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Factbox-Government measures to ease inflation pain

Factbox-Government measures to ease inflation pain
© Reuters. Figurines are seen in front of displayed stock graph and word “Inflation” in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration

 

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(Reuters – Pandemic-related disruptions to global supply chains and the knock-on effects of Russia’s war in Ukraine have combined to drive up prices of energy, commodities and basic necessities.

Below is a list of some of the actions taken by governments aimed at offering relief to hard-hit consumers and companies:

AMERICAS:

* The United States is considering using the Strategic Petroleum Reserve to push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter said. The administration has offered debt relief to former students, besides the $430 billion “Inflation Reduction Act”.

* Brazil’s oil giant Petrobras will cut natural gas prices for distributors in the country from November. It already cut fuel prices multiple times this year, while in July the government raised welfare payments.

* Argentina’s government will from November raise the income tax threshold.

* Mexico reached a deal with foodmakers and retailers to waive some regulatory requirements to halt rising food prices. The president also said the size of a planned minimum wage hike in 2023 would depend on inflation.

* Canada announced a C$4.5 billion ($3.26 billion) relief package in September.

* Chile in July announced a $1.2 billion aid plan.

EUROPE:

* EU leaders backed proposals to launch an alternative price benchmark for liquefied natural gas and voluntary joint gas buying, but couldn’t agree on a bloc-wide gas price cap.

* Germany plans to cap on electricity prices for households and industry. It has also set out a 200-billion-euro ($194.78 billion) “defensive shield” including a gas price break and in September agreed to nationalize gas importer Uniper.

* The Czech parliament has approved raising this year’s budget deficit by a third as the government seeks more funding for inflation relief.

* Poland will cap electricity prices for small businesses, hospitals and households in 2023, and also raise the minimum wage twice.

* Portugal’s electricity regulator will limit electricity price rises to 2.8% next year for hundreds of thousands of households and small businesses. The government has also cut VAT on electricity.

* Belarus banned consumer price rises from Oct. 6.

* Hungary extended a freeze on retail mortgage interest rates until the end of June.

* France is fully nationalising nuclear energy group EDF (EPA:EDF) and will cap household power and gas price increases at 15% next year.

* Ireland dipped into its surplus budget to fund an ease in energy costs.

* Denmark in September agreed on a 5.05 billion Danish crowns ($661.27 million) package.

* Britain is capping wholesale electricity and gas costs for businesses, and helping households.

* Greece will pay out a further 1.1 billion euros in power bill subsidies in October.

* Norway will spend 3 billion Norwegian crowns ($280.50 million) in loans and subsidies to businesses, and is supporting households with electricity bills.

* Italy in September approved a package worth some 14 billion euros.

* Spain slashed VAT on gas from October.

* Croatia has capped electricity prices until March.

* Finland and Sweden offered liquidity guarantees to power companies.

ASIA:

* The Philippines plans to start selling refined sugar to consumers at a fixed price.

* Japan will put together another package by end-October, having already announced a record minimum wage hike and a $103 billion relief bill.

* Thailand has extended a diesel tax cut and energy subsidies and raised the minimum wage.

* India on Sept. 8 restricted exports of rice to boost supply and calm local prices.

* Indonesia’s government on Sept.14 ordered regional heads to keep food inflation below 5%.

* Malaysia expects to spend a record 77.3 billion ringgit ($16.32 billion) in aid this year.

AFRICA AND MIDDLE EAST:

* South Africa cut the petrol pump price from Oct. 5, adding to a previous cut announced in July.

* Tunisia’s government has signed a deal with a major labour union to raise public sector pay and the minimum wage.

* Botswana in July cut VAT by 2% for six months.

* Turkey in July raised its minimum wage by about 30%, adding to the 50% rise seen at the end of last year.

* Saudi Arabia and the United Arab Emirates in July raised social welfare spending.

($1 = 1.3814 Canadian dollars)

($1 = 1.0268 euros)

($1 = 25.1720 Czech crowns)

($1 = 7.6368 Danish crowns)

($1 = 10.6950 Norwegian crowns)

($1 = 4.7360 ringgit)

Source: Investing.com

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