In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world.&nbsp;Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent.

Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uber-accused-of-charging-people-higher-prices-when-their-phone-battery-is-low-report-582509">Uber accused of charging customers more when their phone battery is low: Report</a>

"The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter.

"We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon."

"In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pakistan-gets-a-step-closer-to-getting-imf-bailout-after-uae-saudi-arabia-pledge-billions-in-assistance-582451">Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance</a>

The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections.

The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections.

(With inputs from agencies) 
 
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In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday.

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world. Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent. Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy. Also read | Uber accused of charging customers more when their phone battery is low: Report "The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter. "We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon." "In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters. Also read | Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections. The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Argentina annual inflation over 104%, poverty up by 40%, people report ‘zero capacity to save’

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14),&nbsp;getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed.

Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for&nbsp;Pakistan’s acute balance of payments crisis.

Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE.&nbsp;

The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month.&nbsp;

Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. &nbsp;&nbsp; &nbsp;&nbsp;

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The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF).

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed. Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for Pakistan’s acute balance of payments crisis. Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE. The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month. Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance

As Americans continue to feel burdened by higher costs for rental, housing and food, US consumer prices they have accelerated last month and has given a rise to possibilities that Federal Reserve was far from causing its interest rates hiking rates.

US inflation at a two year low, fed fears mild recession in 2023

The Shehbaz Sharif government in Pakistan completes one year in office this week. Perhaps the biggest highlight of the year gone by in Pakistan has been an economy in tailspin mode. Inflation is at an all time high, the Pakistani Rupee has sunk to new lows, and the IMF clearing a $1.1 billion bailout package remains desperately awaited. The state of the economy is just one end of Pakistan's troubles that range from frequent terror attacks, intense politicking and big fissures within state institutions. The common man is seeing the most difficult Ramadan yet, with the nightmare refusing to end.

1 year of Shehbaz Sharif's govt: What went wrong? | Inside South Asia

As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.5 billion in external debt from April 2023 to June 2026. The report published on Thursday (April 6) also warned that Islamabad could face “disruptive effects” if it ultimately defaults.&nbsp;

Pakistan is currently facing soaring inflation at 35.37 per cent which is the highest in over five decades while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. Meanwhile, the country is also facing political conflicts and rising terrorism, said the report, warning that it is at risk of default due to its massive external debt obligations.&nbsp;

According to the USIP report, in the next three years, the debt-stricken country has to repay a number of Chinese financial institutions, private creditors and Saudi Arabia. Between April to June, this year, Islamabad faces near-term debt repayment pressure as the external debt servicing burden is at $4.5 billion, said the report. It added that Pakistan has to repay $1 billion to the Chinese SAFE deposit and another loan of around $1.4 billion from Chinese commercial is also due to mature.&nbsp;

The US-based think tank, in its report, also suggests that Pakistani officials are hoping to convince the Chinese to not only refinance but also roll over both debts, adding that they have managed to do so before. However, even if they do pull it off this time as well, the next fiscal year for Pakistan would be more challenging as the debt servicing will reportedly rise to nearly $25 billion.

The short-term debt repayments include $4 billion to Chinese SAFE deposits, $3 billion to Saudi deposits and $2 billion to United Arab Emirates (UAE) deposits, said the report, adding that the “Pakistani government assumes they will be rolled over by the creditors each year.” Separately, Pakistan also needs to repay another $1.1 billion of long-term commercial loans to Chinese banks, said the USIP.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by the government of Pakistan to various creditors.&nbsp;

Meanwhile, Pakistan also continues to struggle with securing the $6.5 billion bailout package the International Monetary Fund (IMF) approved in 2019 which also expires in June this year. However, Pakistan and the IMF have been negotiating the programme's resumption for months but are yet to reach an agreement.

(With inputs from agencies)&nbsp; 
 
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As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.

