty-seven fatalities occurred in Okija, while 10 were confirmed dead in Abuja, the Nation reports. The incidents involved crowds rushing to collect rice distributed as aid. Similar stampedes in Ibadan last week left 35 dead. President Bola Tinubu cancelled weekend engagements to mourn the victims, while Zubaida Umar, Director-General of the National Emergency Management Agency (NEMA), called for better crowd management to prevent such tragedies in the future.

Extrajudicial killings

Reports of extrajudicial killings in Nigeria’s Delta State have drawn public condemnation. In December, a 17-year-old boy, Emeka Odogwu, was fatally shot by police in Ozoro for possessing fireworks. In November, Nollywood cameraman Chimezie Opara sustained life-threatening injuries after being shot by operatives of Operation Delta Hawk, the Nation reports. These incidents add to concerns about security personnel’s training and accountability. Critics have called for reforms to curb excessive use of force by law enforcement.

Recent developments in Saudi Arabia highlight the nation’s multifaceted approach to sustainability, economic empowerment, and infrastructural enhancements. The Saudi Green Initiative is at the forefront of tackling biodiversity loss and imbalanced ecosystems. Key strategies involve an ambitious plan to plant 10 billion trees and rehabilitate 40 million hectares by 2030. Furthermore, the initiative aims to protect 30% of land and marine areas, which is crucial for maintaining ecosystem stability and food security. According to Arab News , the CEO of the Saudi National Center for Wildlife, Mohammad Qurban, has underscored the interconnectedness of species and the potential consequences of ecosystem disturbances, which, according to the UN, endanger a million species worldwide. Recent investments, amounting to $188 billion, were announced during COP16, reaffirming Saudi Arabia’s commitment to sustainable development in line with global initiatives.

Forbes Middle East Women’s Summit 2024

The Forbes Middle East Women’s Summit is set to take place on December 18-19, 2024, in Riyadh, serving as a platform to celebrate and promote women's accomplishments in various sectors. The summit will feature prominent speakers, including members of the royal family, and will aim to inspire dialogue and collaboration through workshops and cultural showcases. This initiative reflects the broader objectives of Vision 2030, aiming to enhance the status of women in the region, Zawya reports.

Failure to reach deal on global drought action

UN talks in Riyadh aimed at establishing global frameworks for drought action concluded without concrete agreements, despite extensive discussions. The talks focused on enhancing funding for early warning systems and improving infrastructure resilience, especially in high-risk regions like Africa. However, UNCCD Executive Secretary Ibrahim Thiaw suggested that further negotiations will be necessary to reach a consensus, with future discussions slated for COP17 in Mongolia 2026. As reported by News.AZ , the importance of addressing droughts is underscored by the UN’s report, indicating that they result in annual economic losses exceeding $300 billion and could have far-reaching impacts on global populations by 2050.

191 new aircraft to prepare for Expo 2030 and FIFA World Cup 2034

Saudi Arabia is also preparing for significant international events with Expo 2030 and the FIFA World Cup 2034. The nation is set to transform its aviation capabilities, with Riyadh Air acquiring 60 A321neo Family planes and planning to expand its fleet significantly by 2032. This strategic expansion includes the recruitment of a substantial number of pilots and cabin crew, indicative of the country’s desire to bolster its role as a major tourism destination. Interactions on international air routes are also expected to double, matching the expected influx of visitors, FL360 reports.

Inflation reaches 2% in November

In economic terms, Saudi Arabia's inflation rate, which rose to 2% in November, reflects key trends in various sectors, particularly housing, which saw a notable increase. According to Investing.com , despite fluctuations in specific categories such as transportation and food prices, the overall inflation remains relatively stable compared to global standards, and forecasts suggest a medium-term stabilization around the 2% mark, as projected by the International Monetary Fund. This economic analysis highlights the dynamics of the local market amidst broader global economic conditions.

Uganda's Central Bank has opted to maintain the Central Bank Rate (CBR) at 9.75% for December 2024. This cautious stance is influenced by various factors, including potential political shifts due to Donald Trump's election and the ongoing conflicts in Gaza. The Uganda shilling has shown a slight depreciation against the US dollar, averaging Ush3,679 ($1) in November. Concurrently, lending rates have seen an uptick from 18.8% in September to 19.4% in October, indicative of tightening monetary conditions. According to Zawya , the economy has witnessed a reduction in quarterly growth, decreasing from 7.1% in March to 6.2% in June 2024. The government's strategy to alleviate domestic borrowing pressures includes sourcing funds from the World Bank, with the performance of tax revenues expected to play a critical role in determining the amount raised. While headline inflation has remained stable at 2.9% for October and November, the decision to uphold the neutral policy rate is aimed at sustaining the stability of the shilling in the short term, although the repercussions of such policy decisions on economic growth may not be realised for up to a year.

