The economic crisis continues in Pakistan. The South Asian nation is reeling under record inflation of 21.3 per cent. Now the State Bank of Pakistan is mulling a spike in its key policy rate by 125 basic points.

Pakistan economic crisis: Inflation at a 13-year high

The biggest fashion houses in the world showcased “haute couture” in Paris. But amid red-hot inflation and soaring costs of living, who’s buying outlandish designer wear?

The Good Life | Who’s buying high fashion amid inflation?

The Hakone-en aquarium in central Japan's Kanagawa region is facing a very strange situation. The authorities in the aquarium are saying that penguins and otters have become quite picky with their meals. &nbsp;

At this Japanese aquarium, the after-effects of inflation are evident as the penguins and otters are refusing to eat cheap food. It is said that they are not liking the new bargain bites their keepers are now offering after a jump in prices.&nbsp;

Aquarium head Hiroki Shimamoto told news agency AFP: "They take it into their mouths at first, but then they decide they don't like it and drop it".&nbsp;

He added that they are sensing "something is off."&nbsp;

The Hakone-en aquarium has gotten rid of some of its traditional and more expensive horse mackerel. To replace that, they have introduced cheaper mackerel.&nbsp;

But it looks like, some penguins are not happy as the menu change has not been received with universal approval. As mentioned by the aquarium, there have been instances when some of the penguins resolutely turn their beaks up when the mackerel are proffered.&nbsp;

Well, this was about the penguins, the problem is even more serious with the aquarium's otters. Shimamoto said that the otters have uniformly rejected the cheaper fish.&nbsp;

The authorities have revealed that the switch was made after horse mackerel prices rocketed up about 20-30 per cent from last year, in part because of low catches.&nbsp;

Shimamoto concluded that the aquarium is still purchasing some horse mackerel. He added that they have no plans to revert back entirely until prices fall.&nbsp;

(With inputs from agencies)&nbsp;

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The Hakone-en aquarium in central Japan's Kanagawa region is facing a very strange situation. The authorities in the aquarium are saying that penguins and otters have become quite picky with their meals.

The Hakone-en aquarium in central Japan's Kanagawa region is facing a very strange situation. The authorities in the aquarium are saying that penguins and otters have become quite picky with their meals. At this Japanese aquarium, the after-effects of inflation are evident as the penguins and otters are refusing to eat cheap food. It is said that they are not liking the new bargain bites their keepers are now offering after a jump in prices. Aquarium head Hiroki Shimamoto told news agency AFP: "They take it into their mouths at first, but then they decide they don't like it and drop it". He added that they are sensing "something is off." The Hakone-en aquarium has gotten rid of some of its traditional and more expensive horse mackerel. To replace that, they have introduced cheaper mackerel. But it looks like, some penguins are not happy as the menu change has not been received with universal approval. As mentioned by the aquarium, there have been instances when some of the penguins resolutely turn their beaks up when the mackerel are proffered. Well, this was about the penguins, the problem is even more serious with the aquarium's otters. Shimamoto said that the otters have uniformly rejected the cheaper fish. The authorities have revealed that the switch was made after horse mackerel prices rocketed up about 20-30 per cent from last year, in part because of low catches. Shimamoto concluded that the aquarium is still purchasing some horse mackerel. He added that they have no plans to revert back entirely until prices fall. (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.

Impact of inflation: Penguins and otters in this Japanese aquarium refuse to eat cheaper food

Nearly 12 major economies are staring at a recession, this includes big nations like United States, United Kingdom, Japan, South Korea, Australia, Canada.

Global recession fears loom large, major economies heading into recession?

Just a day&nbsp;after Elon Musk's email to Tesla executives about a 10 per cent job cut and how he feels 'super bad' about the US economy got leaked, US President Joe Biden in what could be seen as a rare rebuke responded "Lots of luck on his trip to the moon".&nbsp;Biden made the remark while speaking to the press on the stronger-than-expected job growth in the United States in May as he also brushed aside criticism of his handling of inflation.

President Biden and the Tesla CEO have long shared a frosty relationship.&nbsp;Musk has in the past complained that the Viden administration has “done everything it can to sideline and ignore Tesla".

On Friday, when asked by reporters to remark on Musk's comments about United States' economy, the President said that while the Tesla CEO is talking about that companies such as Ford are looking to hire more people as they invest in electrical vehicles.

Watch |&nbsp;Musk wants to cut Tesla staff by 10%

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"While Elon Musk is talking about that, Ford is increasing their investment overwhelmingly," &nbsp;said Biden.&nbsp;

"Ford is increasing investment and building new electric vehicles. Six thousand new employees, union employees I might add, in the Midwest."

