Brazil's Central bank raised its benchmark interest rate this week for the second time in less than two months to curb resurgent inflation and prevent overheating of the world's tenth biggest economy.
Chile's Consumer Price Index soared 1.2% in May, far above forecasts (0.6%), and the highest since May 1994 (1.4%) and also the most significant monthly variation since March 2003, according to the country's Statistics Office.
The Permanent Commission of the Argentine Episcopal Conference called on Thursday for a gesture of greatness from the government and the farmers to help put an end to the three month long conflict which is rapidly becoming into a serious confrontation and threatens social peace.
The United Nations World Food Programme said on Wednesday that it will provide 1.2 billion US dollars in additional food aid in the 62 countries hit hardest by the current crisis resulting from the surge in food and fuel prices.
Federal Reserve Chairman Ben Bernanke said Wednesday that long term inflationary expectations are concerning but he does not believe the United States will experience the out-of-control prices seen with 1970s oil shocks.
Despite Chilean President Michelle Bachelet's announcement of a one billion US dollars subsidy boost, Chile's Confederation of Truck Drivers, CNDC, said that demands for fuel tax relief have not been met.
Brazilian aircraft manufacturer Embraer is participating in preliminary negotiations to sell the U.S. government eight 314-B1 Super Tucano light attack and training planes for use in Iraq, the company said Monday, according to press reports from Brazil.
U.N. Secretary General Ban Ki-moon will issue an urgent plea to world leaders at a food summit in Rome on Tuesday to immediately suspend trade restrictions, agricultural taxes and other price controls that have helped fuel the highest food prices in 30 years, according to U.N. officials.
Consumer prices in Uruguay during May increased 0.87%, accumulating 4.10% in the first five months of 2008, according to the country's Statistics Institute (INE), latest release. The index is higher than the average forecasted by 28 Central Bank consultants that anticipated 0.7%.
The European Central Bank president Jean-Claude Trichet set the tone at the ECB's 10th anniversary event by warning that bad management of the oil crisis in the 1970s (meaning large wage rises and low interest rates) seriously hurt the economy and jobs, and that the errors of the past must not be repeated. This anniversary is no time for complacency, Trichet said.