Dubai and Uganda sign deal for economic growth

Dubai Chambers has formalised a Memorandum of Understanding (MoU) with the Uganda Chamber of Commerce and Industry. This agreement was forged during a bilateral business forum held in Kampala, aimed at fostering collaboration, facilitating trade missions, and exchanging expertise. The forum underscored the investment potential in diverse sectors such as tourism, agriculture, mining, and technology. Notably, the event attracted representatives from 29 Dubai-based enterprises and received support from various embassies and local organisations. In 2023, non-oil trade between Uganda and Dubai reached a substantial $1.2 billion, further highlighting the increasing participation of Ugandan businesses within Dubai’s Chamber of Commerce, reports Soft Power News .

Uganda allocates Shs177 million to transform Tororo Rock into a top tourist attraction

Recognising the untapped potential of its landmarks, Uganda's Ministry of Tourism has allocated a budget of Shs177 million ($48,314) to revamp Tororo Rock into a premier tourist attraction. This initiative includes a detailed master plan presented to the local government, reports ATTA . Local officials, including James Mboijjana and Mayor Kenneth Orono, have expressed optimism that this initiative will bolster the local economy and stimulate investments in hospitality. The transformation of Tororo Rock is viewed as an opportunity to elevate its significance not only in Uganda but across the African continent.

Uganda promotes birding to attract Asian tourists

To tap into the lucrative Asian tourism market, Uganda is actively promoting its exceptional birding opportunities, showcasing over 1,000 bird species, which represents 53% of Africa's total avian diversity. Lily Ajarova, the head of the Uganda Tourism Board (UTB), underscored the market's potential, projecting a revenue generation of $13 billion by the end of 2024. As reported by, Chim Reports , birding will be a focal point of UTB’s marketing strategy, which will also accommodate the predominantly Muslim culture of the region. Furthermore, employing digital marketing tools is considered crucial for enhancing Uganda's tourism profile.

Besigye sues Kenya, Uganda governments at East African court

Dr. Kizza Besigye, a prominent four-time presidential candidate in Uganda, has initiated legal proceedings against the governments of Kenya and Uganda in the East African Court. He alleges unlawful abduction from Nairobi, claiming that Kenyan security forces collaborated with Ugandan authorities in this extraterritorial operation, which purportedly contravenes both the Kenyan Constitution and the East African Treaty. Following their forcible return to Uganda, Besigye and his aide face military trial on security-related charges, despite their civilian status. His legal representatives contend that military courts do not possess jurisdiction over civilians and assert that the incidents in question occurred outside Uganda's borders. The Citizen reports that Besigye is seeking compensation of $100,000 and a permanent injunction to prevent Kenya from engaging in forced removals in violation of due process.

Recent research by  the World Gold Council  reveals significant increases in gold holdings by several countries, reflecting their proactive approach to economic stability. China has emerged as a leading buyer, maintaining a 15-month streak of gold purchases. This move aligns with Beijing's broader efforts to diversify its foreign exchange reserves and reduce reliance on the U.S. dollar. With global trade dynamics shifting and geopolitical risks on the rise, China's aggressive accumulation of gold underscores its commitment to securing its economy against external shocks.

Russia's focus on gold reflects its strategy to shield national wealth from the effects of dollar dependency and international sanctions. The country has prioritized building gold reserves as a way to counterbalance financial risks tied to geopolitical instability. Similarly, Turkey has significantly bolstered its gold reserves in response to domestic currency volatility and high inflation. Turkey is committed to fortifying its economic resilience in an increasingly unpredictable global environment by strengthening its holdings.

India has also made notable strides, adding 264.3 tonnes of gold to its reserves since 2015. As one of the world's fastest-growing economies, India views gold as a stabilizing force, supporting fiscal security while accommodating the demands of its expanding economic landscape. This steady accumulation highlights the Reserve Bank of India's long-term focus on preserving monetary stability.

Gold remains a cornerstone of central banks’ strategies for good reason. As inflation rises and global crises become more frequent, the precious metal offers unparalleled stability. According to the 2024 Central Bank Gold Reserves Survey, 29% of central banks plan to increase their gold holdings in the coming year, marking the highest level of intent recorded since 2018. This growing demand underscores the enduring appeal of gold as a hedge against economic uncertainty.