As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.5 billion in external debt from April 2023 to June 2026. The report published on Thursday (April 6) also warned that Islamabad could face “disruptive effects” if it ultimately defaults. Pakistan is currently facing soaring inflation at 35.37 per cent which is the highest in over five decades while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. Meanwhile, the country is also facing political conflicts and rising terrorism, said the report, warning that it is at risk of default due to its massive external debt obligations. According to the USIP report, in the next three years, the debt-stricken country has to repay a number of Chinese financial institutions, private creditors and Saudi Arabia. Between April to June, this year, Islamabad faces near-term debt repayment pressure as the external debt servicing burden is at $4.5 billion, said the report. It added that Pakistan has to repay $1 billion to the Chinese SAFE deposit and another loan of around $1.4 billion from Chinese commercial is also due to mature. The US-based think tank, in its report, also suggests that Pakistani officials are hoping to convince the Chinese to not only refinance but also roll over both debts, adding that they have managed to do so before. However, even if they do pull it off this time as well, the next fiscal year for Pakistan would be more challenging as the debt servicing will reportedly rise to nearly $25 billion. The short-term debt repayments include $4 billion to Chinese SAFE deposits, $3 billion to Saudi deposits and $2 billion to United Arab Emirates (UAE) deposits, said the report, adding that the “Pakistani government assumes they will be rolled over by the creditors each year.” Separately, Pakistan also needs to repay another $1.1 billion of long-term commercial loans to Chinese banks, said the USIP. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by the government of Pakistan to various creditors. Meanwhile, Pakistan also continues to struggle with securing the $6.5 billion bailout package the International Monetary Fund (IMF) approved in 2019 which also expires in June this year. However, Pakistan and the IMF have been negotiating the programme's resumption for months but are yet to reach an agreement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cash-strapped Pakistan owes $77bn to China, Saudi Arabia, needs to repay by 2026: Report

Argentina has been in economic difficulty for years. On Wednesday, social & political organizations blocked multiple streets and highways into the argentine capital, Buenos Aires. The Argentinians are up in arms against soaring inflation, & poverty affects nearly half the population. Nearly 18.6 million people are unable to cover their basic food needs with their salaries. Left-leaning organizations are demanding more social aid from the government to counteract the economic deterioration.

Argentina: Poverty now affects nearly half the population; People protest IMF deal and demand jobs

RBI keeps repo rate unchanged: On Thursday, India's central bank, the Reserve Bank of India (RBI) finally applied the brakes on increasing the repo rate by keeping it unchanged at 6.

RBI keeps repo rate unchanged: On Thursday, India's central bank, the Reserve Bank of India (RBI) finally applied the brakes on increasing the repo rate by keeping it unchanged at 6.5 per cent. The pause came after the central bank had announced six hikes since May last year to a cumulative 250 basis points. Presiding over the RBI Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said although the repo rate was unchanged, it could be altered should the situation warrant so. “While we have kept the policy rate unchanged, this decision was taken based on our assessment of the macroeconomic and financial conditions with reference to information available up to today,” Das told the reporters after the meeting. “Overall inflation is above the target and the current policy rate still remains accommodative. It is now necessary to evaluate the action of past rate hikes." WATCH | Is the Indian Rupee challenging the Dollar's dominance in global trade? × India's central bank is wary of the rising uncertainty in international markets and inflation pressures. It has projected the inflation to stand at 5.1 per cent and 5.4 per cent in Q1, Q2 respectively. Notably, worried due to the global indicators and increasing inflation, the MPC last year in an unscheduled meeting in May raised rates for the first time by 40 basis points. The trend continued in June, August and September when the committee increased repo rates by a combined 150 points. The last two hikes came in December 2022 and February 2023 with MPC hiking the rates by 35 basis points and 25 basis points respectively. ALSO READ | RBI hikes repo rate by 25 bps in Monetary Policy 2023: What is repo rate, reverse repo rate & monetary policy? What is repo rate? When commercial banks loan by selling their securities to the central bank, the RBI charges them an interest rate. This interest rate is called the repo rate in the monetary policy. Lower interest rates make it easier for individuals and businesses to borrow money to invest in new economic activities. India Inc cheers RBI, terms decision ‘prudent’ move Meanwhile, Indian industry cheered RBI’s stance of keeping the key interest rate unchanged, terming it a "prudent" move in the wake of headwinds emanating from global banking stress. The industry honchos said the move will improve business sentiments by containing the rise in borrowing costs. Industry bodies cautioned that any further hike in the benchmark repo rate at this juncture would have affected India's economic growth even as domestic demand impulses remain healthy. "The industry body agrees with the central bank's observation that the lagged impact of the past rate hikes should be allowed to percolate into the system, and not stifle demand by further rate hikes," said CII president Sanjiv Bajaj. The market sentiment was also buoyed by the RBI announcement and the Sensex closed up by 143 points at 59,832, while the Nifty settled at 17,599 at the end of the day's trade. (With inputs from agencies) WATCH WION LIVE HERE:

RBI applies brakes on repo rate hike, keeps it unchanged at 6.5%

The Pakistan rupee on Tuesday hit a new record low of 287.9 rupees against the US dollar. There's no let up from the economic crisis as the country battles record-high inflation and falling foreign reserves.

