logo
Chile's Annual Inflation Slows to Lowest Level Since November

Chile's Annual Inflation Slows to Lowest Level Since November

Bloomberga day ago

Chile's consumer prices rose in line with expectations on the month in May, while annual inflation unexpectedly edged down, after central bankers said they considered lowering borrowing costs at their last rate decision.
Prices increased 0.2% from April, matching the median forecast from analysts in a Bloomberg survey. Annual inflation eased to 4.4%, the slowest pace since November, the national statistics institute reported on Friday.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Dangote's $20B refinery sources U.S. crude, raising questions on Nigeria's output
Dangote's $20B refinery sources U.S. crude, raising questions on Nigeria's output

Business Insider

time21 minutes ago

  • Business Insider

Dangote's $20B refinery sources U.S. crude, raising questions on Nigeria's output

The Dangote refinery, the largest crude processing facility in Africa, has been importing significant quantities of U.S. crude WTI, highlighting an apparent inconsistency given Nigeria's status as Africa's top oil producer. Africa's largest refinery, Dangote, imports significant quantities of U.S. crude, despite Nigeria being Africa's top oil producer. The refinery processes U.S. West Texas Intermediate (WTI) Midland crude for its technical advantages, such as higher yields and gasoline blending improvements. Current Nigerian crude production capacity cannot fully supply the refinery's needs, leading to a reliance on imports. Following a prolonged back-and-forth between Nigeria's national petroleum company, the Dangote $20 billion refinery, with a capacity of 650,000 barrels per day (bpd), has turned to the US crude oil market in 2025, sourcing West Texas Intermediate (WTI) Midland crude, a Bloomberg's ship tracking data noted. The refinery's intake of American crude has risen to roughly one-third, almost double the proportion seen during its 2024 startup phase. More notably, the surge in U.S. crude imports persists despite Nigeria's status as Africa's top crude oil producer and key OPEC member. However, the country's crude production capacity is limited, and it struggles to meet the Dangote refinery's needs and broader national demands. Critics argue that the factors behind Dangote's crude reroute stem from concerns over logistics and technicalities. According to Randy Hurburun, senior refinery analyst at Energy Aspects, technical advantages play a key role. WTI Midland offers higher yields of reformate and improved gasoline blending characteristics. Additionally, the shift is a consequence of the recent downturn in Asian demand for U.S. crude, driven in part by ongoing U.S.-China trade tensions, which has made more Midland oil available on the global market. As a further consequence, the refinery's ramp-up has led to a tightening of Nigerian crudes, a Dangote spokesperson confirmed, noting that June's crude intake will likely include an even higher share of U.S. supply. Bloomberg added that the event would allow U.S. crude to gain a larger share of Dangote's imports compared to Nigerian crude. Dangote refinery's refining capacity The Dangote Refinery, situated in the Lekki Free Zone near Lagos, Nigeria, has a designed processing capacity of 650,000 barrels of crude oil per day (bpd), making it Africa's largest oil refinery and the world's largest single-train facility. The refinery, located near Lagos, began producing diesel and naphtha in early 2024, with gasoline output commencing in September. As of early 2025, the refinery was operating at approximately 85% capacity, processing around 550,000 bpd. To meet its crude requirements, the refinery has been importing significant quantities of U.S. West Texas Intermediate (WTI) crude oil. In June 2025, it booked approximately 300,000 bpd of WTI, and in July, it planned to import at least 5 million barrels, equating to about 161,000 bpd Once fully operational, it is projected to meet Nigeria's entire domestic demand for refined petroleum products while generating surpluses for export across Africa and beyond. The image of Nigeria, a nation rich in oil, importing crude may seem ironic, but the Dangote refinery's sourcing strategy highlights broader challenges in the country's upstream sector, including underinvestment, theft, and operational inefficiencies. In contrast, the U.S. shale sector remains agile and export-oriented, with competitive grades like WTI Midland offering technical and economic advantages for large-scale processors. As Nigeria continues to reform its petroleum sector and attract new upstream investment, the success of the Dangote refinery could mark a turning point in reducing dependence on imported fuels – albeit fueled, for now, by American crude.

ECB is 'nearly done' with cuts if forecasts hold, Vujcic says
ECB is 'nearly done' with cuts if forecasts hold, Vujcic says

Yahoo

timean hour ago

  • Yahoo

ECB is 'nearly done' with cuts if forecasts hold, Vujcic says

DUBROVNIK, Croatia (Reuters) -The European Central Bank is "nearly done" cutting interest rates if inflation settles at 2% as expected, ECB policymaker Boris Vujcic said on Saturday. The ECB cut interest rates on Thursday for the eighth time in the past year and signalled a policy pause next month since inflation was now safely back at its 2% target after three years of overshooting. "I would agree we are nearly done and that we are in a good position," Croatia's central bank governor told reporters on the sidelines of a conference. "If our projections materialise as they are in June I would think this is the right qualification of our monetary policy stance." He warmed any surprises in growth and inflation data would "affect" the ECB's thinking, as would the hard-to-predict outcome of the European Union's trade negotiations with the United States. (Reporting By Francesco CanepaEditing by Tomasz Janowski)

ECB is 'nearly done' with cuts if forecasts hold, Vujcic says
ECB is 'nearly done' with cuts if forecasts hold, Vujcic says

Yahoo

timean hour ago

  • Yahoo

ECB is 'nearly done' with cuts if forecasts hold, Vujcic says

DUBROVNIK, Croatia (Reuters) -The European Central Bank is "nearly done" cutting interest rates if inflation settles at 2% as expected, ECB policymaker Boris Vujcic said on Saturday. The ECB cut interest rates on Thursday for the eighth time in the past year and signalled a policy pause next month since inflation was now safely back at its 2% target after three years of overshooting. "I would agree we are nearly done and that we are in a good position," Croatia's central bank governor told reporters on the sidelines of a conference. "If our projections materialise as they are in June I would think this is the right qualification of our monetary policy stance." He warmed any surprises in growth and inflation data would "affect" the ECB's thinking, as would the hard-to-predict outcome of the European Union's trade negotiations with the United States. (Reporting By Francesco CanepaEditing by Tomasz Janowski) Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store