The surge in gold reserves signals a broader rethinking of how nations manage financial risk. Gold provides a universal safeguard in an era of debt crises, currency devaluations, and political instability. Its intrinsic value, independent of the complexities of fiat currencies, makes it an indispensable asset for central banks aiming to instil confidence in their economies and navigate turbulent times.

As global financial markets remain volatile, central banks are doubling their commitment to gold. The actions of nations like China, Russia, Turkey, and India reflect a growing consensus: in a world of increasing uncertainty, gold stands as a timeless symbol of stability and strength. The global gold rush is more than just a trend—it’s a testament to the enduring importance of tangible assets in preserving economic security.

A Vietnamese court has upheld the death sentence of property tycoon Truong My Lan, chairwoman of Van Thinh Phat Holdings, due to her involvement in the country's largest financial fraud case, involving $12 billion embezzled. The court stated her life could be spared if she returns 75% of the embezzled amount. At 68, if she turns 75 before execution, her sentence could automatically be commuted to life in prison. Bangkok P ost reports that Lan's actions have caused significant societal and economic repercussions. Despite her claims of remorse and partial repayment, prosecutors deemed them insufficient. Lan has the right to request a retrial. Her arrest in 2022 triggered a run on Saigon Joint Stock Commercial Bank, leading to a $24 billion rescue by the central bank. Additionally, she received a life sentence in a separate trial for fraud and money laundering.

Singapore investments

National Assembly Chairman Trần Thanh Mẫn met with leaders of major Singaporean corporations during his official visit to Singapore on December 3. He praised Keppel's contributions to Vietnam's infrastructure, real estate, and renewable energy sectors and expressed support for the company's investment expansion in sustainable development areas. Mẫn highlighted Singapore as Vietnam's second-largest foreign investor, noting the success of the Vietnam-Singapore Industrial Parks. He reaffirmed Vietnam's commitment to facilitating foreign investments, mentioning recent legal amendments to attract more investors, Vietnam Plus reports. Temasek's Deputy CEO Chia Song Hwee acknowledged Vietnam's support, citing SGD3 billion in investments across various sectors. Mẫn also welcomed investments in the Hồ Chí Minh City Eco-Tech Township project and emphasized ongoing government efforts to improve investment conditions for foreign businesses.

Vietnamese tourists missing in South Korea

A group of 38 Vietnamese tourists, part of an 80-person group visiting Jeju Island, South Korea, failed to board their scheduled return flight after losing contact at a sightseeing spot on November 17. South Korean authorities are using CCTV to track their whereabouts, and they will be deemed illegal residents after December 14 when their visa-free stay expires. According to Vietnam News , the Vietnamese Embassy in South Korea is coordinating with local authorities on the incident and has urged citizens to respect local laws to maintain the positive image of Vietnam.

Air Travel expansions

AirAsia has announced five new routes to Vietnam as part of its expansion in the region, responding to the growing demand for travel. New flights include HCM City to Phnom Penh starting December 22 and Hà Nội to Phnom Penh launching January 24, 2025. Additionally, services from Phú Quốc to Bangkok and Đà Lạt to Kuala Lumpur have recently resumed. Air Asia indicates that the airline will also begin flights from HCM City to Kota Kinabalu on December 3. AirAsia aims to enhance affordable connectivity to Vietnam, increasing its weekly flights to 195 and offering over 1.7 million visitor seats annually.

Inflation

Việt Nam's inflation for 2024 is projected to reach 4-4.5%, up from 3.5% in 2023, driven by rising global energy and food prices and increased domestic production costs due to Typhoon Yagi. Despite a 17.9% year-on-year increase in state budget revenue to VNĐ1.45 quadrillion (US$57 billion), development investment spending declined by 11.8% amid slow public investment disbursement. According to VietNam news , the Ministry of Finance presents two inflation scenarios: one predicting a CPI rise of about 3.7% and another estimating a 3.92% increase due to potential public service price adjustments. Authorities emphasise implementing measures to control inflation and manage prices effectively.

“In my final year in office in 2016, we did zero central bank financing. We funded most of the budget from our own resources,” he told Global South World in an exclusive interview.

He noted that the International Monetary Fund (IMF) program Ghana is under has stopped central bank borrowing, which he sees as a good step. However, he said more fiscal reforms are needed to improve the economy.

The former leader also suggested cutting government spending and finding alternative ways to raise revenue.