Pakistan's rupee falls to a new record low against US dollar | World Business News

Pakistan's economic situation is going from bad to worse. Last week, inflation in Pakistan hit a 60-year-high at 35.37%. Molly Gambhir reports.

Gravitas: Pakistan's inflation rate touches 60-year-high

Thousands of people in Portugal have taken to the streets across the country in protest against increasing rents and house prices at a time when high inflation is making it even tougher for people to make ends meet.

Thousands take to streets in Portugal to protest against high rents

Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data.&nbsp;According to official figures issued Saturday, month-over-month inflation was 3.72 per cent, while year-on-year inflation&nbsp;was at an average of 27.26 per cent.

The country is experiencing high levels of inflation with the prices of essential food items such as wheat flour, sugar, and edible oil increasing significantly.&nbsp;At least 20 people have died in crowd crushes at food distribution centres since the start of the Muslim fasting month of Ramadan.&nbsp;

Watch | <a href="https://www.wionews.com/world/watch-two-dead-a-child-injured-after-hot-air-balloon-catches-fire-mid-air-in-mexico-578162">Hot air balloon catches fire mid-air in Mexico, two dead and a child injured</a>

This comes as the Pakistani government hurried to comply with IMF requirements in order to secure a much-needed bailout. Moreover, the future of almost 20,000 workers is in jeopardy as nearly all of the country's 30 mobile phone assembly plants, including three operated by international brands, have to stop working.

The assembly units remained closed as manufacturers claim&nbsp;that they have run out of raw materials due to import restrictions. After paying workers half of their April salary in advance, the majority of businesses have placed them on hold. The employees have been informed that they will be contacted once manufacturing starts&nbsp;again.

Also Read | <a href="https://www.wionews.com/south-asia/nepal-president-ramchandra-paudel-admitted-to-hospital-578148">Nepal President Ramchandra Paudel admitted to hospital</a>

Mobile manufacturers claim that in order for the industry to run at full capacity, they have to import parts and components worth $170 million each month. However, because of the dollar shortage, the government is not permitting the opening of credit letters.&nbsp;

The high inflation rate has&nbsp;a significant impact on the people of Pakistan, especially those with low and fixed incomes. The rising prices of essential goods and services is making it difficult for them to make ends meet.&nbsp;

Watch | WION Exclusive: Indian Actor Dia Mirza speaks to WION on playing Geetanjali in 'Bheed'

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The Pakistani government took several measures to control inflation, such as increasing interest rates and reducing import duties on essential food items. However, these measures had limited impact, and inflation continues to remain high.

The country has also been facing challenges due to a widening current account deficit and a decline in foreign exchange reserves. The government had taken measures to address these challenges, such as seeking assistance from international organisations.&nbsp; 
 
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Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data. According to official figures issued Saturday, month-over-month inflation was 3.

Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data. According to official figures issued Saturday, month-over-month inflation was 3.72 per cent, while year-on-year inflation was at an average of 27.26 per cent. The country is experiencing high levels of inflation with the prices of essential food items such as wheat flour, sugar, and edible oil increasing significantly. At least 20 people have died in crowd crushes at food distribution centres since the start of the Muslim fasting month of Ramadan. Watch | Hot air balloon catches fire mid-air in Mexico, two dead and a child injured This comes as the Pakistani government hurried to comply with IMF requirements in order to secure a much-needed bailout. Moreover, the future of almost 20,000 workers is in jeopardy as nearly all of the country's 30 mobile phone assembly plants, including three operated by international brands, have to stop working. The assembly units remained closed as manufacturers claim that they have run out of raw materials due to import restrictions. After paying workers half of their April salary in advance, the majority of businesses have placed them on hold. The employees have been informed that they will be contacted once manufacturing starts again. Also Read | Nepal President Ramchandra Paudel admitted to hospital Mobile manufacturers claim that in order for the industry to run at full capacity, they have to import parts and components worth $170 million each month. However, because of the dollar shortage, the government is not permitting the opening of credit letters. The high inflation rate has a significant impact on the people of Pakistan, especially those with low and fixed incomes. The rising prices of essential goods and services is making it difficult for them to make ends meet. Watch | WION Exclusive: Indian Actor Dia Mirza speaks to WION on playing Geetanjali in 'Bheed' × The Pakistani government took several measures to control inflation, such as increasing interest rates and reducing import duties on essential food items. However, these measures had limited impact, and inflation continues to remain high. The country has also been facing challenges due to a widening current account deficit and a decline in foreign exchange reserves. The government had taken measures to address these challenges, such as seeking assistance from international organisations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan inflation at 50-year high; future of 20,000 employees in jeopardy as phone assembly units shut

