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The Israeli occupation targets Deir Keefa in South Lebanon with 2 surface-to-surface missiles
Philippe Lazzarini: The famine in Gaza is a direct result of banning food and other basic supplies for months including from UNRWA .
Philippe Lazzarini: The spread of famine can still be controlled by a ceasefire and allowing humanitarian organizations to do their work and reach starving people with aid.
The United Nations on the Israeli-induced famine in Gaza: The starvation of civilians for military objectives is a war crime.
UNRWA Commissioner-General Philippe Lazzarini: famine is now confirmed in Gaza city. This is starvation by design and manmade by the Government of Israel.
More than 30 people have been martyred in Gaza since Friday dawn in Israeli bombardment targeting refugee camps throughout the blockaded strip.
Al Mayadeen correspondent: The Israeli occupation forces are carrying out demolitions of residential buildings in Gaza's al-Tuffah neighborhood amid intensifying airstrikes.
Israeli media: A man is critically wounded from a shooting near Malachi Hashalom between Ramallah and Nablus, and ambulance crews are on their way to the scene.
Al Mayadeen correspondent: One person was martyred in an Israeli airstrike that targeted a motorcycle in southern Lebanon's Deir Saryan.
Al Mayadeen's correspondent to Southern Lebanon: An Israeli drone strike on a motorcycle in the town of Deir Saryan left one civilian injured

Sweden hikes interest rates as decades-high inflation hits country

  • By Al-Mayadeen English
  • Source: Agencies & Al-Mayadeen
  • 20 Sep 2022 16:24
2 Min Read

Staggering inflation forces Sweden into the biggest hike in interests since 1993.

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  • Sweden hikes interest rates as decades-high inflation hits country.
    Sweden hikes interest rates as decades-high inflation hits the country.

Amid the highest inflation rate hitting the country since 1991 of 9.0 recorded in August, the central bank of Sweden announced on Tuesday an interest rate hike of 1 percentage point, the biggest since 1993.

In a statement, Sweden's Riksbank said, “The development of inflation going forward is still difficult to assess and the Riksbank will adapt monetary policy as necessary to ensure that inflation is brought back to the target.”

Sweden's Riksbank warned that inflation is too high stating, “Rising prices and higher interest costs are being felt by households and companies, and many households will have significantly higher living costs,” adding that it would be even more painful for Swedish households if inflation remains at such high levels.

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The bank also announced that the rate "will continue to be raised in the coming six months" and now expects the economy to shrink by 0.7% next year.

Earlier, the Swedish statistics agency revealed that power costs were up 29% in August. Energy prices have been driving other costs of living upward, also leading food prices to rise for nine months in a row.

Sweden, which has the highest gasoline prices in Europe, announced a temporary tax decrease in March as part of a $1.5 billion package of measures.

Central Banks worldwide have been battling against high inflation rates, as factors such as rising energy prices and Covid residual imbalances have been pressing the economies with no signs of relief in the short-term.

Read more: Swedish right coalition parties set to form gov. after elections win

  • Sweden
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  • economics
  • Europe

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