The National Health Service has raised an alarm saying arising number of people will fall sick and the public's health overall will worsen if the government doesn't limit planned energy price rises.

Britain: NHS raises alarm on rising energy bills, labour urges MPs to return to the parliament

Inflation in UK has surged to a new 40-year high and it's now in double digits. Britain is facing rising food prices, worsening cost of living crisis and the prospect of a recession. While businesses bear the brunt of high inflation, households are also adversely affected, take a look at our next report.

UK inflation hits 40-year high, financial worries are affecting people's mental health

Inflation in the United Kingdom has surged to a near 40-year high, it's now in double digits. Official data for the month of July shows that consumer price index accelerated to 10.1 %; Britain is facing rising food prices which is worsening cost of living.

UK inflation hits double digits for the first time in 40 years

According to official data released on Wednesday, food price increases caused British inflation to rocket to a record 40-year high in July, aggravating the nation's cost of living crisis as it faced the possibility of entering a recession. According to the Office for National Statistics, the Consumer Prices Index (CPI) increased to 10.1% last month from 9.4% in June, which was a four-decade high.

The Bank of England issued a warning earlier this month predicting that UK inflation would reach its highest level since 1980 this year, slightly above 13%. Additionally, it predicted that the nation would experience a recession near the year's conclusion that the BoE anticipates will extend until late 2023. The second quarter of the British economy decreased, according to official data released last week.

While the administration of outgoing Prime Minister Boris Johnson has promised to assist in lowering fuel prices for millions of Britons this next winter, consumer advocacy organisations are calling for significantly more governmental assistance. It comes as salary values are declining at a historic rate in Britain, which is experiencing a crisis related to the cost of living.

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-taiwan-begin-formal-talks-under-new-trade-initiative-looking-for-economically-meaningful-outcomes-507926">US-Taiwan begin formal talks under new trade initiative; looking for 'economically meaningful outcomes'</a>

Johnson's replacement, who will take office after him next month and compete with former finance minister Rishi Sunak and foreign secretary Liz Truss, will inherit the ailing economy. Since the end of last year, the Bank of England has increased its benchmark interest rate many times in an effort to reduce inflation.

The most recent increase was by 0.5 percentage points, which is the largest increase since 1995 and brings borrowing costs to 1.75 per cent, increasing mortgage payments for homeowners while encouraging saving. The BoE's recent actions reflect the US Federal Reserve's and the European Central Bank's aggressive monetary policy as the world races to quell the raging inflation that has been stoked by Russia's invasion of Ukraine.

(with inputs from agencies)

According to official data released on Wednesday, food price increases caused British inflation to rocket to a record 40-year high in July, aggravating the nation's cost of living crisis as it faced the possibility of entering a recession.

According to official data released on Wednesday, food price increases caused British inflation to rocket to a record 40-year high in July, aggravating the nation's cost of living crisis as it faced the possibility of entering a recession. According to the Office for National Statistics, the Consumer Prices Index (CPI) increased to 10.1% last month from 9.4% in June, which was a four-decade high. The Bank of England issued a warning earlier this month predicting that UK inflation would reach its highest level since 1980 this year, slightly above 13%. Additionally, it predicted that the nation would experience a recession near the year's conclusion that the BoE anticipates will extend until late 2023. The second quarter of the British economy decreased, according to official data released last week. While the administration of outgoing Prime Minister Boris Johnson has promised to assist in lowering fuel prices for millions of Britons this next winter, consumer advocacy organisations are calling for significantly more governmental assistance. It comes as salary values are declining at a historic rate in Britain, which is experiencing a crisis related to the cost of living. Also Read: US-Taiwan begin formal talks under new trade initiative; looking for 'economically meaningful outcomes' Johnson's replacement, who will take office after him next month and compete with former finance minister Rishi Sunak and foreign secretary Liz Truss, will inherit the ailing economy. Since the end of last year, the Bank of England has increased its benchmark interest rate many times in an effort to reduce inflation. The most recent increase was by 0.5 percentage points, which is the largest increase since 1995 and brings borrowing costs to 1.75 per cent, increasing mortgage payments for homeowners while encouraging saving. The BoE's recent actions reflect the US Federal Reserve's and the European Central Bank's aggressive monetary policy as the world races to quell the raging inflation that has been stoked by Russia's invasion of Ukraine. (with inputs from agencies)

UK cost-of-living crisis deepens as inflation hits new 40-year high

The decades-high income crushing inflation has sparked strikes across numerous industries in the United Kingdom. As the latest round of strike action by tens of thousands of workers gets underway, rail, tube, and bus commuters face disruptions to services over the course of three days from Thursday.

