Venezuela raised regulated prices of 15 basic foods ranging from bread to beef by up to 50% and removed price controls from other goods in an attempt to ease sporadic shortages in supermarkets.
Despite the recent dip in prices soybeans keep attracting Argentine farmers who for the coming 2008/09 season are expected to dedicate a record area to the oilseed crop.
Argentina's foreign debt rating outlook was cut on Thursday to stable from positive by Moody's Investors Service, which cited heightened political volatility. This means Argentina's rating stands at B3, six levels below investment grade.
The 15 economies of the Euro zone contracted by 0.2% between April and June heightening fears the Euro area is sliding towards recession. The first decline since the Euro zone was created in 1999 was driven by a slowdown in exports and consumer spending.
United States consumer prices rose by 5.6% in the year to July, the fastest inflation rate for almost two decades figures show. US Labor Department reported consumer prices rose 0.8% last month after jumping 0.6% in May and 1.1% in June. The July number was double what economists had predicted.
Good and bad news from United States: while the June trade deficit helped by strong farm and manufacture goods exports fell to an unexpected 56.8 billion US dollars, the July federal budget deficit soared to 102.8 billion pushed by the economic stimulus payments and more outlays to protect depositors from failed banks.
A major Chinese government think-tank in Shanghai has proposed raising the country's inflation target for this year and next to 5 to 7%, from the current official target for this year of 4.8%, the official China Securities Journal said on Wednesday.
The International Monetary Fund said on Tuesday it will enter talks with countries whose exchange rates do not reflect economic fundamentals and cause problems for other nations and the global economy.
UK's annual rate of inflation rose to 4.4% in July, its highest level since records began in 1997. The 0.6% rise was also the biggest monthly change since records began and took the figure to more than twice the government's target.
Argentina and Brazil have established a standing consultation round to monitor the strong increase in Chinese imports which is causing concern in both countries manufacturing sectors, according to Brazilian sources.