G20 economies agreed to pace interest rates to avoid ‘cross-country spillovers’

By Deena Zaidi
CTV News
November 17, 2022
Category: Finance & Economics
Region: Canada, United States

World leaders of the Group of 20 this week concluded a two-day summit in Indonesia at a time when nearly all member nations are battling sky-high inflation rates. While it stayed steady in Canada in October compared to the previous month, inflation remains stubbornly high across many G20 nations and is yet to fall to pre-pandemic levels. Through a declaration, the G20 economies agreed to pace interest rates to avoid any “cross-country spillovers.” So far, Argentina tops G20 economies with a staggering inflation rate of 88 per cent in October, surpassing Turkiye’s at 85.5 per cent. Amongst the advanced G20 economies, the U.K. faces the second-highest inflation of 11.1 per cent, after Italy recorded 12.8 per cent in October 2022. Canada’s current inflation rate was 6.9 per cent in October, matching the 6.9 per cent recorded in September.

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