"The former Chrysler Corporation, they also are making similar investments in electric vehicles. Intel is adding 20,000 new jobs making computer chips. So, you know, lots of luck on his trip to the moon.”

Following Biden's "wishes" the billionaire Musk tweeted "Thanks Mr President!" adding to his tweet a link to NASA's April 2021 award of a $2.9 billion contract to SpaceX for the development of a vehicle to transport astronauts to the Moon.

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Thanks Mr President!<a href="https://t.co/dCcTQLsJTp">https://t.co/dCcTQLsJTp</a>
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On Thursday, Musk wrote in an email to Tesla executives that he had a bad feeling about the economy and that the company needed to make a 10 per cent job cut.

Inflation in the United States is near 40-year highs, resulting in a significant increase in the cost of living for Americans. However, the US President said that believes that the latest batch of solid employment figures shows the United States can confront inflation while maintaining healthy economic growth.

Highlighting the US economy's durability in the face of rising consumer costs Biden remarked,&nbsp;"We've laid an economic foundation that's historically strong".

(With inputs from agencies)

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Just a day after Elon Musk's email to Tesla executives about a 10 per cent job cut and how he feels 'super bad' about the US economy got leaked, US President Joe Biden in what could be seen as a rare rebuke responded "Lots of luck on his trip to the moon".

Just a day after Elon Musk's email to Tesla executives about a 10 per cent job cut and how he feels 'super bad' about the US economy got leaked, US President Joe Biden in what could be seen as a rare rebuke responded "Lots of luck on his trip to the moon". Biden made the remark while speaking to the press on the stronger-than-expected job growth in the United States in May as he also brushed aside criticism of his handling of inflation. President Biden and the Tesla CEO have long shared a frosty relationship. Musk has in the past complained that the Viden administration has “done everything it can to sideline and ignore Tesla". On Friday, when asked by reporters to remark on Musk's comments about United States' economy, the President said that while the Tesla CEO is talking about that companies such as Ford are looking to hire more people as they invest in electrical vehicles. Watch | Musk wants to cut Tesla staff by 10% "While Elon Musk is talking about that, Ford is increasing their investment overwhelmingly," said Biden. "Ford is increasing investment and building new electric vehicles. Six thousand new employees, union employees I might add, in the Midwest." "The former Chrysler Corporation, they also are making similar investments in electric vehicles. Intel is adding 20,000 new jobs making computer chips. So, you know, lots of luck on his trip to the moon.” Following Biden's "wishes" the billionaire Musk tweeted "Thanks Mr President!" adding to his tweet a link to NASA's April 2021 award of a $2.9 billion contract to SpaceX for the development of a vehicle to transport astronauts to the Moon. Thanks Mr President!https://t.co/dCcTQLsJTp — Elon Musk (@elonmusk) June 3, 2022 × Also read | Elon Musk may cut 10% jobs in Tesla, he has 'super bad feeling' about economy On Thursday, Musk wrote in an email to Tesla executives that he had a bad feeling about the economy and that the company needed to make a 10 per cent job cut. Inflation in the United States is near 40-year highs, resulting in a significant increase in the cost of living for Americans. However, the US President said that believes that the latest batch of solid employment figures shows the United States can confront inflation while maintaining healthy economic growth. Highlighting the US economy's durability in the face of rising consumer costs Biden remarked, "We've laid an economic foundation that's historically strong". (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.

'Thanks Mr President!': Elon Musk gets sarcastic with US President Joe Biden

Inflation in Turkey rose close to 79% last month, the highest the country has seen in a quarter of a century. The annual inflation rate was 78.62% for June, according to the Turkish Statistical Institute, surpassing forecasts.

79% jump in Turkiye inflation highest in 24 years

Argentina's Economy Minister Martin Guzman submitted his resignation as the country's currency hit an all-time low and the inflation is running above 60%.

Argentina's economic minister resigns as currency hit an all-time low

Argentina’s economy minster Martin Guzman, announced his resignation on Saturday (July 2), creating more uncertainty in the regions third largest economy. Guzman led renegotiations with the International Monetary Fund (IMF). The former minister didn’t provide any reason for his resignation in his statement to the President Alberto Fernandez, but urged the leader to resolve internal conflicts so that “the next minster does not suffer” with problems he faced in his twitter post. The 39-year-old minister’s job involved renegotiating a $44 billion debt with IMF that the country maintained but couldn’t afford it. However, the initial loan issued was of $57 billion, the largest ever issued by the organisation but was denied by Fernandez after succeeding his predecessor who requested the loan, reported by AFP.

The resignation comes&nbsp;after being criticised by the former president and current vice president Cristina Kirchner who gave a speech attacking the government for its economic management. Guzman was able to reach an agreement and prevent the country from defaulting despite Kirchner’s resistance.

