Inflation around the world is not cooling down, the latest data is from New Zealand where the inflation has touched three decade high beating forecasts.

New Zealand's inflation hits 3-decade high

Thousands of Hungarians on Saturday (July 16), protested against Prime Minister Viktor Orban’s government this week since his right-wing Fidesz party enacted legislation dramatically hiking taxes on small businesses. The inflation rate is at its worst level in two decades, the forint is at record lows, and European Union funding is in limbo due to a dispute over democratic principles, posing the hardest challenge nationalist Orban has faced since sweeping into power in 2010. Peter Marki-Zay, the mayor of a small town and Orban’s independent opponent, organised the gathering after his opposition alliance was defeated in parliamentary elections in April, Reuters reported.&nbsp;

A 70-year-old demonstrator said, “I have an acquaintance who only heats with electricity. His monthly power bill has been 30,000 forints ($75) so far, which is not a lot, but from now on he will be paying 153,000.” He further added that the small-scale protests were hard to persuade the administration.&nbsp;

Also read <a href="https://www.wionews.com/world/in-budapest-hungarys-viktor-orban-tells-cpac-conservatives-to-have-own-media-to-retain-power-480836">|&nbsp;In Budapest, Hungary’s Viktor Orban tells CPAC conservatives to have own media to retain power</a>

Despite objections from some business groups and opposition parties, the blockade of a bridge in Budapest on Tuesday, it didn’t prevent the government from approving a resolution from approving to raise the tax rate for hundreds of thousands of small businesses.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/hungary-pm-orban-warns-of-era-of-recession-in-europe-479646">Hungary PM Orban warns of "era of recession" in Europe</a>

In response to a spike in power and gas costs brought on by the conflict in Ukraine, Orban’s administration reduced a restriction on utility bills for homes with higher utility usage. This was a reversal of the 59-year-old premier’s measures in recent years.

Inflation rose to 11.7 per cent year-over-year in June, which pushed the central bank into its sharpest rate-tightening cycle since the fall of the communist government, despite the Orban restricting the cost of fuel and other staple items. The forint is also approaching historic lows against the euro despite this, adding to the inflationary pressures.&nbsp;

(With inputs from agencies)

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Thousands of Hungarians on Saturday (July 16), protested against Prime Minister Viktor Orban’s government this week since his right-wing Fidesz party enacted legislation dramatically hiking taxes on small businesses.

Thousands of Hungarians on Saturday (July 16), protested against Prime Minister Viktor Orban’s government this week since his right-wing Fidesz party enacted legislation dramatically hiking taxes on small businesses. The inflation rate is at its worst level in two decades, the forint is at record lows, and European Union funding is in limbo due to a dispute over democratic principles, posing the hardest challenge nationalist Orban has faced since sweeping into power in 2010. Peter Marki-Zay, the mayor of a small town and Orban’s independent opponent, organised the gathering after his opposition alliance was defeated in parliamentary elections in April, Reuters reported. A 70-year-old demonstrator said, “I have an acquaintance who only heats with electricity. His monthly power bill has been 30,000 forints ($75) so far, which is not a lot, but from now on he will be paying 153,000.” He further added that the small-scale protests were hard to persuade the administration. Also read | In Budapest, Hungary’s Viktor Orban tells CPAC conservatives to have own media to retain power Despite objections from some business groups and opposition parties, the blockade of a bridge in Budapest on Tuesday, it didn’t prevent the government from approving a resolution from approving to raise the tax rate for hundreds of thousands of small businesses. Also read | Hungary PM Orban warns of "era of recession" in Europe In response to a spike in power and gas costs brought on by the conflict in Ukraine, Orban’s administration reduced a restriction on utility bills for homes with higher utility usage. This was a reversal of the 59-year-old premier’s measures in recent years. Inflation rose to 11.7 per cent year-over-year in June, which pushed the central bank into its sharpest rate-tightening cycle since the fall of the communist government, despite the Orban restricting the cost of fuel and other staple items. The forint is also approaching historic lows against the euro despite this, adding to the inflationary pressures. (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.

Thousands of Hungarians protest against Viktor Orban’s reforms

The public transport prices on state-owned service have come down to half as a response to the rapid increase in inflation rates across Sprain. However, to make it easier for passengers, the Spanish government has decided to offer a 100 percent discount on train journeys.