With inflation breaking all-time records, ordinary people are struggling to purchase even the most basic goods - Wheat, Onion and cooking oil prices are soaring astronomically. The situation is so desperate that on Friday, 12 people were killed in a stampede over food.

Pakistan: Inflation hits Ramadan, above 40% at 50-year-high

The Swiss watchmaking industry is thriving despite inflation and warnings of an economic crisis. Geneva is hosting the Fashion Week of watchmakers. It is opening doors to the public with watches featuring reversible watch faces, recycled steel and price tags of up to four million dollars.

Swiss watchmaking industry thriving despite inflation

More than 94,000 prepayment meters were installed in homes in Britain using warrants and without customer consent in 2022, the government said on Monday, adding that British Gas, Scottish Power and OVO Energy accounted for 70% of them.

More than 94,000 prepayment meters forcibly installed in Britain in 2022

Kenyans were preparing for a fresh round of anti-government protests over the increasing cost of living on Monday after the opposition promised to take action even after a police ban.

Veteran opposition leader Raila Odinga appealed to citizens to take to the streets every Thursday and Monday, a week after the protests had turned violent and various parts of Nairobi were paralysed.

However, on Sunday, the police announced a ban on the rallies. "We will not allow violent demonstrations," said Inspector General of Police Japhet Koome.

"The demonstrations they plan tomorrow (Monday) are illegal and will not be allowed,” he added.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/kenya-to-solve-its-alcohol-problem-with-one-bar-per-town-plan-573540">Kenya to solve its alcohol problem with 'one bar per town' plan</a>

A university student was killed and 31 officers had suffered injuries in a police fire during the previous Monday's clashes as running battles took place between demonstrators and riot police in Nairobi as well as opposition strongholds in western Kenya.

Police arrested around 200 people which included various senior opposition politicians while protesters, including their own convoy of Odinga, were hit with water cannons and tear gas.

This was the first major political unrest since incumbent President William Ruto came to power around six months ago after Odinga was defeated in an election that his rivals alleged was "stolen".

Even after the police ban, Odinga appealed to the Kenyans on Sunday to take part in what he called “the mother of all demonstrations".

"I want to tell Ruto and the IG Koome that we are not going to be intimidated. We are not going to fear tear gas and police,” he added. President Ruto appealed to his rival to stop the action.

"I am telling Raila Odinga that if he has a problem with me, he should face me and stop terrorising the country," he stated on Thursday.

WATCH | Kenya: Opposition leader Odinga vows to hold protest rally despite ban

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"Stop paralysing the businesses of mama mboga, matatu and other Kenyans," he added, referring to private minibus operators and women stallholders.

On Monday, Ruto will be leaving for a four-day official trip to Belgium and Germany during which he will hold meetings with EU and national leaders.

Kenyans have been struggling to buy food by the end of the day as they are battling soaring prices for basic goods and declining local currency along with a record which has left millions hungry.

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Kenyans were preparing for a fresh round of anti-government protests over the increasing cost of living on Monday after the opposition promised to take action even after a police ban.

