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It was another milestone day for inflation news.U.S. prices rose, data released today showed Fastest speed in nearly 40 years In December, it exacerbated the Fed’s concerns that inflation was not temporary.

Data showed that the US inflation rate reached 7%, the largest year-on-year increase since June 1982.A day earlier, Federal Reserve Chairman Jay Powell warned that this pace of cost-of-living growth, if sustained, would be “serious threat” Recovery of U.S. jobs.

America is not alone. Inflation in rich countries has soared to its highest level in 25 years. The annual growth rate of consumer prices in the OECD group of developed countries reached 5.8% in November, According to data Released yesterday, it was up from 1.2% in the same month last year and was the highest since May 1996.

Today, we also have an in-depth look at the impact of inflation on companies.British budget hotel operator Whitbread forecasts average inflation in the hospitality industry to be between 7% and 8%, warning that rising energy and wage costs will mean higher house prices this year’s guest.

Part of the reason for the rise in wage costs is that the pandemic has enhanced the ability of service-sector workers to demand higher wages — including gig economy workers.The challenge for the gig business model is In this interview with the Financial Times Niklas Östberg, CEO of German food delivery app Delivery Hero, admitted that he would either have to get people to accept higher prices or service levels would suffer.

The problem with inflation is not just how to quell price increases.In the UK there is disagreement on how to measure it because this work BBC Radio 4’s Money Box host Paul Lewis explained.

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Need to Know: Economics

China is limiting its lending to Africa.This is important because Chinese banks Now about one-fifth All lending to Africa is concentrated in a few strategic or resource-rich countries, including Angola, Djibouti, Ethiopia, Kenya and Zambia.

A more cautious approach comes amid warnings that some African countries may struggle to repay their debts. The borrowing capacity of some countries has reached its limit, and the possibility of default is looming.

Latest UK/Europe

A senior World Health Organization official warned yesterday that, more than half of the European population Possibly infected with Omicron within the next two months. Hospitalization rates are rising in Europe “due to the unprecedented scale of transmission,” said Hansk Kruger, WHO’s regional director for Europe.

Better news for UK, Covid-19 hospitalisation among UK adults start to fall, according to official NHS figures, raising hopes for the health service to weather a wave of Omicron variant infections.

The latest in the world

Tighter U.S. monetary policy could exacerbate an already difficult outlook for emerging and developing economies. World Bank Outlook for the global economy.

As developing countries face a perfect storm of events that could leave bigger, more lasting scars, this work Chris Gilles explained.

Need to Know: Business

America’s largest company is Set to deliver bumper results In the upcoming reporting season, S&P 500 companies expect earnings to rise nearly 22% year over year in the final three months of 2021, according to Wall Street estimates compiled by data provider FactSet. However, the future doesn’t look bright as analysts worry that high inflation, supply chain issues and the continued spread of Omicron variants will derail 2022 results.

Despite Omicron’s emergence, real estate continues to perform well.Savills Raises profit forecast sharply Today comes after UK estate agents rushed to buy expensive homes and warehouses late last year.

There was also good news from some UK retailers today, who raised their earnings forecasts due to better-than-expected Christmas trading. More details can be found here.

UK high street stalwart Boots could be bought by private equity, revealing buyout groups Bain and CVC Preparing for a joint bid For the chemist chain.

One industry that has boomed during the pandemic is Covid test kit manufacturing. Most of us are probably happy to see their backs.But FT columnist Brooke Masters sense a long-term opportunity If test makers can convince patients, insurers and governments that paying for routine screening for various diseases is worth it.

the world of work

Businesses across the U.S. are Temporarily closed Or adjust working hours based on the number of Americans infected with Covid reached an all-time high, highlighting how disruptions associated with variants of Omicron could ripple across the economy.

FT contributing editor Michael Scarpink addresses Manage complaints No one on their team wanted to thank them, and pointed out that the boss had better remember that they were there to solve the employee’s problem, and vice versa.Read his advice in full here.

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At last…

Do you need a break at home or office?exist This escapist work Financial Times journalists from Life & Art in Milan, New York, Hong Kong, London and elsewhere share their favourite places around where they live.