Mahama further stressed the need to avoid increasing public debt and called for a focus on non-tax revenues and efficient borrowing.

“A combination of all of that would make things much better,” he said.

John Mahama is contesting in the upcoming elections in Ghana on December 7. He is one of 15 candidates hoping to win the votes of the populace and become president.

Here is the full interview:

South Africa has seen a consistent rise in living costs in recent years, with many households struggling to keep up with soaring prices.

Necessities like food, transport, and utilities are increasing faster than inflation, making it harder for people to maintain their standard of living.

According to the September 2024 Essential Food Pricing Monitoring report , the past two to three years have been particularly tough in South Africa, marked by a cost-of-living crisis that has stretched budgets across the country.

While inflation has shown signs of slowing, prices have settled at higher levels and remain a significant challenge for many consumers.

Food prices have been particularly impacted, with the cost of an average food basket rising by over 50% from September 2020 to September 2024. Additionally, high oil prices have driven up transportation costs, further contributing to the financial strain faced by South Africans.

As the cost of living in South Africa continues to climb, some individuals are turning to gambling in an attempt to make ends meet.

Many gamblers, especially those using online sports betting platforms, report that they are not engaging in gambling for entertainment purposes, but rather to help cover essential costs such as school fees, rent, and daily living expenses.

A survey by Bettabets showed that 70% of gamblers are doing so to supplement their income, with nearly half citing financial pressure as the primary motivation.

The rising cost of living is not unique to South Africa. Countries such as Cameroon, Zimbabwe, Mauritius, and Nigeria are also facing high living expenses, contributing to growing inequality and slower economic growth across the continent.

The Fraser Institute’s Economic Freedom Country Audit for Zimbabwe (EFCAZ) cited high inflation, unpredictable policies, restrictive licensing, and an inefficient judicial system as key economic challenges.

Speaking at the report’s launch in Harare, Fred McMahon, the Fraser Institute’s director for economic freedom studies, said that countries with more economic freedom tend to see higher economic growth.

“When people have the freedom to innovate, trade and invest, the entire economy benefits,” McMahon said. “Economic freedom is simply the ability of individuals and families to make their own economic decisions free of interference from government.”

McMahon said countries with higher levels of economic freedom not only grow faster but also experience sharp declines in poverty. He explained that as countries adopt market-friendly policies and ease regulatory restrictions, they create a better environment for job creation and wealth building.

“Zimbabwe has clearly had problems with inflation in the past,” he noted. “It’s interesting to come to any country and see the American dollar being used. I was just in Ecuador, where the American dollar is a national currency.”

He also highlighted inflation and restricted trade, business and labour policies as hindering factors to the growth of the country’s economy.  

“The optimal level of regulation is not zero,” he said. “But if regulation becomes overly burdensome, if it unnecessarily restricts the freedom of individuals to, for instance, get a job or businesses to hire or expand, that dramatically reduces not just economic freedom but the ability to build prosperity in the nation,” he was quoted .

"The important thing I want to point out is that the fourth review of the programme will start the day after tomorrow and the IMF team will start its work the day after tomorrow in cooperation with the Central Bank and the relevant ministries," Mostafa said.

The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt's current 46-month IMF loan programme. Initially approved in 2022, the programme was expanded to $8 billion this year to help Egypt navigate an economic crisis marked by high inflation and severe foreign currency shortages.

"We have demonstrated that support in April, when we have taken the decision to increase the size of our programme from $3 billion to $8 billion, recognising how conditions have become more difficult for no fault of your own, but because of the conflict in your neighbourhood," Kristalina explained in an AFP footage.

She explained that the IMF's third review was conducted because inflationary pressures were gradually easing and foreign exchange shortages had been addressed.

"Inflation is moving down, it peaked at 37% last year, now it is around 25-26%, but the trend is toward lowering it somewhere around 16-17% by the end of the fiscal year," she added.

Thailand’s Finance Minister Pichai Chunhavajira has highlighted the critical importance of maintaining an average inflation rate of around 2% to facilitate economic growth. Following a meeting with the Bank of Thailand regarding the 2025 inflation target, he affirmed that although the present range of 1-3% is acceptable, an inflation rate falling below 1% is simply intolerable. According to the Bangkok Post , Pichai underscored that a more robust inflation rate could catalyse stimulating domestic investment and consumption, thereby enhancing GDP growth. He stressed that it is crucial to align monetary policy with growth objectives. Conversely, Bank of Thailand Governor Sethaput Suthiwartnarueput cautioned against adopting a higher inflation target, which could lead to market instability. The final Monetary Policy Committee assembly of the year is slated for December 18.

