NEW YORK: The world is facing a synchronised inflation outbreak as food and energy prices surge in Asia, a shift from just a few months ago when the region appeared to avoid the price fever gripping the United States and parts of Europe.
Inflation readings across the region – China, India, Indonesia, the Philippines, Thailand and South Korea – recently rose more than forecast, while New Zealand yesterday hiked rates by the most in 22 years over price worries. And accelerating manufacturing costs suggest the worst is yet to come.
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