Great Britain's policymakers are considering placing price caps or ceilings on food products to keep inflation from harming the nation's consumers even more. Food price inflation is currently above 15% and other store items are up by 9% year-to-date. Food and energy prices did fall slightly over the previous month, but inflation remains stubbornly high.
Tag: government intervention
The EU Wants to Cut Off the World’s Biggest Diamond Producer from a Key Market (Micro News for May 20, 2023 – May 26, 2023)
European Union officials may soon announce additional sanctions on Russia due to the country's invasion of Ukraine. The EU plan is to ban the import of Russian diamonds. Russia currently exports $4 billion in diamonds every year, or about one third of the world's diamond exports. Russia is the world's largest exporter of diamonds and most of these diamonds are brokered through a diamond trading hub in Belgium.
Norway’s Government Steps in to End Oil and Gas Strike, Averting a New Energy Shock for Europe (Micro News for July 2, 2022 – July 8, 2022)
Norwegian oil and gas workers were forced back to work by the nation’s government after striking for a few hours over a compensation dispute. The strike shut down three oil fields and “could have halted almost 60% of Norwegian gas exports to Europe.” These fields generate approximately 89,000 barrels of oil per day. After Russia, Norway is Europe’s largest supplier of gas and oil.
Formula Maker: ‘This is a Crisis. We Can’t Flip a Switch and Make a Lot More Formula’ (Micro News for May 21, 2022 – May 27, 2022)
CEO of baby formula retailer Bobbie, Laura Modi, gets dozens of contacts per day from parents looking for baby formula. Modi has compassion for these parents, but cannot accept new customers at this time. Her suppliers are producing at full capacity and still cannot make enough formula to meet the current demand.
Pearson Economic News 