global markets are eagerly waiting for the latest us inflation numbers and whether they will give any indication the rate has peaked. last week there was unexpectedly strong us jobs data which added to expectations the world s biggest economy is able to withstand a sharp interest rate rise by the federal reserve. but if inflation continues to soar it could change the likelihood of an aggressive big hike by the central bank. here s our north america business correspondent michelle fleury. after yea rs of no after years of no or at least hardly any inflation in the us, the past 12 months have seen consumer prices bugging sharply. the annual headline rate was 9.1%, the highest level for a0 years. economies expect the rate to call slightly to 8.7%. if that is the case that was ignored some welcome relief for us consumers and there are signs that americans do not expect inflation to continue at these levels for long. in addition, congress is about to pass the inflation reduction a
elsewhere are facing similar challenges, aren t they? good morning- challenges, aren t they? good morning. thank challenges, aren t they? good morning. thank you challenges, aren t they? good morning. thank you for - challenges, aren t they? goodi morning. thank you for having me. absolutely. what we re talking about is a global rising energy prices, whether you re talking about oil or national gas, in europe we confronted with a very volatile gas price because we are in more proximity to russia and continental europe is heavily reliant on russian gas but not so much in the uk, only a% comes from russia. all of these prices are affected by international markets and are such a demanding competition for gas around the world at the moment because russia is withholding the gas supply and if you look at the inflation numbers, more than half of that is driven by energy prices so a very serious situation.- very serious situation. series consents very serious situation. series consents
when you want to compare more prices. in times when you don t care about how much you pay that much, i mean, comparing prices as less useful than when you actually care a lot about prices, so that is why i am. we are slightly on the positive side, looking into the future, but the overall travel activity is likely to come under pressure. is likely to come under pressure- is likely to come under ressure. ., , ., pressure. in general, your industry pressure. in general, your industry has pressure. in general, your industry has been - pressure. in general, your industry has been throughi pressure. in general, your- industry has been through such a vehicle few years and that will carry on. the summer has been really huge in demand, but that has presented some challenges. do you think we will see more fallout? more companies going under in the travel sector? i don t think so, i would be more optimistic. what you can clearly see right now in the travel industry but also in the world over
expect the rate to call slightly to 8.7%. if that is the case that was ignored some welcome relief for us consumers and there are signs that americans do not expect inflation to continue at these levels for long. in addition, congress is about to pass the inflation reduction act which at least for a short time should ease pressure on prices. the president has been keen to talk up the help to consumers and the new investments in green energy and healthcare will bring. £31 green energy and healthcare will bring- will bring. of us will not see this kick will bring. of us will not see this kick in will bring. of us will not see this kick in for will bring. of us will not see this kick in for a will bring. of us will not see this kick in for a little - will bring. of us will not see this kick in for a little bit - this kick in for a little bit but it is all good. it will lower, when you sit down at the electricity table at the end of the month, there will be more from your bills.