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Hard Numbers: US inflation cools down, Russian oil prices heat up, global hunger grows, Pakistan gets relief
3: Annual inflation in the US continues to fall, coming in at just 3% in June, the lowest rate in more than two years. Still, core inflation — which sets aside volatile costs for energy and food — is still at 4.8%, far above the Fed’s target of 2%.
60.32 The price for a barrel of Russian oil hit $60.32on Wednesday, cracking the $60 price cap that the G7 has tried to impose on Moscow since December. A major factor in the price bump was last month’s decision by the OPEC+ group of oil producers to cut production in order to raise global prices.
783 million: As many as 783 million people — nearly 10% percent of the global population — faced hunger last year, according to the UN. That number rose by more than 120 million since the last study in 2019. Conflict, climate fluctuations, and pandemic-related economic hardships were to blame.
3 billion: Pakistan on Wednesday won approval for a long-awaited $3 billion bailout from the IMF, while also getting a check for $1 billion from the UAE. This came just a day after the Saudis put $2 billion in the Pakistani Central Bank. Pakistan is mired in one of its worst financial crises in recent memory and has neared default several times already this year.