WION Fineprint: Spain government makes train journey free of cost

It's not just record inflation that is proving to be a headache for global economists, analysis are also afraid of stagflation. The S&P global market intelligence has issued a warning on the potential rise in corporate defaults if stack stagnation strikes.

World turns to Stagflation from Inflation?

Country's wholesale price inflation WPI has come down for first time in four months, wholesale inflation has marginally declined to 15.18 % in June compared to 15.88% in May.

India's Wholesale Price Inflation for June stays above 1%

Pakistan government announced a decrease in fuel prices to pass on a decline in global prices to inflation-hit consumers. The decision comes after the rates were previously hiked four times in recent months.

WION Dispatch: Pakistan government cuts fuel prices after 4 consecutive hikes

Amid recession fears and a weak Chinese market, Copper has nosedived to its lowest level in the last twenty months. The important red-metal element, used in almost everything from automobiles to smartphones to wires to home appliances has dropped below $7,000 a tonne for the first time since November 2020.

Amid recession fears and a weak Chinese market, Copper has nosedived to its lowest level in the last twenty months. The important red-metal element, used in almost everything from automobiles to smartphones to wires to home appliances has dropped below $7,000 a tonne for the first time since November 2020. The precarious tumble of the metal is evident from its stock market performance as well. At the London Metal Exchange, the metal is already down 25 per cent. Reportedly, the metal is expected to rival the decline it suffered at the peak of 'The Great Recession' of 2008. The red metal and its production, as well as supply, have been obstructed due to the slowdown in the Chinese economy, which on Friday grew at a pace of 0.4 per cent in the first quarter of the year. China, the world's largest metal consumer is struggling It is pertinent to note that China is the largest metal consumer in the world. Owing to Xi Jinping's 'Zero-Covid tolerance' scheme where entire cities have been closed due to a small number of cases, China's economy has been drastically hit. This means the use of Copper has reduced significantly. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave Pair it up with surging energy costs weighing heavy on Europe and the US facing its worst-ever bout of inflation and the situation becomes worrisome. Copper making deep drops in the market is not a recent phenomenon either. When the pandemic hit the globe in 2020, the precious metal slipped nearly 19.8 per cent in Q1. Goldman Sachs has only added to the gloom by remarking that the metal is expected to slip below the $6,700 mark in the coming three months as China continues to remain sluggish in its economic recovery. (With inputs from agencies)

Copper nosedives to its 20-month low; expected to tumble even more

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency.

For the past four to five days, the Indian currency has been facing severe blowbacks as foreign institutional investors have continued to dump Indian equities in search of safe haven US dollars, putting further pressure on the local currency.

At the start of the year, the rupee-dollar exchange rate was at 74. But recession fears, the Russian invasion of Ukraine and the resultant spike in oil and gas prices have put tremendous pressure on the rupee.

According to Bloomberg data, the currency has slumped to a new record low level 26 times since Russia invaded Ukraine late in February.

On Thursday, the local currency opened trading at a lifetime low of 79.71 (provisional) per US dollar compared to its previous close of 79.63.

Analysts believe that the rupee-dollar exchange rate will most certainly touch 80 as the experts expect the United States Federal Reserve to hike the interest rates by another 75 to 100 basis points at the end of the month to tackle hot inflation. This will further trigger the outflow of dollars from India and back to the US.

“Rupee is expected to depreciate today (Thursday) amid strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the US Fed may have to raise interest rates much more than expected, even 100 bps. Additionally, consistent FII outflows and concerns on looming recession may hurt rupee. US$INR (July) is expected to trade in a range of 79.50-80.00," said ICICI Direct in a statement.

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With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency.

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency. For the past four to five days, the Indian currency has been facing severe blowbacks as foreign institutional investors have continued to dump Indian equities in search of safe haven US dollars, putting further pressure on the local currency. At the start of the year, the rupee-dollar exchange rate was at 74. But recession fears, the Russian invasion of Ukraine and the resultant spike in oil and gas prices have put tremendous pressure on the rupee. According to Bloomberg data, the currency has slumped to a new record low level 26 times since Russia invaded Ukraine late in February. On Thursday, the local currency opened trading at a lifetime low of 79.71 (provisional) per US dollar compared to its previous close of 79.63. Analysts believe that the rupee-dollar exchange rate will most certainly touch 80 as the experts expect the United States Federal Reserve to hike the interest rates by another 75 to 100 basis points at the end of the month to tackle hot inflation. This will further trigger the outflow of dollars from India and back to the US. “Rupee is expected to depreciate today (Thursday) amid strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the US Fed may have to raise interest rates much more than expected, even 100 bps. Additionally, consistent FII outflows and concerns on looming recession may hurt rupee. US$INR (July) is expected to trade in a range of 79.50-80.00," said ICICI Direct in a statement. WATCH WION LIVE HERE

