News in Brief
IEA: Global oil demand to hit record high
OIL PRICE – Global oil demand will hit new highs and is expected to average 102.2 million barrels per day (bpd) this year, driven by summer air travel, strong Chinese petrochemical activity, and higher oil use in power generation, the International Energy Agency (IEA) said on Friday.
World oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70% of growth, the agency said in its closely-watched Oil Market Report (OMR) for August.
US CPI rises 3.2% in July
BLOOMBERG – Consumer prices in the United States showed a faster year-over-year increase in July compared to the previous month’s annual gain, according to the latest data from the Bureau of Labor Statistics.
The Consumer Price Index (CPI) rose 3.2% in July over the prior year, a slight acceleration from June’s 3% annual increase.
Turkey’s
inflation
will fall
permanently:
Minister
REUTERS – Turkey aims to lower soaring inflation permanently after a transitional period where prices remain high, Finance Minister Mehmet Simsek said in an interview with the Yeni Safak newspaper.
“Our goal is to bring down inflation permanently after a transitional period,” Simsek said. The sustained price pressure, driven by a drop in the lira currency and tax hikes, comes as President Tayyip Erdogan’s new Finance Minister Simsek and central bank chief orchestrate a policy U-turn, including interest rate hikes, that are expected to slow domestic demand.