Kenyans were preparing for a fresh round of anti-government protests over the increasing cost of living on Monday after the opposition promised to take action even after a police ban. Veteran opposition leader Raila Odinga appealed to citizens to take to the streets every Thursday and Monday, a week after the protests had turned violent and various parts of Nairobi were paralysed. However, on Sunday, the police announced a ban on the rallies. "We will not allow violent demonstrations," said Inspector General of Police Japhet Koome. "The demonstrations they plan tomorrow (Monday) are illegal and will not be allowed,” he added. ALSO READ | Kenya to solve its alcohol problem with 'one bar per town' plan A university student was killed and 31 officers had suffered injuries in a police fire during the previous Monday's clashes as running battles took place between demonstrators and riot police in Nairobi as well as opposition strongholds in western Kenya. Police arrested around 200 people which included various senior opposition politicians while protesters, including their own convoy of Odinga, were hit with water cannons and tear gas. This was the first major political unrest since incumbent President William Ruto came to power around six months ago after Odinga was defeated in an election that his rivals alleged was "stolen". Even after the police ban, Odinga appealed to the Kenyans on Sunday to take part in what he called “the mother of all demonstrations". "I want to tell Ruto and the IG Koome that we are not going to be intimidated. We are not going to fear tear gas and police,” he added. President Ruto appealed to his rival to stop the action. "I am telling Raila Odinga that if he has a problem with me, he should face me and stop terrorising the country," he stated on Thursday. WATCH | Kenya: Opposition leader Odinga vows to hold protest rally despite ban "Stop paralysing the businesses of mama mboga, matatu and other Kenyans," he added, referring to private minibus operators and women stallholders. On Monday, Ruto will be leaving for a four-day official trip to Belgium and Germany during which he will hold meetings with EU and national leaders. Kenyans have been struggling to buy food by the end of the day as they are battling soaring prices for basic goods and declining local currency along with a record which has left millions hungry. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Kenya prepares for fresh protests amid police ban

Pakistan is going through an unreal economic ordeal. Fresh readings issued by the Pakistan Bureau of Statistics (PBS) show that yearly short-term inflation rose by 46.

Pakistan is going through an unreal economic ordeal. Fresh readings issued by the Pakistan Bureau of Statistics (PBS) show that yearly short-term inflation rose by 46.65 per cent during the week that ended on March 22 — the highest recorded in the country's history. Rising food prices contributed immensely to the record rise in numbers, the agency reported. The yearly short-term inflation stood at 45.64 per cent last week but the increase in the price of 26 essential items led to the recent spike. Wheat flour, tomatoes, potatoes, tea, sugar, pulses, bananas and jaggery were some of the food items that witnessed a major uptick in prices. Despite the price of items such as cooking oil, and LPG declining, it had a negligible effect on the overall inflation figures. Those having monthly income of more than PKR 44,176 were the hardest hit as the yearly inflation rate for them stood at 48.35 per cent, the statistics showed. ALSO READ: Moody's downgrades Pakistan's credit rating to the lowest in three decades If the food and gas prices continue to increase, Pakistan's import-based economy may not be able to handle the devaluation of its local currency. The country is already on the verge of defaulting on $80 billion of international loan repayments while having only $3 billion in forex exchange reserves. WATCH | Is Pakistan's economic crisis getting worse? × Earlier this month, global credit rating agency Moody's downgraded Pakistan's local and foreign currency credit ratings from Caa1 to Caa3. The rating is expected to hurt the position of the Pakistani government which is currently involved in talks with the International Monetary Fund (IMF) to secure a $1 billion bailout package. To secure IMF funding, the Pakistani government has implemented new tax measures as suggested by the global body. However, citizens are wary that conceding to all demands of the IMF may lead to a further spurt in prices which the public will not be able to afford anymore. Islamabad's problems have been compounded by the fact that Saudi Arabia, one of its biggest benefactors has decided to not provide easy financial bailout or interest-free loans. ALSO READ | Saudi Arabia refuses to provide interest-free loans to Pakistan, demands reforms The decision by the kingdom has left the Pakistani government in shock which is in dire need of US dollar inflows. (With inputs from agencies) WATCH WION LIVE HERE

Yearly inflation breaks all-time record in Pakistan, stands at 46.65%

It's not inflation that the US Fed needs to worry about but also banks' contagion risks after the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Capital due to illiquidity. WION tells you how Fed is walking tightrope between inflation and bank turmoil.

US Fed chair walk a tightrope this year?

Slaying elevated inflation and combating a financial crisis - that's the challenge keeping the US Federal Reserve and other central bankers on their toes. Both these issues are not new.

