ECOTOP

US Vegetable Prices Soar Nearly 40% as Water Cuts Crush Supply

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California, the top agriculture state in the US, has faced drought this year that led to $3 billion worth of losses. And in Florida, which is the top US supplier of fruits and vegetables in the fall and winter months, experienced a storm that cost the produce industry in the state nearly $2 billion.

Fed Rate Increases to Persist Until Inflation Eases, Barkin Says

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“Inflation should come down, but I don’t expect its drop to be immediate nor predictable,” said Barkin, who isn’t a voter on the rate-setting Federal Open Market Committee this year. “Significant shocks simply take time to dampen,” he said, referring to the disruptions created by the Covid-19 pandemic, supply-chain snarls, and Russia’s invasion of Ukraine.

BOE Steps Back Into Bond Market to Restore Stability

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The move was recommended by the Financial Policy Committee, amid fears of a “material risk” to financial stability if the dysfunction continued. “This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy,” the BOE said. It is not a monetary policy decision.

IMF Tells UK to ‘Re-Evaluate’ Tax Cut as Global Criticism Mounts

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(Bloomberg) — The International Monetary Fund criticized the UK’s package of tax cuts and other steps as “untargeted” and said the measures are likely to increase inequality, weighing in after the plan sent the pound to a record low.

This Is What Life’s Like in the World’s Strictest Covid Zero City

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Seven times since last March, Ruili—on China’s Myanmar border—has felt the full force of Xi Jinping’s Covid Zero policy.

ADB Cuts Developing Asia Growth View on Slowing China Expansion

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The region is seen expanding 4.3% this year, according to the bank’s Asian Development Outlook Update released Wednesday, compared with a 4.6% projection in July. Growth in China, the largest economy in Asia, is expected to be slower at 3.3% against a 4% expansion seen previously.