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%

<p>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;</p>

<p>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."</p>

<p>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."</p>

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<p dir="ltr" lang="en">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></p>
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<p>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."</p>

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<p dir="ltr" lang="en">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.</p>
— Karine Jean-Pierre (@PressSec) <a href="https://twitter.com/PressSec/status/1557374758433525761?ref_src=twsrc%5Etfw">August 10, 2022</a></blockquote>
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<p>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></p>

<p>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.</p>

<p>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;</p>

<p>“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;</p>

<p><strong>Republicans have a field day&nbsp;</strong></p>

<p>As soon as Biden's comments went viral, the Republican lawmakers started taking potshots at the President and his 'torturous' math.</p>

<p>Republican leader Virginia Foxx from North Carolina stated, “The Biden Administration has a tortured relationship with math."</p>

<p>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."</p>

<p>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.</p>

<p>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></p>

<p>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;</p>

<p><em>(With inputs from agencies)</em><br />
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<p>&nbsp;</p>


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%

<p>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;</p>

<p><strong>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></strong></p>

<p>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;</p>

<p>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;</p>

<p><strong>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></strong></p>

<p>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.</p>

<p><strong>Watch |&nbsp;Gas ban imposed as Latvian firm was paying in Euros to Russia&nbsp;</strong></p>

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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>

<p><em>(With inputs from agencies)</em></p>

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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

<p>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.</p>

<p><strong>Also read |&nbsp;WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July</strong></p>

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<p>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.</p>

<p><strong>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></strong></p>

<p>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.</p>

<p>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).</p>

<p><strong>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></strong></p>

<p>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.</p>

<p>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.</p>

<p><em>(With inputs from agencies)</em></p>

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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

Sri Lanka continues to plunge deeper into the ongoing economic crisis. As per reports, Colombo's consumer price index has reached 60% and food inflation has surged to 90%.

Record inflation continues to haunt Lankan households; Colombo consumer price index breaches 60%

<p>Sky-high energy prices and historic inflation may have caused financial woes to ordinary Britishers but the multinational oil and gas companies are having a payday. Reportedly, British Gas giant Centrica has posted operating profits of $1.5 million in the first six months of the year, up $283 million from a year ago.</p>

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<p dir="ltr" lang="en">We have today announced our 2022 interim results. Our financial performance was good, against a backdrop of high and volatile commodity prices, we continue to make good progress towards the 3-point turnaround strategy. A full breakdown is available here → <a href="https://t.co/xO4we0BQUz">https://t.co/xO4we0BQUz</a></p>
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<p>The profits come on the heels of wholesale gas prices in the continent hitting new record highs, ever since Russia decided to invade Ukraine in February, earlier this year.</p>

<p>Read More:&nbsp;<a href="https://www.wionews.com/videos/uk-highest-shop-price-inflation-in-nearly-17-years-501124">UK: Highest shop price inflation in nearly 17 years</a></p>

<p>Moreover, the company's profits were boosted by selling its assets. The British major solid its Spirit Energy’s Norwegian and Statfjord UK oil and gas assets this year to register impressive numbers.</p>

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<h5>"The increase in adjusted operating profit was primarily driven by the Upstream businesses, reflecting strong production and generation volumes and the impact of higher commodity prices." the company stated.&nbsp;</h5>
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<p>Reportedly, after not sharing dividends in 2020, Centrica is expected to pay a dividend of $1.2 per share to its shareholders, totalling $71.5 million.</p>

<p>While the company made fivefold profits, its chief executive Chris O’Shea warned that the UK was about to face a difficult winter where average household winter bills could rise to $5,000.&nbsp;</p>

<p>Watch:&nbsp;<strong>UK: Nearly 40,000 rail, maritime and transport workers on strike</strong></p>

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<p>When asked what the company was doing to help the customers facing hardships, Chris stated:</p>

