UBS’s Weber warns signs show global inflation to stay high

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Chairman Weber of Swiss bank UBS addresses the annual shareholder meeting in Basel

SYDNEY – UBS Chairman Axel Weber said inflation was staying “stubbornly high” in the United States and may continue to surprise on the upside in major areas like Europe and the United Kingdom.

He was speaking at UBS’ Greater China online conference on monetary policy on Monday.

In a webcast, Weber said a current “short run” increase in commodity prices was a warning that global inflation could continue to trend higher.

(Reporting by Scott Murdoch in Sydney; Editing by Tom Hogue)

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