• Growth moderated in the United States (US) and the United Kingdom (UK) in the third quarter
  
• Manufacturing activity remained in contraction mode in China
  
• International oil price saw a sharp double-digit growth on-month

The delta strain of Covid-19 has led to changes — or delta — in the pace of economic growth across the world in the third quarter. In areas where its spread was relentless, such as the US, gross domestic product (GDP) growth moderated. Europe witnessed a slight acceleration.

Along with Covid-19, rising energy prices are dominating the headlines. In October, Brent crude oil hit a seven-year high. Higher fuel prices are clearly feeding headline inflation in major advanced economies, where retail prices, too, reached multi-year highs. However, major central banks in the US, the UK and Europe reiterated that the price rise is transitory.