Slaying elevated inflation and combating a financial crisis - that's the challenge keeping the US Federal Reserve and other central bankers on their toes. Both these issues are not new. But what happens when they need to be addressed at the same time? Is there a playbook that central banks can turn to? Former Federal Reserve Chair Paul Volcker slayed inflation, and Ben Bernanke saved the banks, but can current Chief Jerome Powell do both? Well, that is the need of the hour. The current banking crisis threatens financial stability, while inflation threatens to push ahead. And that is not restricted to the confines of the US but risks spreading beyond its borders. At first glance, the Fed under Powell's leadership and other major central banks continued this week with the same policy they have had in place for the past year, which is to raise interest rates to bring down inflation. In reality, however, everything is different now that a series of bank failures has sent tremors through global financial markets. Threats to financial stability were not even on the radar of central bankers until recently. To hear Powell and his colleagues tell it, avoiding another round of inflation like the one experienced in the 1970s is still job one. But the signal is shifting that is warranting a policy similar to what Ben Bernanke used during and after the global financial crisis. Bernanke fought off the 2008 crisis by adopting unprecedented methods, including doling out free cash to banks. Turning for the worse? After Silicon Valley Bank failed and Credit Suisse was taken over by a shotgun marriage, the Fed only raised interest rates by half as much as was anticipated. The European Central Bank and the Swiss National Bank hiked as expected, but they refrained from providing any forward guidance. The recent wild swings in market bets on policy show that investors, too, are having a hard time figuring this out. After SVB's failure, they shifted from pricing in an aggressive Fed that hikes several more times to pricing in a "we're all doomed" scenario of imminent rate cuts. Analysts say the core dilemma for policymakers is that prescriptions for controlling prices and boosting banks point in opposite directions. ALSO READ | US Fed delivers 25 points rate hike amid global banking turmoil According to Ethan Harris, Head of Global Economics Research at Bank of America, "the market is acting as if we're in the midst of a pretty serious crisis." "It's putting a very high weight on an adverse scenario where you have a big financial event and a very bad economy," added BofA's Harris, who was the former head of research at Lehman Brothers before its collapse in 2008. WATCH | Silicon Valley Bank's bankruptcy faces challenges × To get inflation down, central banks jack up rates. They give money to struggling lenders and lower the cost of borrowing to avert crises. And the danger is that they end up with the worst of both worlds: a full-blown crisis that triggers a recession. Then central banks would be forced to abandon the fight against inflation before it was over. Anna Wong, Chief US economist at Bloomberg, drawing on a study of American banking crises over the last 140 years, said, "the tension between fighting inflation versus preserving financial stability is now more stark than any time in the Fed's history." The current crisis would have to take a significant turn for the worse," she says referring that tighter credit would take a decent-sized bite out of inflation. And if that doesn’t happen, "markets will have to revise up their estimates for the Fed’s policy path." So, what remains to be seen is, have the predictions now turned for the worse, or the better? A softer tone or an aggressive one will define the path the world's largest economy takes. WATCH WION LIVE HERE:

Analysis: Can the US Fed save banks and fight inflation at the same time?

Britain's inflation rate rose for the first time in four months in February, surprising an analysts and increasing pressure on the Bank of England to raise interest rates at its meeting on Thursday.

UK inflation jumps to 10.4% for the first time

Food and energy prices have been soaring around the world as Russia’s war in Ukraine, the lingering effects of the COVID-19 pandemic and climate change-related events weigh on the global economy. Bangladesh, Pakistan and Africa — where the vast majority of the world’s Muslims live, are among the worst hit by price surges and shortages of key supplies.

How rising prices hurt Ramadan celebrations? | Details

The US Federal reserve has raised interest rates by a quarter percent. This comes amid the banking system turmoil that began on March 10. It was triggered by the collapse of Silicon Valley Bank in California. Leading to the biggest banking sector meltdown since the 2008 financial crisis. This is the ninth interest rate hike announced by the US Federal reserve in the last year. Jerome Powell, the chair of the federal reserve, said the Silicon Valley Bank collapse did not indicate wider weaknesses, in the banking system... And attributed the collapse to bad management...

US Federal reserve raises interest rates to counter growing inflation

The Egyptian government’s order asking people to consume chicken feet has come under heavy flak from the people as soaring inflation drives up prices of essential food items in the country.

