Falling interest rates and rising demand for basic materials and foodstuffs is an almost guaranteed recipe for inflation, and price pressures were evident around the world on Wednesday.
In the United States, the March Consumer Price Index showed a 4.0% year-on-year rise, reflecting soaring food and energy costs, while inflation statistics in the European Union and China also showed serious increases.
In Washington, the U.S. Labor Department said the CPI, which measures the prices of a mix of consumer goods and services such as transportation, energy, food and medical care, resumed its rise in March after a flat reading in February. (See: "February's Pleasant CPI Surprise") Overall, prices rose 0.3%, while core inflation, which strips out volatile food and energy prices, rose 0.2%, in line with forecasts of economists polled by Thomson Financial.
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