Indian rupee set to depreciate further, to breach 80 per US dollar

Inflation in the United States of America is at a 40-year high. According to a government report released on Wednesday, inflation has hit 9.1 percent in the 12 months to June. Here at 'The Full Context', we decode this and more!

The Full Context: U.S. inflation at an all time high, How does this affect you?

Inflation in the United States of America is at a 40-year high. According to a government report released on Wednesday, inflation has hit 9.1 percent in the 12 months to June.

US inflation at 40-year high; supply chain issues, Ukraine war driving inflation

The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday (July 14) largely due to the impact of the war in Ukraine.

In its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with euro zone finance ministers on Monday.

The EU executive now predicts growth of 2.6% this year for the 19-country currency bloc, slightly less than the 2.7% it had forecast in May.

But next year, when the impact of the Ukraine war and of higher energy prices may be felt even more acutely, growth is now forecast to be 1.4%, instead of the 2.3% previously estimated.

At a news conference, EU economy commissioner Paolo Gentiloni also said the fall of the euro to parity against the dollar was a major concern largely for developing economies, rather than for the euro zone, because the euro was appreciating against other major currencies.

For the wider 27-country European Union, the growth forecast was unchanged at 2.7% this year, but revised down to 1.5% in 2023 from 2.3%.

In a major change, the Commission also raised its estimates for euro zone inflation, which this year is now expected to peak at 7.6% before falling to 4.0% in 2023.

In May, the Commission had forecast prices in the euro zone would rise 6.1% this year and 2.7% in 2023.

Brussels warned headline inflation could move even higher if gas prices soared due to Russia cutting off supplies, which might lead to a further downward revision of growth.

Risks to the outlook from a resurgence of the COVID-19 pandemic could also not be ruled out, the Commission said.

Despite these high risks, the Commission underlined that the euro zone was not expected to tip into a recession and the forecasts could also improve if recent declines of oil and commodity prices continued.

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The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday (July 14) largely due to the impact of the war in Ukraine.

The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday (July 14) largely due to the impact of the war in Ukraine. In its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with euro zone finance ministers on Monday. The EU executive now predicts growth of 2.6% this year for the 19-country currency bloc, slightly less than the 2.7% it had forecast in May. But next year, when the impact of the Ukraine war and of higher energy prices may be felt even more acutely, growth is now forecast to be 1.4%, instead of the 2.3% previously estimated. At a news conference, EU economy commissioner Paolo Gentiloni also said the fall of the euro to parity against the dollar was a major concern largely for developing economies, rather than for the euro zone, because the euro was appreciating against other major currencies. For the wider 27-country European Union, the growth forecast was unchanged at 2.7% this year, but revised down to 1.5% in 2023 from 2.3%. In a major change, the Commission also raised its estimates for euro zone inflation, which this year is now expected to peak at 7.6% before falling to 4.0% in 2023. In May, the Commission had forecast prices in the euro zone would rise 6.1% this year and 2.7% in 2023. Brussels warned headline inflation could move even higher if gas prices soared due to Russia cutting off supplies, which might lead to a further downward revision of growth. Risks to the outlook from a resurgence of the COVID-19 pandemic could also not be ruled out, the Commission said. Despite these high risks, the Commission underlined that the euro zone was not expected to tip into a recession and the forecasts could also improve if recent declines of oil and commodity prices continued. 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 ×

EU cuts euro zone growth forecasts, revises up inflation outlook

It's not just America that is recording high costs. We take a look at some of the other countries also fighting soaring inflation.

The Full Context: The countries with high inflation right now

Inflation in the United States hits an all time high. Hem Saroya decodes the reasons behind soaring prices with help of Andrew Freris, CEO of Ecognosis Advisory.

