The world this week - BusinessAmerica’s annual inflation rate stood at 5.3% in August, down slightly from the 13-year highs of the previous two months.There was some evidence that inflationary pressures may be levelling off, such as an easing of prices for used cars, which have driven some of this year’s inflation because of supply-chain problems in new-vehicle production.Britain’s inflation rate, meanwhile, surged from 2% to 3.2%, partly because of a jump in the cost of eating out, which was artificially lowered a year ago by a government pandemic scheme that subsidised restaurant meals.In Canada inflation rose to 4.1%, an 18-year high.Soaring energy prices are a factor pushing up inflation.Prices for natural gas have hit new highs in Europe for a variety of reasons, including a supply shortage ahead of the coming winter.In Spain, where consumers’ energy costs have soared, the government wants to seize what it describes as “excess profits” from utility companies to reduce household bills.The controversial Nord Stream 2 pipeline was completed, allowing Russia to bypass Ukraine and pump more gas to Europe.Russia says it can start delivering gas once the “remaining formalities” are completed.CMA CGM, one of the world’s biggest container-shipping firms, took the industry by surprise when it announced a five-month cap on spot rates for ocean freight.