Hazardous waste returns from Albania

In a separate development, a shipment containing 2,100 tonnes of suspected hazardous steel industry waste was returned to Albania from Thailand on October 28, after being denied entry into the country. This shipment was flagged by the Basel Action Network (BAN) and originally hails from Albania with the intent of being processed in Thailand. Concerns regarding the legitimacy of the shipment surfaced after a whistleblower's alert, resulting in Thailand's refusal to accept it. Upon its arrival in Durres, Jim Puckett, BAN's Director, has advocated for a comprehensive analysis of the waste to verify its hazardous characteristics and to pinpoint the accountable parties. Previous examinations in Thailand had revealed worrisome levels of toxic metals, prompting environmental apprehensions regarding the importing facility, reports World Cargo News .

Export gains from wood chips

In September 2024, Thailand exhibited a significant increase in wood chip exports, recording a year-on-year rise of 40%, reaching a total of 528.1 thousand tonnes, alongside an 8% increase in export prices, Lesprom reports.

Exports of recycled pulp decrease

Thailand's exports of recycled pulp encountered a 25% year-on-year decrease, falling to 179.9 thousand tonnes in September 2024, despite an 8% hike in prices for the exported pulp, as reported by Lesprom .

Student jets off to Thailand

Anani Nani, a student at the Durban University of Technology (DUT), has been selected to represent South Africa at the Asia Youth International Model United Nations (AYIMUN) in Bangkok, Thailand, from November 1-4, 2024. The conference, which carries the theme “Empowering Youth Diplomacy for Global Harmony,” aims to foster leadership and diplomatic skills among emerging leaders. Nani, who is the founder of INAN Aeroponics Farming and a scholar in Urban and Regional Planning, will participate in discussions at the Food and Agriculture Organisation (FAO) Council, focusing on sustainable agricultural practices in the face of climate change. According to The Witness , she intends to champion climate-resilient crops and Agri-tech solutions, drawing upon her academic insights and leadership experiences to address the agricultural challenges faced by South Africa amid climate fluctuations.

During the rally, Trump addressed a crowd of supporters, focusing much of his speech on criticising Harris. He described her as "slow" and "lazy," and questioned her intelligence.

"She’s not a smart person, she’s a low IQ person. Millions of Americans are suffering because of inflation, they're losing their jobs, they can’t afford housing, groceries or a car and yet Kamala is importing millions of illegals across our borders and giving them taxpayer benefits at your expense," Trump said.

Kamala on the other hand has described Trump as a fascist , consenting to the same comment from the latter's long-serving White House chief of staff, John F. Kelly who posits Trump is going to return as a dictator if given a second chance.

Additionally, Harris told an enthusiastic audience during a CNN-hosted town hall meeting on Wednesday, October 23 that Trump's political ambition is to create a comeback for the 'enemies within'.

“He's going to sit there, unstable, unhinged, plotting his revenge, plotting his retribution, creating an enemies list,” Harris told an audience outside Philadelphia.

South Africa's rand has strengthened against global currencies, trading at approximately R17.24 against the dollar, its best level since July 2023. This surge is expected to lead to further petrol price cuts, with projections indicating a decline in petrol inflation to around -20% year-on-year. As a result, overall inflation, which was at a three-year low of 4.4% in August, could see a reduction by about one percentage point, Media agency Independent Online reports. Despite these changes, Old Mutual's Izak Odendaal noted that the South African Reserve Bank is unlikely to cut interest rates in response to oil price declines, as they focus on the broader economic impacts rather than initial price shocks.

Ramaphosa speaks against apartheid

In his address at the United Nations General Assembly, President Cyril Ramaphosa affirmed South Africa's stance against apartheid, expressing solidarity with those facing oppression. He underscored the UN's vital role in advocating for human rights, the dignity of all individuals, and the need for an immediate ceasefire in the ongoing violence in Palestine. According to SA News , Ramaphosa announced plans for South Africa to submit a case to the International Court of Justice in 2024, accusing Israel of genocide.

South Africa's rand

On September 25, South Africa's rand rose to a 20-month high, trading at 17.22 against the U.S. dollar, marking a 0.3% gain. Analysts attribute this rally to positive sentiment following interest rate cuts by the South African Reserve Bank (SARB) and the U.S. Federal Reserve. Currency strategist Andre Cilliers predicts the rand will likely trade between 17.20 and 17.40. Investors are awaiting August producer inflation figures to gauge easing price pressures. CNBC Africa reported the Johannesburg Stock Exchange's Top-40 index climbed 1.5%, while the yield on South Africa's benchmark 2030 government bond increased slightly to 8.86%.