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<h5>"We are investing in our customers and colleagues, creating at least 500 additional UK-based customer service roles in British Gas Energy and 1,000 new UK engineering apprenticeships, while through the British Gas Energy Support Fund we are providing grants to help customers pay their energy bills."</h5>
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<p>The war between Ukraine and Russia has hit Europe the hardest. Up until last year,&nbsp;Russia supplied the European Union, which the UK was part of once,&nbsp;with 40 per cent&nbsp;of its gas needs. However, that figure has dropped drastically this year as Russia continues to use its position of leverage to hurt Europe for supporting Ukraine.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Sky-high energy prices and historic inflation may have caused financial woes to ordinary Britishers but the multinational oil and gas companies are having a payday.

Sky-high energy prices and historic inflation may have caused financial woes to ordinary Britishers but the multinational oil and gas companies are having a payday. Reportedly, British Gas giant Centrica has posted operating profits of $1.5 million in the first six months of the year, up $283 million from a year ago. We have today announced our 2022 interim results. Our financial performance was good, against a backdrop of high and volatile commodity prices, we continue to make good progress towards the 3-point turnaround strategy. A full breakdown is available here → https://t.co/xO4we0BQUz — Centrica plc (@centricaplc) July 28, 2022 × The profits come on the heels of wholesale gas prices in the continent hitting new record highs, ever since Russia decided to invade Ukraine in February, earlier this year. Read More: UK: Highest shop price inflation in nearly 17 years Moreover, the company's profits were boosted by selling its assets. The British major solid its Spirit Energy’s Norwegian and Statfjord UK oil and gas assets this year to register impressive numbers. "The increase in adjusted operating profit was primarily driven by the Upstream businesses, reflecting strong production and generation volumes and the impact of higher commodity prices." the company stated. × Reportedly, after not sharing dividends in 2020, Centrica is expected to pay a dividend of $1.2 per share to its shareholders, totalling $71.5 million. While the company made fivefold profits, its chief executive Chris O’Shea warned that the UK was about to face a difficult winter where average household winter bills could rise to $5,000. Watch: UK: Nearly 40,000 rail, maritime and transport workers on strike × When asked what the company was doing to help the customers facing hardships, Chris stated: "We are investing in our customers and colleagues, creating at least 500 additional UK-based customer service roles in British Gas Energy and 1,000 new UK engineering apprenticeships, while through the British Gas Energy Support Fund we are providing grants to help customers pay their energy bills." × The war between Ukraine and Russia has hit Europe the hardest. Up until last year, Russia supplied the European Union, which the UK was part of once, with 40 per cent of its gas needs. However, that figure has dropped drastically this year as Russia continues to use its position of leverage to hurt Europe for supporting Ukraine. (With inputs from agencies) WATCH WION LIVE HERE:

UK gas major Centrica's profits soar amid sky-high energy prices

Amid the ongoing global economic crisis due to the Ukraine war, Israel is now facing the brunt of food inflation. The price of eggs has gone up by 6.5%.

Israel faces the brunt of food inflation as the price of eggs goes up by 6.5%

For two consecutive quarters now - the American economy has contracted. For many economists this would mean the beginning of a recession. But American leaders argue - the US is not in a recession. Who is right? Palki Sharma tells you.

Gravitas: Is America in a recession?

Eurozone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.

WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

<p>The second quarter of this year saw an acceleration in the Eurozone’s economic growth, but as long as Russia keeps cutting back on gas supply, the region’s prospects will suffer. According to Eurostat, the European Union’s statistics office, the 19-member bloc’s gross domestic product increased by 0.7 percent in the second quarter, exceeding forecasts for a 0.2 percent increase. It follows a GDP growth rate of 0.5% in the first quarter.</p>

<p>The figures show that the Eurozone is still gaining from the reopening of its economy following the epidemic, in stark contrast to the negative annualised readings coming out of the United States for both the first and second quarters.</p>

