Inflation accelerates

Inflation is accelerating around the world, no thanks to high oil prices.

On Thursday, Statistics Canada reported that Canada's consumer price index (CPI) was up 2.6 percent in August compared to a year ago.

Yesterday, the German state of Hesse reported an inflation rate of 2.2 percent for September, its highest rate in four years. Also yesterday, the Federal Statistical Office of Germany reported that the index of import prices rose by 4.7 percent from a year ago, the same rate as in the previous month, and by 0.9 percent from July.

Yesterday also saw the Hong Kong Census & Statistics Department report that the territory's CPI rose 1.4 percent in August over a year earlier, up from July's 1.3 percent rise.

In comparison, the 0.7 percent rise in Singapore's CPI in August compared to a year ago, as reported by the Department of Statistics, is small. However, it represents a sharp 0.5 percent rise from July.