Escalating the fight against inflation, US Federal Reserve recently raised interest rates by 75 bps for the third consecutive time. Almost every big economy in the world, including India, is battling the scourge of price rise
Escalating the fight against inflation, the US Federal Reserve recently raised interest rates by 75 basis points for the third consecutive time. Almost every big economy in the world, including India, is battling the scourge of price rise. A look at the measure various governments across the world are taking to cope with the triple tsunami of the Covid pandemic, rising food and fuel prices and the devastating Russia-Ukraine war. (Image: News18 Creative)
In India, import duty reduced on raw materials and inputs for the steel and plastic industry, excise tax cut of Rs 8 a litre on petrol and Rs 6 a litre on diesel. Government to bear shortfall of Rs 1 lakh crore due to the cut. (Image: News18 Creative)
In April 2022, Japan unveiled $103-billion relief package, including subsidies to gasoline wholesalers and cash payouts to low-income households with children. (Image: News18 Creative)
20.6 million households to receive cash handouts in Indonesia and $1.6 billion of fuel subsidy budget reallocated towards welfare spending. (Image: News18 Creative)
Malaysia to spend a record $17.25 billion in subsidies and cash aid this year to temper the effects of rising prices, Turkey increased the minimum wage by about 30 percent and South Africa has cut the pump prices of fuels announced in July. (Image: News18 Creative)
UAE doubled financial support to low-income Emirati families and Saudi Arabia’s King Salman ordered the allocation of $5.33 billion for welfare schemes. (Image: News18 Creative)
The US Federal Reserve raised its key rate by another 0.75 percentage points, lifting the target range to 3 percent to 3.25 percent, forecasts 4.4 percent by the end of the year and a further rise in 2023. (Image: News18 Creative)
Brazil raised social welfare payments. A 7 percent cut in refinery-gate gasoline price announced by Petrobras, Brazil’s largest oil firm in late August. (Image: News18 Creative)
In July 2022, Chile announced a $1.2-billion aid plan, including labour subsidies and one-time payments of $120 for 7.5 million of its 19 million residents. (Image: News18 Creative)
Austria plans to partly reimburse consumers for the cost of power from December 1. Households to receive on average about €500 a year. (Image: News18 Creative)
France caps increases in electricity price at 4 percent until at least the end of the year. (Image: News18 Creative)
For students and welfare recipients, Germany doubles the usual lump-sum payment to assist with heating private homes. (Image: News18 Creative)
Spain and Portugal’s €8.4 billion plan to reduce wholesale electricity prices approved by the EU in June. This could save households 15 percent to 20 percent on their energy bills. (Image: News18 Creative)
Poland announced one-off payment of about €630 for each coal-burning household, as the country relies heavily on coal for domestic heating. (Image: News18 Creative)
The Netherlands announced one-off energy subsidy of €1,300 to the lowest-earning households. (Image: News18 Creative)