Inflation holds the key to whether the global economy will sink or swim next year – so it’s little surprise that so much research is being done on what consumer inflation is likely to do next year, and why. We got a taste of this when South Africa’s consumer price inflation rate overshot expectations this week, not long after the US consumer inflation came in below expectations. In South Africa, core inflation was the main source of the upside surprise, says Absa chief economist Peter Worthington. If core inflation remained at current levels, food and/or energy price increases would need to be significantly negative to see headline inflation break below 2%. Third-quarter data in the US show that demand-driven price pressures have been broadly stable for a few quarters, it says.
North Korea fired two short-range ballistic missiles (SRBMs) toward the East Sea on Friday, the South Korean military said, as Seoul's major military exercise drew to a close. South Korean officials believe the ICBM failed in flight, Yonhap news agency reported, without elaborating. North Korea has had several failed ICBM tests this year, according to South Korean and U.S. officials. The United States condemned North Korea’s ICBM launch, State Department spokesman Ned Price said in a statement. About an hour after the first launch, South Korea’s military and the Japanese coast guard reported a second and third launch from North Korea.29 days ago Daily Maverick
People watch a television broadcast showing a file image of a North Korean missile launch at the Seoul Railway Station on October 28, 2022 in Seoul, South Korea. North Korea fired two short-range ballistic missiles (SRBMs) toward the East Sea on Friday, the South Korean military said, as Seoul's major military exercise drew to a close. The missile landed outside South Korea’s territorial waters, but south of the Northern Limit Line (NLL), a disputed inter-Korean maritime border. South Korean warplanes fired three air-to-ground missiles into the sea north across the NLL in response, the South’s military said. North and South Korea are technically still at war because their 1950-53 conflict ended in a truce, not a peace treaty.1 month ago Daily Maverick
South Korea’s military also raised its alertness level, Yonhap News Agency reported. An air raid alarm was sounded in South Korea’s Ulleung county around at 8:55 a.m. Wednesday, TV broadcaster YTN reported. The largest single-day ballistic missile barrage had been on June 5 of this year when North Korea fired eight short-range missiles from four locations within about 35 minutes, South Korea’s military said. North Korea Warns US With ‘Powerful Measures’ After DrillsSince the end of September, when the USS Ronald Reagan aircraft carrier group was in the region for exercises, North Korea has fired one of its biggest barrages of missiles under Kim, including two short-range ballistic missiles that were tested Oct. 28. Russia and China, two long-time partners of North Korea, have veto power at the UN Security Council and have shown no intent to punish Kim with extra sanctions.1 month ago Daily Maverick
GUNSAN, SOUTH KOREA - OCTOBER 31: In this handout image released by the South Korean Defense Ministry, South Korean Air Force KF-16 fighter jets are seen on the runway during the "Vigilant Storm" U.S.-South Korea joint aerial drill at Gunsan Air Base on October 31, 2022 in Gunsan, South Korea. Lee said North Korea also appears ready to conduct a nuclear test but declined to predict when it might happen. In the communique, the allies agreed to enhance their military exercises more broadly and strengthen their defenses against North Korea. Tabletop ExerciseThey said the US and South Korea will now run an annual tabletop exercise that will include a scenario in which North Korea uses a nuclear weapon. North Korea earlier this week threatened to take “powerful measures” if the US didn’t halt military drills with partners including South Korea, firing off at least 23 missiles on Wednesday.29 days ago Daily Maverick
Sometimes frustrating, sometimes baffling, even after 26 years as a hack, there are few dull days in the parliamentary corridors. A tale of falling in love, also with this Klein Karoo dorpie, and selling up to pursue a golf-food-lifestyle tourism project. Visit Daily Maverick’s home page for more news, analysis and investigationsWord is that it’s cheaper to drive about 453km to Cape Town for salmon than to George – that’s about 95km away. Perhaps that’s an indication of the skyrocketing southern Cape prices as Joburgers and others trek there for remote working. That could be opening up outside opening hours for a gin tasting at Grundheim, outside Oudtshoorn, where the boegoeblits and African botanicals-infused vermouth is something else.26 days ago Daily Maverick
They will be confident of beating even more unfancied Qatar and inflicting a first defeat on hosts in a World Cup opener. Senegal are one of three African nations to have reached the World Cup quarterfinals. Qatar hosted the Arab Cup in December at the World Cup stadiums, with Tunisia reaching the final before losing to Algeria. Before that, the Germans reached at least the semifinals in every World Cup or European Championship from 2006 to 2016. The Indomitable Lions have been to five World Cup tournaments since 1990 but have won only one of 15 games.19 days ago Daily Maverick
Nathan Taverniti said he is now acting as guardian for the body of the dead woman, who was 12 days shy of her 24th birthday. Two other Australian friends in their group of four, who went out to enjoy the Halloween celebrations in central Itaewon district, were also caught up in the disaster with one sill in intensive care. The horror unfolded on Saturday night when a sea of mostly young people became jammed in a crowd crush believed to have been sparked by revellers flocking to see a local celebrity nearby. Mr Taverniti said he tried to grab his friend out of the suffocating chaos but wasn't able to. Sydney woman Julia Cho, was one of four friends with Mr Taverniti, has also shared her experience on TikTok.1 month ago Daily Mail