America’s annual inflation rate climbed again in September, to 5.4%, having dipped slightly in August. In its latest outlook on the world economy the IMF said that rising inflation reflected “pandemic-related supply-demand mismatches and higher commodity prices”, and warned that central banks would need “to walk a fine line” between tackling inflation and supporting post-pandemic economic recovery.
All at sea
Battling a supply-chain crisis that has caused a backlog of imports, a factor contributing to inflationary pressures, Joe Biden announced that the port of Los Angeles would operate 24 hours a day. Along with the port of Long Beach (which is already open 24 hours) the complex is the biggest entry point in America for products from China and South-East Asia. Big retailers and logistics companies, such as Walmart, pledged also to work longer hours to keep goods flowing.
Apple’s share price fell sharply amid…