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Financial tsunami swamps the world

September 17, 2008

The economic 'recession' in the United States has affected consumption badly, leading to a further slowdown in an essentially consumption-driven society.

Image: Antonio Espino shops for groceries at the La Roca grocery store in Miami, Florida. The US Labor Department has reported that consumer prices edged down 0.1 per cent last month, compared to the 1.1 per cent price rise in June and a 0.8 percent rise in July. | Photograph: Joe Raedle/Getty Images

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