Due to an ongoing disagreement about pay, jobs, and working conditions, a number of railway companies and bus services will be impacted by the strike. However, according to the union and bus operator Arriva North West, strikes by workers in Manchester, Lancashire, and Cheshire will be put on hold till the time GMB members vote on the proposed new pay offer. Employees of 14 train operators began their strike on Thursday.

Also read |&nbsp;<a href="https://www.wionews.com/world/pm-hopeful-liz-truss-criticises-uk-employees-in-a-controversial-leaked-audio-heres-what-she-said-507574">PM hopeful Liz Truss calls UK employees 'lazy' in a controversial leaked audio. Here's what she said</a>

Additionally, Sunday morning train services are expected to be impacted by the strikes of rail workers and bus services.

Mick Lynch, general secretary of RMT, stated that his union members are more committed to saving their pensions along with pay raises, job security, and favourable working conditions. Lynch stated that if the strike is not called off, Network Rail will impose forced layoffs and a 50 per cent reduction in maintenance work.

On Thursday and Saturday, there will be a significant reduction in rail service, with nearly a fifth operating, and half of the lines will be closed.

Also read |&nbsp;<a href="https://www.wionews.com/world/trail-of-breadcrumbs-how-uk-police-probed-is-beatles-terrorists-508012">'Piecing together trail of breadcrumbs': How UK police traced IS ‘Beatles’ terrorists</a>

As a result of strike&nbsp;by thousands of workers, causing travel chaos, the RMT general issued a warning that the rail dispute might continue for an "indefinite" period. Lynch joined a picket line outside Euston station and urged the government to halt its refusal to participate in any discussion over salary, working conditions, and employment. Due to RMT and TSSA union members, only one in five trains will operate nationwide.

Mach Lynch cautioned that a wave of strikes might bring the UK to a standstill, hitting every sector of the economy.

(With inputs from agencies)

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The decades-high income crushing inflation has sparked strikes across numerous industries in the United Kingdom. As the latest round of strike action by tens of thousands of workers gets underway, rail, tube, and bus commuters face disruptions to services over the course of three days from Thursday.

The decades-high income crushing inflation has sparked strikes across numerous industries in the United Kingdom. As the latest round of strike action by tens of thousands of workers gets underway, rail, tube, and bus commuters face disruptions to services over the course of three days from Thursday. Due to an ongoing disagreement about pay, jobs, and working conditions, a number of railway companies and bus services will be impacted by the strike. However, according to the union and bus operator Arriva North West, strikes by workers in Manchester, Lancashire, and Cheshire will be put on hold till the time GMB members vote on the proposed new pay offer. Employees of 14 train operators began their strike on Thursday. Also read | PM hopeful Liz Truss calls UK employees 'lazy' in a controversial leaked audio. Here's what she said Additionally, Sunday morning train services are expected to be impacted by the strikes of rail workers and bus services. Mick Lynch, general secretary of RMT, stated that his union members are more committed to saving their pensions along with pay raises, job security, and favourable working conditions. Lynch stated that if the strike is not called off, Network Rail will impose forced layoffs and a 50 per cent reduction in maintenance work. On Thursday and Saturday, there will be a significant reduction in rail service, with nearly a fifth operating, and half of the lines will be closed. Also read | 'Piecing together trail of breadcrumbs': How UK police traced IS ‘Beatles’ terrorists As a result of strike by thousands of workers, causing travel chaos, the RMT general issued a warning that the rail dispute might continue for an "indefinite" period. Lynch joined a picket line outside Euston station and urged the government to halt its refusal to participate in any discussion over salary, working conditions, and employment. Due to RMT and TSSA union members, only one in five trains will operate nationwide. Mach Lynch cautioned that a wave of strikes might bring the UK to a standstill, hitting every sector of the economy. (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.

UK transport strike can turn 'indefinite', warns trade union general secretary

US President Joe Biden signed the inflation reduction act into law, this bill is seen as a big climate change and health care package seeks to raise taxes mainly on the rich.

US President Joe Biden signs inflation reduction act into law

UK inflation has risen above 10% for the first time in 40 years, driven by soaring prices for food and fuel as households come under mounting pressure from the cost of living crisis.

UK inflation hits new 40-year high of 10.1% driven by soaring food and fuel prices

Inflation in the United Kingdom has surged to a new 40-year high and is now in double digits. Official data for the month of July shows the consumer price index accelerated to 10.1% from 9.4% in June.

