Moody's Investors Service has upgraded the rating of Slovakia's long-term foreign-currency bonds from A2 to Aa1. The rating outlook was changed from positive to stable. Moody's said that a new approach to setting its foreign-currency country ceilings for bonds has resulted in upgraded ceilings for 70 countries including Poland, the Czech Republic and Hungary.
The Organisation of Petroleum Exporting Countries (OPEC) decided last week to maintain the current production quota of at 28 million barrels a day. Ministers rejected Venezuela’s demand to cut production. Venezuela argued that international oil inventories are at a high level and that OPEC should reduce output to avoid a decline in global crude prices. However, OPEC’s Nigerian president, Edmund Daukoru said that ministers agreed that high crude oil prices could backfire in the event of a global economic slowdown and investments in alternative energy sources. OPEC members pump 40% of global crude output.
India’s inflation continues to hover above 4%. Inflation increased to 4.32% on May 20. The wholesale price index (WPI) increased 0.3% to 201.1 points the same week, compared to 192 points at the same time last year.
Consumer price inflation in Colombia hit a 35-year low in May, according to the national statistics office. The consumer price index fell to 4%, marking the lowest rate since July 1969. Food prices, which hold the largest weighting in the overall index, softened a little in May, rising by 5.2% year-on-year.