<p>However, an increasing number of experts anticipate that the Eurozone will enter a recession. Nomura, for example, forecasts a 1.2 percent annual contraction, while Berenberg forecasts a 1% decline.</p>

<p>Even the EU’s executive body, the European Commission, has acknowledged that if Russia entirely cuts off the region’s gas supplies, a recession might start this year.</p>

<p>European officials are becoming more anxious about the likelihood of a gas supply interruption after European Commission President Ursula von der Leyen claimed that Russia is “blackmailing” the continent. Russia has consistently denied attempting to weaponize its supplies of natural fuel.</p>

<p>Although this week saw a 20% reduction in gas deliveries to Europe via the Nord Stream 1 pipeline, Gazprom, the majority state-owned energy powerhouse of Russia, continued to operate at full capacity. Twelve EU nations currently have partial Russian gas supply problems, and a few more have had their gas supplies entirely cut off.</p>

<p>The most recent growth data, according to European Economics Commissioner Paolo Gentiloni, is “good news”.</p>

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<p dir="ltr" lang="en">Good news! Euro area economy outperforms expectations in <a href="https://twitter.com/hashtag/Q2?src=hash&amp;ref_src=twsrc%5Etfw">#Q2</a>. Uncertainty remains high for the coming quarters: need to maintain unity &amp; be ready to respond to an evolving situation as necessary <a href="https://t.co/ur7wtxIRzW">https://t.co/ur7wtxIRzW</a></p>
— Paolo Gentiloni (@PaoloGentiloni) <a href="https://twitter.com/PaoloGentiloni/status/1552943155359764480?ref_src=twsrc%5Etfw">July 29, 2022</a></blockquote>
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<p><em>(With inputs from agencies)</em></p>

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The second quarter of this year saw an acceleration in the Eurozone’s economic growth, but as long as Russia keeps cutting back on gas supply, the region’s prospects will suffer.

The second quarter of this year saw an acceleration in the Eurozone’s economic growth, but as long as Russia keeps cutting back on gas supply, the region’s prospects will suffer. According to Eurostat, the European Union’s statistics office, the 19-member bloc’s gross domestic product increased by 0.7 percent in the second quarter, exceeding forecasts for a 0.2 percent increase. It follows a GDP growth rate of 0.5% in the first quarter. The figures show that the Eurozone is still gaining from the reopening of its economy following the epidemic, in stark contrast to the negative annualised readings coming out of the United States for both the first and second quarters. However, an increasing number of experts anticipate that the Eurozone will enter a recession. Nomura, for example, forecasts a 1.2 percent annual contraction, while Berenberg forecasts a 1% decline. Even the EU’s executive body, the European Commission, has acknowledged that if Russia entirely cuts off the region’s gas supplies, a recession might start this year. European officials are becoming more anxious about the likelihood of a gas supply interruption after European Commission President Ursula von der Leyen claimed that Russia is “blackmailing” the continent. Russia has consistently denied attempting to weaponize its supplies of natural fuel. Although this week saw a 20% reduction in gas deliveries to Europe via the Nord Stream 1 pipeline, Gazprom, the majority state-owned energy powerhouse of Russia, continued to operate at full capacity. Twelve EU nations currently have partial Russian gas supply problems, and a few more have had their gas supplies entirely cut off. The most recent growth data, according to European Economics Commissioner Paolo Gentiloni, is “good news”. Good news! Euro area economy outperforms expectations in #Q2. Uncertainty remains high for the coming quarters: need to maintain unity & be ready to respond to an evolving situation as necessary https://t.co/ur7wtxIRzW — Paolo Gentiloni (@PaoloGentiloni) July 29, 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.

Despite gas crisis, inflation surge, Eurozone economy grows faster than expected

The United States Federal Reserve has once again hiked the interest rate by 0.75%, this as the country's inflation level has touched 40-year high. This is the second in a row and fourth time this year, that the Fed has raised interest rates.

Joe Biden's address on U.S. inflation | Fed attacks US inflation with 75 basis point hike

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