The Full Context | US Inflation: Food, fuel, houses get more expensive in United States

Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures. Following this news, the Singapore dollar increased significantly and was last up about 0.7 per cent to S$1.33963 per dollar, with economists anticipating more tightening in October. The Monetary Authority of Singapore (MAS) tightened the monetary policy for the fourth time in the previous nine months, Reuters reported.

The central bank also stated that the core inflation rate is now estimated between 3.0 - 4.0 per cent this year, a little up from an earlier forecast of 2.5 and 3.5 per cent. Singapore’s GDP is not expected to come in at the lower half of the 3-5 per cent forecast range for this year. The country’s GDP increased by 4.8 per cent in the second quarter, below expectations, as per the preliminary data released.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/major-economies-to-enter-recession-in-the-next-12-months-report-495159">Major economies to enter recession in the next 12 months: Report</a>

The central bank tightened monetary policy in April to combat the rising prices caused worse by the conflict in Ukraine and supply disruptions around the world. The bank schedules two meetings, one in April and the other in October, every year to discuss the monetary policy.&nbsp;

Watch |&nbsp;Singapore’s economy grew 4.8% in the second quarter, missing forecasts

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Since April, the city-state has loosened most of its Covid-19 local and travel restrictions in an effort to ais the financial and commercial hub for the economic revival.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/eurozone-inflation-hits-record-as-gas-crunch-looms-493665">Eurozone inflation hits record, as gas crunch looms</a>

As the trade flows through its economy, the MAS controls the monetary policy through exchange rate settings rather than interest rates. In addition, there are three levers used to change the policy: the slope, mid-point, and width of the policy band. These three variables allow the Singapore dollar to rise or fall against the currencies of its primary trading partners.&nbsp;

(With inputs from agencies)

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Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures.

Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures. Following this news, the Singapore dollar increased significantly and was last up about 0.7 per cent to S$1.33963 per dollar, with economists anticipating more tightening in October. The Monetary Authority of Singapore (MAS) tightened the monetary policy for the fourth time in the previous nine months, Reuters reported. The central bank also stated that the core inflation rate is now estimated between 3.0 - 4.0 per cent this year, a little up from an earlier forecast of 2.5 and 3.5 per cent. Singapore’s GDP is not expected to come in at the lower half of the 3-5 per cent forecast range for this year. The country’s GDP increased by 4.8 per cent in the second quarter, below expectations, as per the preliminary data released. Also read | Major economies to enter recession in the next 12 months: Report The central bank tightened monetary policy in April to combat the rising prices caused worse by the conflict in Ukraine and supply disruptions around the world. The bank schedules two meetings, one in April and the other in October, every year to discuss the monetary policy. Watch | Singapore’s economy grew 4.8% in the second quarter, missing forecasts Since April, the city-state has loosened most of its Covid-19 local and travel restrictions in an effort to ais the financial and commercial hub for the economic revival. Also read | Eurozone inflation hits record, as gas crunch looms As the trade flows through its economy, the MAS controls the monetary policy through exchange rate settings rather than interest rates. In addition, there are three levers used to change the policy: the slope, mid-point, and width of the policy band. These three variables allow the Singapore dollar to rise or fall against the currencies of its primary trading partners. (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.

Singapore’s central bank tightens monetary policy to decrease inflation

As per Government data released on Wednesday (July 13), in June, the United States saw a new peak of 9.1 per cent inflation. This faster-than-expected increase in the consumer price index (CPI) was driven by significant increases in gasoline prices, reports AFP. The US Labor Department has reported that this 9.1 per cent CPI spike over the past 12 months to June was the fastest increase in 40 years, the last such increase was witnessed in November 1981. The fast-rising costs have placed an excessive burden on American families and jeopardised US President Joe Biden's already shaky approval ratings.

Watch |&nbsp;IMF cuts US 2022 growth forecast

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However, as per an AFP report, Biden claims that while the inflation rate was "unacceptably high," it was also "out of date" because it did not account for a noticeable decline in energy prices since mid-June.

According to AAA, the national average gas price recently decreased from $5.01 a month to $4.63 a gallon.

Recent price reductions had offered "important breathing room for American families. And, other commodities like wheat have fallen sharply since this report,"&nbsp;&nbsp;said the President.