UK inflation hits double digits for first time in 40 years

A recovery in global business travel spending to pre-pandemic levels is likely to be delayed by 18 months to 2026 because of factors like inflation, high energy prices, labour shortages and lockdowns in China.

Inflation, labour shortages to delay recovery in business travel spending

Venezuela's inflation slowed to 7.5% month-over-month in July, from 11.4% recorded in June, according to data released on Monday by the country's central bank.

Venezuela inflation slows to 7.5% in July

Isaac Blake suffers from Allan-Herndon-Dudley syndrome, a rare brain development disorder that means he requires care 24 hours a day and specialist equipment. His carer, Maxine Rothchester, who has looked after him since he was eight months old, says rising fuel bills amid a cost of living crisis have put Isaac's life in danger.

Carers of 8-year-old Isaac Blake struggle to help the child

The US House has approved the Inflation reduction act. President Biden lauded the passage of the bill. The bill is aimed at reducing inflation and tackling climate change.

U.S. House approves inflation reduction act; President Biden lauds passage of the bill

UK train drivers will go on a 24-hour strike today which is a latest in a series of rail strikes in the country over wages and working conditions. Strikes have been crippling rail services since June.

UK: Inflation affecting real wages, train drivers to go on 24-hour strike

China's factory-gate inflation eased in July to a 17-month low, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer price increases hit a two-year high as pork supplies tightened.

China's factory inflation eases to a 17-month low in July

Personal cash withdrawals from the UK's post office jumped 8% in July to $967 million. It is believed that more people are now relying on cash to help stay on budget as the cost of living crisis increases.

People turn back to cash as prices rise, cost of living crisis worsens in the UK

The economies across continents have been grappling with hyper inflation starting from developed economies like the United States and UK to emerging economies like India. Egypt falls in line too as the statistics office says that annual urban consumer inflation in the country clocks double-digit growth once again with a monthly increase of 0.4 percent.

Egypt's annual urban consumer inflation soars, rises to 13.6%

The US inflation has eased more than expected but still towering 400 percent higher than the Fed's annual inflation target. The consumer prices in July slowed down to 8.5 percent from 9.1 percent.

US inflation slows from 40-year peak, consumer prices ease to 8.5%

US President Joe Biden on Wednesday claimed that the US economy had 'zero inflation' in the month of July, inviting seething criticism from Republicans across the board for trying to manipulate the numbers and present a rosy picture.&nbsp;

Prior to the signing of the historic Promise to Address Comprehensive Toxics (PACT) Act, Biden said, "Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number: Zero."

The President further added, “Here’s what that means: while the price of some things go up, went up last month, the price of other things went down by the same amount. The result? Zero inflation last month."

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JUST IN: 🇺🇸 President Joe Biden says "our economy had zero percent inflation in July." <a href="https://t.co/A4UBh4rFH4">pic.twitter.com/A4UBh4rFH4</a>
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Biden's version was propounded further by&nbsp;White House press secretary Karine Jean-Pierre who tweeted, "We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped."

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We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped.
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Read more:<a href="https://www.wionews.com/world/biden-signs-the-healthcare-bill-for-military-veterans-republicans-finally-come-on-board-505726">&nbsp;Biden signs the healthcare bill for military veterans; Republicans finally come on board</a>

While Biden may have been technically right, the overall picture was quite different. The Consumer Price Index report released on the same day revealed that the rate of inflation was down&nbsp;0.6 per cent from June's 9.1 per cent but it certainly did not mean that inflation had reached the magical 'zero' per cent mark.

The inflation rate for the month of July stood at 8.5 per cent, majorly due to a drop in fuel prices. However, if compared to year-on-year numbers, the inflation rate was still touching a 40-year record high and consumers were bearing the brunt of it.&nbsp;

“The all items less food and energy index rose 5.9 per cent over the last 12 months.&nbsp;The energy index increased 32.9 per cent for the 12 months ending July, a smaller increase than the 41.6 per cent increase for the period ending June. The food index increased 10.9 per cent over the last year, the largest 12-month increase since the period ending May 1979.” the official Consumer Price Index report read.&nbsp;

Republicans have a field day&nbsp;

As soon as Biden's comments went viral, the Republican lawmakers started taking potshots at the President and his 'torturous' math.

Republican leader Virginia Foxx from North Carolina stated, “The Biden Administration has a tortured relationship with math."