Egypt is facing one of its worst economic instability in five years and suffering a record currency crisis. Its inflation went over 30 per cent in March, making it difficult for people to afford dietary staples, especially chicken.

Over the past 12 months, the Egyptian Pound has lost half its value when compared to the US dollar.

Since Egypt depends on food imports to a large extent to feed its population of 100 million, the drop in currency value has created a food shortage and as a result, the cost of some products, including oil and cheese, has doubled or tripled.

In light of the development, the nation’s National Institution for Nutrition in January called on people to switch to eating chicken feet, which are normally given to dogs and cats and considered a cheap source of protein.

The order triggered a massive outcry amongst the citizens who couldn’t believe that their government would ask them to resort to foods considered to be symbols of extreme poverty in the country.

<h2>Egypt to sell state assets on Dollar crunch</h2>

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“One seller told me the price for a kilo of chicken fillets was LE160. Others say 175, 190, even 200," says Wedad, a mother-of-three in her sixties, told BBC. "Nowadays, even one egg is sold for LE5 [US $0.16; £0.13]."

Even as the people point fingers at the government for this turmoil, President Adbdul Fattah al-Sisi often blames the 2011 Egyptian uprising and rapid population growth for his country's current economic instability. He also points to the Covid pandemic and the war in Ukraine.

Egypt is the world's second-biggest importer of wheat. Its two primary suppliers were Russia and Ukraine. However, the war in March last year disrupted exports to Egypt.

Moreover, Russian and Ukrainian holidaymakers contributed a lot to Egypt’s robust tourism sector.

However, the war dealt a serious blow to the tourism sector—which generates about 5 per cent of GDP—that was already hit by the pandemic

(With inputs from agencies)

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The Egyptian government’s order asking people to consume chicken feet has come under heavy flak from the people as soaring inflation drives up prices of essential food items in the country.

The Egyptian government’s order asking people to consume chicken feet has come under heavy flak from the people as soaring inflation drives up prices of essential food items in the country. Egypt is facing one of its worst economic instability in five years and suffering a record currency crisis. Its inflation went over 30 per cent in March, making it difficult for people to afford dietary staples, especially chicken. Over the past 12 months, the Egyptian Pound has lost half its value when compared to the US dollar. Since Egypt depends on food imports to a large extent to feed its population of 100 million, the drop in currency value has created a food shortage and as a result, the cost of some products, including oil and cheese, has doubled or tripled. In light of the development, the nation’s National Institution for Nutrition in January called on people to switch to eating chicken feet, which are normally given to dogs and cats and considered a cheap source of protein. The order triggered a massive outcry amongst the citizens who couldn’t believe that their government would ask them to resort to foods considered to be symbols of extreme poverty in the country. Egypt to sell state assets on Dollar crunch “One seller told me the price for a kilo of chicken fillets was LE160. Others say 175, 190, even 200," says Wedad, a mother-of-three in her sixties, told BBC. "Nowadays, even one egg is sold for LE5 [US $0.16; £0.13]." Even as the people point fingers at the government for this turmoil, President Adbdul Fattah al-Sisi often blames the 2011 Egyptian uprising and rapid population growth for his country's current economic instability. He also points to the Covid pandemic and the war in Ukraine. Egypt is the world's second-biggest importer of wheat. Its two primary suppliers were Russia and Ukraine. However, the war in March last year disrupted exports to Egypt. Moreover, Russian and Ukrainian holidaymakers contributed a lot to Egypt’s robust tourism sector. However, the war dealt a serious blow to the tourism sector—which generates about 5 per cent of GDP—that was already hit by the pandemic (With inputs from agencies) WATCH WION LIVE HERE

Egyptians aghast at govt after being told to eat chicken feet to tide over food crisis 

Here we bring you a quick round-up of all latest news, top headlines and international breakings from all across the globe, stay tuned with Gravitas for more!

Gravitas Global Headlines: Poland battles its worst inflation in 25 years

British unemployment remains close to&nbsp;its historical low but wages are still plummeting&nbsp;in real terms, official data reflected on the eve of a budget presented on Tuesday. (March 14), as reported by AFP.

In comparison to the three months ending in December, the unemployment rate was steady at 3.7 per cent in the three months ending in January, according to a statement from the Office for National Statistics (ONS).

