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Oil prices hit 7-year high amid tight supply
Brent crude oil hit $88.13 a barrel and US Texas Intermediate crude prices reached $85.74 a barrel
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US consumer prices surge, inflation close to peaking
In 12 months through December 2021, the CPI rose seven percent, the biggest increase since 1982
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World food prices hit decade peak in 2021
The Food and Agriculture Organization’s food price index averaged 125.7 points in 2021
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US jobless claims drop below 200,000
The numbers imply that the rapidly-spreading omicron variant has yet to trigger a wave of layoffs
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World economic output set to surpass $100 tln for first time
China is also expected to lag slightly in surpassing the United States as the world’s largest economy
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Federal Reserve to stiffen inflation response
Employment in the US, as well as inflation rates, blew past the Fed’s most recent projections
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Covid, supply chain issues to slow Germany's economy in 2022
For 2021 as a whole, Germany's economic growth is set to come out at 2.5 percent
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IMF chief says China's economic growth 'slowing notably'
Georgieva praises China's economic recovery, but notes 'growth momentum has been slowing notably'
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Goldman Sachs reduces US GDP growth forecast over omicron
Goldman Sachs lowered their full year US GDP growth predictions to 3.8 percent
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Pandemic to cost global tourism $2 trillion in 2021: UN
Sector struggling to recover from health crisis as situation remains 'very unpredictable'
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US challenges OPEC+ with release of oil from reserves
The move is an effort to cool oil prices as OPEC+ producers ignore calls to pump more crude oil
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JPMorgan sues Tesla for $162m
JPMorgan is accusing the electric car company of “flagrantly” breaching a contract related to stock warrants
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McKesson, drug firms face $95 billion opioid crisis trial
Washington was one of eight states which elected not to join a $26 billion nationwide settlement
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US travel sector braces for influx of vaccinated visitors
Lack of travel from the restricted regions led to an estimated $300 billion in lost income for the US
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American Airlines cancels 1,400 flights due to staff shortages
The major US airline canceled 376 flights on Friday, 551 on Saturday, 480 on Sunday
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Covid delta wave slowed third quarter economic growth in US
However, economists are confident growth will pick up at the end of 2021
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Fuel crisis smites China’s economy, threatens Europe’s firms
The fuel crisis is threatening supply chains around the world
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EU reveals 'targeted' measures to ease energy prices
The Commission also urged EU countries to make it easier for consumers to have access to energy information
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IMF supports chief against tampering allegations
Georgieva embraced the IMF's decision and denounced allegations against her as 'unfounded'
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US holiday purchases to be hit by delays and price hikes, says Fed official
Federal Reserve official calls for more to be done to boost the workforce