Meanwhile, Ted Cruz took to Twitter to state, "Ridiculous BS from the White House. There’s 8.5% inflation and basically everything anyone ever buys went up in price. This is just cruel gaslighting from the Biden admin."

As reported by WION,&nbsp;US has been facing its worst bout of economic slowdown in recent times. The economy has contracted for two successive quarters which suggests that a recession has set in place.&nbsp;A recent Bloomberg survey stated that there was a 40 per cent chance that the country will slip&nbsp;into a recession by next year.

Read more:&nbsp;<a href="https://www.wionews.com/india-news/zero-probability-of-recession-in-india-while-us-has-a-40-per-cent-chance-study-500793">Zero probability of recession in India while US has a 40 per cent chance: Study</a>

Meanwhile, to counter inflation, the Biden administration has brought the ambitious $740 billion&nbsp;Inflation Reduction Act. However, the bill is yet to be approved in the House.&nbsp;

(With inputs from agencies) 
 
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&nbsp;

US President Joe Biden on Wednesday claimed that the US economy had 'zero inflation' in the month of July, inviting seething criticism from Republicans across the board for trying to manipulate the numbers and present a rosy picture.

US President Joe Biden on Wednesday claimed that the US economy had 'zero inflation' in the month of July, inviting seething criticism from Republicans across the board for trying to manipulate the numbers and present a rosy picture. Prior to the signing of the historic Promise to Address Comprehensive Toxics (PACT) Act, Biden said, "Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number: Zero." The President further added, “Here’s what that means: while the price of some things go up, went up last month, the price of other things went down by the same amount. The result? Zero inflation last month." JUST IN: 🇺🇸 President Joe Biden says "our economy had zero percent inflation in July." pic.twitter.com/A4UBh4rFH4 — Watcher.Guru (@WatcherGuru) August 10, 2022 × Biden's version was propounded further by White House press secretary Karine Jean-Pierre who tweeted, "We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped." We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped. — Karine Jean-Pierre (@PressSec) August 10, 2022 × Read more: Biden signs the healthcare bill for military veterans; Republicans finally come on board While Biden may have been technically right, the overall picture was quite different. The Consumer Price Index report released on the same day revealed that the rate of inflation was down 0.6 per cent from June's 9.1 per cent but it certainly did not mean that inflation had reached the magical 'zero' per cent mark. The inflation rate for the month of July stood at 8.5 per cent, majorly due to a drop in fuel prices. However, if compared to year-on-year numbers, the inflation rate was still touching a 40-year record high and consumers were bearing the brunt of it. “The all items less food and energy index rose 5.9 per cent over the last 12 months. The energy index increased 32.9 per cent for the 12 months ending July, a smaller increase than the 41.6 per cent increase for the period ending June. The food index increased 10.9 per cent over the last year, the largest 12-month increase since the period ending May 1979.” the official Consumer Price Index report read. Republicans have a field day As soon as Biden's comments went viral, the Republican lawmakers started taking potshots at the President and his 'torturous' math. Republican leader Virginia Foxx from North Carolina stated, “The Biden Administration has a tortured relationship with math." Meanwhile, Ted Cruz took to Twitter to state, "Ridiculous BS from the White House. There’s 8.5% inflation and basically everything anyone ever buys went up in price. This is just cruel gaslighting from the Biden admin." As reported by WION, US has been facing its worst bout of economic slowdown in recent times. The economy has contracted for two successive quarters which suggests that a recession has set in place. A recent Bloomberg survey stated that there was a 40 per cent chance that the country will slip into a recession by next year. Read more: Zero probability of recession in India while US has a 40 per cent chance: Study Meanwhile, to counter inflation, the Biden administration has brought the ambitious $740 billion Inflation Reduction Act. However, the bill is yet to be approved in the House. (With inputs from agencies) WATCH WION LIVE HERE:

President Biden claims US had ‘zero per cent inflation’ in July; gets trolled by Republicans

According to new research by the Britain's Post Office, people are increasingly turning back to cash as they look to control their spending during the cost-of-living crisis and soaring inflation.

Brits are turning back to cash as cost-of-living crisis worsens, says Post Office

Japan witnesses a bit of relief from inflation, slowing down from previous month and giving some economic relief. Japan's wholesale price indexes have risen 8.6 percent in July from last year.

Japan's wholesale inflation moderates

The US Senate has passed Democrats' $750 billion 'Inflation Reduction Act'. It includes climate provisions, tax changes, drug pricing provisions, and more.