Without bonuses, wages increased by 6.5 percent, but when inflation is factored in, wages fell by 3.5 per cent.

"Although the inflation rate has come down a little, it's still outstripping earnings growth, meaning real pay continues to fall," said ONS economic statistics director Darren Morgan told AFP.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/like-lambs-to-the-slaughter-russian-soldiers-letter-describes-the-ordeal-of-being-on-the-battlefield-571857">‘Like lambs to the slaughter’: Russian soldier describes ordeals of battlefield in gut-wrenching letter</a>

Workers in Britain are protesting that their salary has not kept up with inflation as strikes continue to take place.

A cost-of-living crisis that has kick-started&nbsp;strikes throughout Britain was the backdrop for the data's release, which came one day before finance minister Jeremy Hunt unveiled the government's most recent budget, as reported by AFP.&nbsp;

The first day of a three-day salary strike by UK hospital physicians began on Monday. The walkout is part of a weeklong labour action planned to coincide with the budget that will also see teachers, railway workers, and public officials walk out.

The economy currently has more than 1.1 million open positions, the ONS also disclosed on Tuesday.&nbsp;

"The jobs market remains strong, but inflation remains too high," Hunt said in reaction to Tuesday's data.

ALSO READ |<a href="https://www.wionews.com/sports/ivan-toney-case-man-handed-3-year-ban-from-all-uk-stadiums-after-racially-abusing-brentford-striker-571915">&nbsp;Ivan Toney case: Man handed 3-year ban from all UK stadiums after racially abusing Brentford striker</a>

"Tomorrow at the budget, I will set out how we will go further to bear down on inflation, reduce debt and grow the economy, including by helping&nbsp;more people back into work."

Hunt implied over the weekend that he might provide expanded childcare assistance to aid parents in returning to the workforce.

In part due to a lack of EU employees after Brexit and a record number of people classified as long-term unwell, the government is trying to fill vacancies.

Although annual UK inflation has decreased recently, it is still higher than 10 per cent,&nbsp;or five times the Bank of England's goal rate.

(With inputs from agencies)

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British unemployment remains close to its historical low but wages are still plummeting in real terms, official data reflected on the eve of a budget presented on Tuesday.

British unemployment remains close to its historical low but wages are still plummeting in real terms, official data reflected on the eve of a budget presented on Tuesday. (March 14), as reported by AFP. In comparison to the three months ending in December, the unemployment rate was steady at 3.7 per cent in the three months ending in January, according to a statement from the Office for National Statistics (ONS). Without bonuses, wages increased by 6.5 percent, but when inflation is factored in, wages fell by 3.5 per cent. "Although the inflation rate has come down a little, it's still outstripping earnings growth, meaning real pay continues to fall," said ONS economic statistics director Darren Morgan told AFP. ALSO READ | ‘Like lambs to the slaughter’: Russian soldier describes ordeals of battlefield in gut-wrenching letter Workers in Britain are protesting that their salary has not kept up with inflation as strikes continue to take place. A cost-of-living crisis that has kick-started strikes throughout Britain was the backdrop for the data's release, which came one day before finance minister Jeremy Hunt unveiled the government's most recent budget, as reported by AFP. The first day of a three-day salary strike by UK hospital physicians began on Monday. The walkout is part of a weeklong labour action planned to coincide with the budget that will also see teachers, railway workers, and public officials walk out. The economy currently has more than 1.1 million open positions, the ONS also disclosed on Tuesday. "The jobs market remains strong, but inflation remains too high," Hunt said in reaction to Tuesday's data. ALSO READ | Ivan Toney case: Man handed 3-year ban from all UK stadiums after racially abusing Brentford striker "Tomorrow at the budget, I will set out how we will go further to bear down on inflation, reduce debt and grow the economy, including by helping more people back into work." Hunt implied over the weekend that he might provide expanded childcare assistance to aid parents in returning to the workforce. In part due to a lack of EU employees after Brexit and a record number of people classified as long-term unwell, the government is trying to fill vacancies. Although annual UK inflation has decreased recently, it is still higher than 10 per cent, or five times the Bank of England's goal rate. (With inputs from agencies) WATCH WION LIVE HERE:

UK: Wages affected by inflation despite historically low unemployment rates

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