Growth moderated in most major economies (except the eurozone) in thethird quarter of 2024 even as inflation remained stubborn in some.

Consumer price inflation picked up in the United States (US) in October,buoyed by unchanged core inflation as shelter costs stayed elevated. Euroarea inflation increased sharply, aided by core inflation remaining athigher levels. This indicates navigating the last mile of inflation continuesto be a policy challenge.

There are significant upside risks to the inflation outlook, with likelytariffs on imports into the US expected to increase inflation in thecountry. In case trading partners retaliate, inflation could rise in othereconomies globally as well.

• Donald Trump’s re-election as President may mean a slower pace ofrate cuts in the United States next year
  
• China announces a $1.4 trillion debt-swap programme to curb hiddendebt
  
• Energy prices rise 2.4% on-month in October, driven by higher crudeoil and coal prices