US Senate passed $740 billion 'Inflation Reduction Act' package

The Bangladesh government has sought loans from the IMF amid high inflation and rising fuel prices. Fuel prices soared by over 50% in the country.

Bangladesh government seeking loans from the IMF amid high inflation

Bangladesh government seeking loans from the IMF

As the rising cost of living continues to bite UK, nearly thousands of people in UK have ended subscriptions of Netflix and Amazon prime

UK inflation woes: Thousands end Netflix, Amazon prime services

India's RBI hiked key lending rates by 50 basis points to tame the rising inflation. Will it be enough to control the spiraling cost-of-living crisis? How does India's economic situation compare with the world? Palki Sharma tells you.

Gravitas: India's RBI hikes key interest rates

Bank of England has raised the interest rates by 0.5 points also known as 50 basis points. highest interest rate rise since 1997 amid looming recession.

Bank of England warns of Inflation in UK

UK records high inflation and its central bank could announce a rate high which could be the highest since 1995. The consumer price inflation in UK is currently 9.4% which is higher than BOE, England's own bank.

BOE to go for biggest rate hike since 1995, inflation to hit UK again

Inflation was continued to hit major economies, this time price rise in UK has hit 40-year higher levels; last month, it was backed by surging petrol and food prices.

Bank of England aims to reduce inflation by 2%

Energy giant Shell has decided to give its workers a one-off bonus of eight percent. This comes as a result of the profit that the company recorded from high oil and gas prices. Shell has made it clear that the award is a reflection of its financial gains and has got nothing to do with the rising cost of living. The company reported second quarter profits of nine billion last week. Nearly 82,000 members of Shell’s staff worldwide will get this pay boost up and the top executives will be excluded from these benefits.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/bp-profit-triples-to-93-bn-on-soaring-energy-prices-502930">BP profit triples to $9.3&nbsp;bn on soaring energy prices</a>

The war in Ukraine has contributed to this profit by fuelling higher prices of oil and gas. Russia has reduced supplies to Europe following the war and the disruption thereof has led to soaring wholesale prices of oil and gas. This, in turn has passed the costs on customers by increasing the energy bills. Thus,&nbsp;&nbsp;it has increased the profits of the firm. Not only Shell but its rival BP has also reported a record breaking high quarterly profits.&nbsp;

As reported by BBC, the company has said that "the award enables those employees to share in our current operational and financial success - it is not a response to inflation or cost-of-living challenges”.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/developing-countries-facing-major-food-inflation-due-to-ukraine-crisis-says-world-bank-502744">Developing countries facing major food inflation due to Ukraine crisis, says World Bank</a>

Around 5,000 of Shell's representatives in Britain are in line to profit from the reward. However, 1,200 employees of Shell Energy Retail- a loss-making household supply unit, will not receive the bonuses. Shell has likewise said it would return billions of dollars to its investors subsequent to its quarterly monetary profits last month.

Watch |&nbsp;Gas ban imposed as Latvian firm was paying in Euros to Russia&nbsp;

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<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">Though various oil and gas companies are benefiting, UN Secretary General Antonio Guterres has called for oil and gas companies to face special taxes, calling it “immoral” for firms to be profiting from the Ukraine war. Further, he added that "This grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home”.&nbsp;</div>

(With inputs from agencies)

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Energy giant Shell has decided to give its workers a one-off bonus of eight percent. This comes as a result of the profit that the company recorded from high oil and gas prices.

Energy giant Shell has decided to give its workers a one-off bonus of eight percent. This comes as a result of the profit that the company recorded from high oil and gas prices. Shell has made it clear that the award is a reflection of its financial gains and has got nothing to do with the rising cost of living. The company reported second quarter profits of nine billion last week. Nearly 82,000 members of Shell’s staff worldwide will get this pay boost up and the top executives will be excluded from these benefits. Also read | BP profit triples to $9.3 bn on soaring energy prices The war in Ukraine has contributed to this profit by fuelling higher prices of oil and gas. Russia has reduced supplies to Europe following the war and the disruption thereof has led to soaring wholesale prices of oil and gas. This, in turn has passed the costs on customers by increasing the energy bills. Thus, it has increased the profits of the firm. Not only Shell but its rival BP has also reported a record breaking high quarterly profits. As reported by BBC, the company has said that "the award enables those employees to share in our current operational and financial success - it is not a response to inflation or cost-of-living challenges”. Also read | Developing countries facing major food inflation due to Ukraine crisis, says World Bank Around 5,000 of Shell's representatives in Britain are in line to profit from the reward. However, 1,200 employees of Shell Energy Retail- a loss-making household supply unit, will not receive the bonuses. Shell has likewise said it would return billions of dollars to its investors subsequent to its quarterly monetary profits last month. Watch | Gas ban imposed as Latvian firm was paying in Euros to Russia Though various oil and gas companies are benefiting, UN Secretary General Antonio Guterres has called for oil and gas companies to face special taxes, calling it “immoral” for firms to be profiting from the Ukraine war. Further, he added that "This grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home”. (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.

