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Factbox-Government measures to ease inflation pain

Economy Sep 27, 2022 09:16AM ET
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© Reuters. A person arranges groceries in El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger
 
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(Reuters) - Pandemic-related disruption 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:

* U.S. President Joe Biden urged companies running gas stations, banks and cell phone services to lower consumer costs. In August, the government offered debt relief to former students and unveiled the $430 billion "Inflation Reduction Act".

* Mexico's president said he had agreed with companies to maintain prices of basic food items.

* Brazil's oil giant Petrobras cut fuel prices multiple times this year. In July, the government slashed fuel taxes and raised welfare payments.

* Canada on Sept. 13 announced a C$4.5 billion ($3.29 billion) relief package.

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

EUROPE:

* The European Union plans to raise more than 140 billion euros ($134.93 billion) for inflation relief by skimming off revenues from low-cost electricity generators and making fossil fuel firms share windfall profits.

* France is in the process of fully nationalising power group EDF (EPA:EDF). It will also cap household power and gas price increases at 15% next year, and in August passed a 20-billion-euro relief bill.

* Denmark on Sept. 23 agreed on a package worth 5.05 billion Danish crowns ($654.85 million), adding to previous measures.

* Britain will cap wholesale electricity and gas costs for businesses at less than half the market rate. In September, it announced a plan to help households.

* Germany agreed to nationalise gas importer Uniper. In early September, the government announced a 65-billion-euro-package for consumers and businesses.

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

* Hungary extended price caps on fuels and basic foodstuff until the end of the year.

* Norway agreed to spend 3 billion Norwegian crowns ($279.69 million) to help businesses. It is also helping households with electricity bills.

* Italy on Sept. 16 approved a package worth some 14 billion euros.

* Poland will spend over 30 billion zlotys ($6.07 billion) to freeze power prices and support companies. It will also raise the minimum wage twice next year.

* The Czech Republic will cap electricity and gas prices next year.

* Portugal cut VAT on electricity and provided one-off payments for workers, families, and pensioners.

* Spain will slash VAT on gas to 5% from 21%, starting from October.

* Croatia will cap electricity prices from Oct. 1 until March.

* Finland and Sweden will offer liquidity guarantees to power companies.

ASIA:

* China will release its fourth batch of pork reserves for the month this week to cool prices.

* Vietnam plans to cut the special consumption tax and VAT on fuels.

* Thailand on Sept. 13 extended a diesel tax cut and energy subsidies and raised the minimum wage.

* India on Sept. 8 restricted exports of rice. It has also set up a panel to review pricing of locally produced gas.

* Japan will present another package in October, adding to a record minimum wage hike and a $103 billion relief bill unveiled in April.

* 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 ($16.77 billion) in aid this year.

AFRICA AND MIDDLE EAST:

* Tunisia's government on Sept. 15 signed a deal with a major labour union to raise public sector pay and the minimum wage.

* Egypt on Aug. 30 announced a package to clear a backlog of goods in ports and help reduce commodity prices.

* South Africa in July announced a cut in the pump prices of fuel.

* 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 = 1.3684 Canadian dollars)

($1 = 1.0376 euros)

($1 = 7.7117 Danish crowns)

($1 = 0.9256 pounds)

($1 = 10.7263 Norwegian crowns)

($1 = 4.9399 zlotys)

($1 = 4.6090 ringgit)

Factbox-Government measures to ease inflation pain
 

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Scot House
Scot House Sep 27, 2022 9:18AM ET
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Biden “asking” businesses to lower prices. This is all you need to know about his competence.
 
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