Electricity prices

Eskom, South Africa’s state-owned power utility, has requested a 36% increase in electricity prices for the 2026 financial year, significantly surpassing the country’s 4.4% inflation rate. This increase is deemed essential for addressing Eskom's financial challenges, including a debt of 400 billion rand (approximately $23 billion), Financial Post report indicates. Although the company has recently experienced fewer power cuts, it struggles with consistent electricity supply and long-term sustainability. Eskom has also proposed smaller price hikes of 11.8% for fiscal 2027 and 9.1% for 2028.

South Africa ranks among least secure nation

A recent Gallup poll indicates that South Africa ranks among the least secure nations, with 70% of citizens feeling unsafe walking alone. The country is in the bottom three globally, alongside Ecuador and Liberia. In contrast, Kuwait, Singapore, and Norway have significantly higher safety perceptions, with only 1% to 8% feeling unsafe. According to Africa.com , consistent low safety perceptions and confidence in police are noted in sub-Saharan Africa. Despite efforts to improve police visibility, South Africa faces high crime rates, including over 6,000 murders and 9,000 rapes reported between April and June 2024.

In the capital, Addis Ababa's biggest marketplace, Merkato, vendors and buyers cry wolf about the huge sums of money they need to sell their goods for and buy at respectively.

According to Abubakar Jemal, a shopkeeper who spoke to AFP, sales are slow due to the continuous increase in prices.

"When the cost of an item increases, the only option is to raise the price and sell it at a higher rate. As you can see, business has slowed down because of this. Since the dollar increased, the business has been slow," he stated.

Medanit Woldegebriel who is a clothes shop owner, detailed the exact price hikes her business had witnessed over the last few months. Holding onto a shirt from her collection she explained: "These shirts used to be 1500 birr ($13), and now they're 2500 birr ($21.5). It's the same for these sweaters; they used to be 1200 birr ($10.3), and now they're 1800 birr ($15.5)."

The National Bank of Ethiopia's decision to shift from a fixed to a market-based exchange rate, backed by the International Monetary Fund (IMF), has resulted in the Ethiopian birr losing 30% of its value. This move, aimed at stabilising the economy and attracting foreign investment, has had immediate and profound impacts on the cost of living.

The urban poor are among the hardest hit by these changes. With wages remaining stagnant, the increased cost of living has made it difficult for many to make ends meet. Pensioners and low-income workers are particularly vulnerable, as their fixed incomes are quickly eroded by inflation.

2007-2010

The original iPhone, launched in 2007, was priced at $499 for the 4GB model and $599 for the 8GB model, both requiring a two-year. This was a premium price at the time, reflecting the groundbreaking nature of the device. The iPhone 3G, released in 2008, saw a price drop to $199 for the 8GB model with a contract, making it more accessible to a broader audience.

2011-2015

As Apple continued to innovate, the prices of iPhones gradually increased. The iPhone 4S, released in 2011, started at $199 for the 16GB model with a contract. By 2014, the iPhone 6 and 6 Plus were introduced, with the base model starting at $649 without a contract. This period marked the beginning of Apple's shift towards higher pricing tiers, especially with the introduction of larger and more advanced models.

2016-2020

The iPhone X, launched in 2017, was a significant milestone, not just for its design but also for its price. Starting at $999, it was the first iPhone to break the $1,000 barrier for its higher storage variants. This trend continued with subsequent models like the iPhone XS and iPhone 11 Pro, which saw prices reaching up to $1,449 for the top-tier versions.

2021-2024

In recent years, Apple has diversified its iPhone lineup to include more budget-friendly options alongside its premium models. The iPhone SE, for instance, offers a more affordable entry point, starting at $399. Meanwhile, the latest iPhone 15, released in 2023, starts at $799. Despite the introduction of more affordable models, high-end iPhones, such as the iPhone 15 Pro Max, continue to command prices upwards of $1,099.

However, in 2024, the iPhone 16 is reportedly cheaper due to several strategic decisions by Apple. The model is sold at $799.

Inflation and market dynamics

When adjusted for inflation, the original iPhone's price of $499 in 2007 is equivalent to approximately $755 in 2024. This adjustment highlights that while nominal prices have increased, the real cost of iPhones has remained relatively stable , considering the significant advancements in technology and features over the years.