Shell staff benefits from soaring energy bills

British oil firm BP posted its highest quarterly profits in 14 years on Tuesday. How are oil firms reporting bumper profits amid a global cost-of-living crisis? How can governments tame big oil's hunger for profits? Palki Sharma tells you.

Gravitas: British oil firm BP reports highest profit in 14 years

As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.6 per cent in June. The euro zone's manufacturing activity shrank last month, with factories being forced to stockpile unsold items as a result of weak demand, according to data released on Monday. This has raised concerns that the region could enter a recession.&nbsp;Despite weaker overall sentiment due to concerns about an economic slowdown, European stocks had their highest monthly gain on Friday (July 29) since November 2020 thanks to solid earnings from corporate Europe.

Also read |&nbsp;WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

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As inflation, the crisis in Ukraine, and the pandemic took their toll, retailers in Germany, the powerhouse of the European economy, saw the sharpest decline in their year-over-year sales in nearly three decades at the end of the first half of 2022, according to data.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-halts-gas-supply-to-latvia-following-deadly-prison-attack-502043" hreflang="en">Russia halts gas supply to Latvia following deadly prison attack</a>

In China too home sales of the top 100 developers fell in July, a sign that the growing mortgage boycott issue plaguing the nation has further undermined consumer confidence.

Despite government efforts to promote purchases, the demand remained flat amid an economic slowdown. According to preliminary data provided by China Real Estate Information Corp., combined contract sales decreased 39.7 per cent from a year earlier to 523.1 billion yuan ($78 billion).

Also read |&nbsp;<a href="https://www.wionews.com/world/despite-gas-crisis-and-inflation-surge-eurozone-economy-grows-faster-than-expected-501880" hreflang="en">Despite gas crisis, inflation surge, Eurozone economy grows faster than expected</a>

Hong Kong too is battling the effects of inflation. According to fresh official data released on Monday, Hong Kong has once again entered a technical recession as a result of the city's prolonged commitment to stringent coronavirus regulations, rising interest rates, and weakening international trade.

The city's GDP again declined in the second quarter of 2022, although by a smaller margin of 1.4 per cent, according to preliminary estimates issued by the Census and Statistics Department. This follows a year-over-year fall of 3.9 per cent in the first quarter of 2022.

(With inputs from agencies)

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As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.

As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.6 per cent in June. The euro zone's manufacturing activity shrank last month, with factories being forced to stockpile unsold items as a result of weak demand, according to data released on Monday. This has raised concerns that the region could enter a recession. Despite weaker overall sentiment due to concerns about an economic slowdown, European stocks had their highest monthly gain on Friday (July 29) since November 2020 thanks to solid earnings from corporate Europe. Also read | WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July As inflation, the crisis in Ukraine, and the pandemic took their toll, retailers in Germany, the powerhouse of the European economy, saw the sharpest decline in their year-over-year sales in nearly three decades at the end of the first half of 2022, according to data. Also read | Russia halts gas supply to Latvia following deadly prison attack In China too home sales of the top 100 developers fell in July, a sign that the growing mortgage boycott issue plaguing the nation has further undermined consumer confidence. Despite government efforts to promote purchases, the demand remained flat amid an economic slowdown. According to preliminary data provided by China Real Estate Information Corp., combined contract sales decreased 39.7 per cent from a year earlier to 523.1 billion yuan ($78 billion). Also read | Despite gas crisis, inflation surge, Eurozone economy grows faster than expected Hong Kong too is battling the effects of inflation. According to fresh official data released on Monday, Hong Kong has once again entered a technical recession as a result of the city's prolonged commitment to stringent coronavirus regulations, rising interest rates, and weakening international trade. The city's GDP again declined in the second quarter of 2022, although by a smaller margin of 1.4 per cent, according to preliminary estimates issued by the Census and Statistics Department. This follows a year-over-year fall of 3.9 per cent in the first quarter of 2022. (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.

Recession fears haunt Eurozone; China witnesses slump in house sales; Hong Kong enters technical recession

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