Also read |&nbsp;<a href="https://www.wionews.com/world/united-states-imf-cuts-2022-growth-forecast-to-23-but-predicts-country-will-avoid-recession-496949">United States: IMF cuts 2022 growth forecast to 2.3% but predicts country will avoid recession</a>

Since April 1980, the overall yearly growth in energy prices is at its highest level. Gasoline prices increased by 11.2 per cent last month and a startling 59.9 per cent over the previous year, accounting for half of the monthly rise.&nbsp;

Even while Biden insisted that combating inflation was the main priority, he acknowledged that his administration needed to "to make more progress, more quickly, in getting price increases under control."

(With inputs from agencies)

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As per Government data released on Wednesday (July 13), in June, the United States saw a new peak of 9.1 per cent inflation. This faster-than-expected increase in the consumer price index (CPI) was driven by significant increases in gasoline prices, reports AFP.

As per Government data released on Wednesday (July 13), in June, the United States saw a new peak of 9.1 per cent inflation. This faster-than-expected increase in the consumer price index (CPI) was driven by significant increases in gasoline prices, reports AFP. The US Labor Department has reported that this 9.1 per cent CPI spike over the past 12 months to June was the fastest increase in 40 years, the last such increase was witnessed in November 1981. The fast-rising costs have placed an excessive burden on American families and jeopardised US President Joe Biden's already shaky approval ratings. Watch | IMF cuts US 2022 growth forecast However, as per an AFP report, Biden claims that while the inflation rate was "unacceptably high," it was also "out of date" because it did not account for a noticeable decline in energy prices since mid-June. According to AAA, the national average gas price recently decreased from $5.01 a month to $4.63 a gallon. Recent price reductions had offered "important breathing room for American families. And, other commodities like wheat have fallen sharply since this report," said the President. Also read | United States: IMF cuts 2022 growth forecast to 2.3% but predicts country will avoid recession Since April 1980, the overall yearly growth in energy prices is at its highest level. Gasoline prices increased by 11.2 per cent last month and a startling 59.9 per cent over the previous year, accounting for half of the monthly rise. Even while Biden insisted that combating inflation was the main priority, he acknowledged that his administration needed to "to make more progress, more quickly, in getting price increases under control." (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.

US witnesses 40-year-high spike in customer prices

After Sri Lanka in south Asia, now Pakistan grapples with economic turmoil. Will it be the next country to go Sri Lanka's way, what will be Pakistan's tipping point?

Food and fuel inflation crippling Pakistan's economy

Your favourite dishes across the world will now cost you a pretty penny. We tell you why

The Good Life: Inflation affecting popular cuisines

Sri Lanka's economic crisis has engulfed South Asian nation. Food and fuel inflation is crippling Pakistan's economy too. Will Islamabad be the next country to go Sri Lanka's way?

WION Dispatch: Food and fuel inflation crippling Pakistan's economy

Rising inflation has pushed 71 million people into poverty since Russia's war on Ukraine. The IMF chief says a recession cannot be ruled out in 2023. Can central banks tame inflation without triggering a recession? Molly Gambhir tells you why the window is closing.

Gravitas: Inflation pushed 71 million people into poverty

The Emmanuel Macron-led government in France has unveiled measures to boost household purchasing power. A $20.3 billion package has been announced, which is expected to help struggling households cope with the consequences of the war in Ukraine.

French government unveils measures to boost household purchasing power

Mexico’s annual inflation accelerated in June to a level not seen since early 2001, leaving the central bank little choice but to continue its monetary tightening to tame spiralling consumer prices.

Mexico's annual inflation hits 21-year high in June

The Bank of England (BoE) has hinted at further interest rate rises as it vows to bring inflation back down to 2%. BoE's chief economist Huw Pill said that the central bank's focus was getting prices down and making life more affordable again.

Bank of England warns of rate hike, vows to bring down inflation

As the economic crisis in Sri Lanka continues, the country is dealing with shortage of basic necessities like medicine and fuel. As per the UN’s World Food Programme (WFP) most recent assessment on food insecurity, three out of every ten households, or nearly 6.26 million people are unsure about where their next meal will come from. Approximately 61 per cent of Sri Lankan households are routinely adopting cost-saving mechanisms, such as cutting back on their food intake or eating nutrient-dense meals, as a result of record food price inflation, surging fuel prices and widespread commodity shortages, reported by ANI.

