IMF downgrades 'gloomy' economy as inflation and rate jitters continue, but ASX trades up

The global economy is in "gloomy and uncertain" territory as rate hikes and inflation hit nations including Australia, according to the International Monetary Fund (IMF).

It comes as new figures are released in Australia that show price hikes here are continuing, with inflation now at 6.1 per cent annually.

That could lead to another rate hike here, which is exactly the spiral globally that the IMF is noting in its latest forecast.

Read More: https://www.abc.net.au/news/2022-07-27/asx-rate-hike-wall-street-imf-inflation/101272500