The WFP expects as the crisis worsens; more people will use similar coping mechanisms. A woman told the food agency, "These days, we don`t have a proper meal but eat only rice and gravy.” Anthea Webb, deputy regional director for Asia and Pacific at the WFP last month said, “Pregnant mothers need to eat nutritious meals every day, but the poorest find it harder and harder to afford the basics.” She cautioned pregnant women against skipping the meals as “carries throughout your life,” risks both their own health and wellbeing of their children.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/once-prosperous-sri-lankans-will-now-cook-with-firewood-economic-mismanagement-is-the-reason-494957">Once prosperous, Sri Lankans will now cook with firewood, as economic mismanagement hits hard</a>

Amid a massive 57.4 per cent inflation rate and drastically rising food prices, two out of every five homes lack proper diet due to population’s crippled ability to prepare enough and nutrient rich meals for themselves. The situation is severe, in the farming estates sectors, which includes huge tea plantations, more than 50 per cent of the households’ experience food insecurity, as per WFP.

Watch |&nbsp;Sri Lanka Economic Crisis worsens | Many Sri Lankans switch to firewood

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The WFP last month announced a $60 million emergency appeal for food and nutrition to help three million people with the deteriorating situation.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-economic-crisis-ranil-wickremesinghe-admits-colombo-is-bankrupt-494621">Sri Lanka economic crisis: Ranil Wickremesinghe admits Colombo is bankrupt</a>

The country faces its worst economic crisis since its independence in 1948, the situation got worse after the pandemic. The government schools and offices have been forced to close indefinitely due to a current supply deficit. In addition, to this the World Bank estimates that 500,000 people have below the poverty line as a result of the pandemic, the crisis will push some families into hunger and poverty for the first time.&nbsp;

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(With inputs from agencies) 
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As the economic crisis in Sri Lanka continues, the country is dealing with shortage of basic necessities like medicine and fuel. As per the UN’s World Food Programme (WFP) most recent assessment on food insecurity, three out of every ten households, or nearly 6.

As the economic crisis in Sri Lanka continues, the country is dealing with shortage of basic necessities like medicine and fuel. As per the UN’s World Food Programme (WFP) most recent assessment on food insecurity, three out of every ten households, or nearly 6.26 million people are unsure about where their next meal will come from. Approximately 61 per cent of Sri Lankan households are routinely adopting cost-saving mechanisms, such as cutting back on their food intake or eating nutrient-dense meals, as a result of record food price inflation, surging fuel prices and widespread commodity shortages, reported by ANI. The WFP expects as the crisis worsens; more people will use similar coping mechanisms. A woman told the food agency, "These days, we don`t have a proper meal but eat only rice and gravy.” Anthea Webb, deputy regional director for Asia and Pacific at the WFP last month said, “Pregnant mothers need to eat nutritious meals every day, but the poorest find it harder and harder to afford the basics.” She cautioned pregnant women against skipping the meals as “carries throughout your life,” risks both their own health and wellbeing of their children. Also read | Once prosperous, Sri Lankans will now cook with firewood, as economic mismanagement hits hard Amid a massive 57.4 per cent inflation rate and drastically rising food prices, two out of every five homes lack proper diet due to population’s crippled ability to prepare enough and nutrient rich meals for themselves. The situation is severe, in the farming estates sectors, which includes huge tea plantations, more than 50 per cent of the households’ experience food insecurity, as per WFP. Watch | Sri Lanka Economic Crisis worsens | Many Sri Lankans switch to firewood The WFP last month announced a $60 million emergency appeal for food and nutrition to help three million people with the deteriorating situation. Also read | Sri Lanka economic crisis: Ranil Wickremesinghe admits Colombo is bankrupt The country faces its worst economic crisis since its independence in 1948, the situation got worse after the pandemic. The government schools and offices have been forced to close indefinitely due to a current supply deficit. In addition, to this the World Bank estimates that 500,000 people have below the poverty line as a result of the pandemic, the crisis will push some families into hunger and poverty for the first time. 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. (With inputs from agencies)

Sri Lanka in crisis: Nearly 6 million experience food insecurity as inflation rises

Whoever does take over as the next conservative party leader and UK's next Prime Minister is going to have to deal with a cost of living crisis and rising inflation. The Bank of England has warned of a further interest rate rise, this alongside vowing to try and bring inflation down.

United Kingdom: Bank of England vows to bring down inflation

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