Also read |&nbsp;<a href="https://www.wionews.com/world/argentina-seizes-passports-of-grounded-planes-iranian-crew-488147">Argentina seizes passports of grounded plane's Iranian crew</a>

Guzman said whoever succeeds him will need to “centralized management of the necessary macroeconomic political instruments to consolidate the progress made and face the challenges ahead,” AFP reported.

Argentina, a major agricultural nation has been dealing with the economic crisis for years, with the inflation at over 60 per cent over the past year. The IMF deal included clauses to control inflation and bring the budget deficit down from 3 per cent in 2021 to parity by 2025.&nbsp;

Watch |&nbsp;Gravitas Global Headlines: Protests amid rising inflation in Argentina

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The country was already struggling but the Covid pandemic made things worse with increasing unemployment. The president earlier this week admitted that the country has been facing “a growth crisis” due to lack of foreign exchange.

As per political expert Carlos Fara in conversation with AFP said, “The resignation will have a very bad effect in the markets. Even if the president and vice president reach a consensus on managing the economy, from now on everything will be conditioned by Cristina Kirchner's pressure."

Also read |&nbsp;<a href="https://www.wionews.com/world/argentina-detects-eight-cases-of-severe-hepatitis-of-unknown-origin-in-children-477309">Argentina detects eight cases of severe hepatitis of unknown origin in children</a>

In a recent report by the Eurasia Group stated that as per recent years analysis that the internal conflicts won’t be solved anytime soon. The group said, “Infighting within the administration will continue to worsen, further hurting the administration's ability to develop a coherent policy plan.”

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(with inputs from agencies)

Argentina’s economy minster Martin Guzman, announced his resignation on Saturday (July 2), creating more uncertainty in the regions third largest economy. Guzman led renegotiations with the International Monetary Fund (IMF).

Argentina’s economy minster Martin Guzman, announced his resignation on Saturday (July 2), creating more uncertainty in the regions third largest economy. Guzman led renegotiations with the International Monetary Fund (IMF). The former minister didn’t provide any reason for his resignation in his statement to the President Alberto Fernandez, but urged the leader to resolve internal conflicts so that “the next minster does not suffer” with problems he faced in his twitter post. The 39-year-old minister’s job involved renegotiating a $44 billion debt with IMF that the country maintained but couldn’t afford it. However, the initial loan issued was of $57 billion, the largest ever issued by the organisation but was denied by Fernandez after succeeding his predecessor who requested the loan, reported by AFP. The resignation comes after being criticised by the former president and current vice president Cristina Kirchner who gave a speech attacking the government for its economic management. Guzman was able to reach an agreement and prevent the country from defaulting despite Kirchner’s resistance. Also read | Argentina seizes passports of grounded plane's Iranian crew Guzman said whoever succeeds him will need to “centralized management of the necessary macroeconomic political instruments to consolidate the progress made and face the challenges ahead,” AFP reported. Argentina, a major agricultural nation has been dealing with the economic crisis for years, with the inflation at over 60 per cent over the past year. The IMF deal included clauses to control inflation and bring the budget deficit down from 3 per cent in 2021 to parity by 2025. Watch | Gravitas Global Headlines: Protests amid rising inflation in Argentina The country was already struggling but the Covid pandemic made things worse with increasing unemployment. The president earlier this week admitted that the country has been facing “a growth crisis” due to lack of foreign exchange. As per political expert Carlos Fara in conversation with AFP said, “The resignation will have a very bad effect in the markets. Even if the president and vice president reach a consensus on managing the economy, from now on everything will be conditioned by Cristina Kirchner's pressure." Also read | Argentina detects eight cases of severe hepatitis of unknown origin in children In a recent report by the Eurasia Group stated that as per recent years analysis that the internal conflicts won’t be solved anytime soon. The group said, “Infighting within the administration will continue to worsen, further hurting the administration's ability to develop a coherent policy plan.” 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)

Argentina’s economy minister resigns after being criticised for economic mismanagement

Argentina may have the third largest economy in Latin America but it has been in economic crisis for years. The country's currency hit an all-time low and he inflation is running above 60%.

WION Fineprint | Argentina's currency hit an all-time low, inflation is running above 60%

Inflation is more than a change in your purchasing power. Inflation can give rise to dictators like Hitler. It can also force a country into irrelevance, like Venezuela. As our world battles record inflation, Palki Sharma brings you the 4 'P's you need to watch out for.

Gravitas Plus: How inflation can change our world

Hundreds of Israelis protested against inflation in the capital Tel Aviv. The country has been ranked as one of the most expensive places to live. Now the recent global trends have only worsened the pain of the rising cost of living.

Tel Aviv: Protestors wave placards criticising gas & housing prices

Eurozone inflation triggered by the ongoing gas crunch has hit a record high of 8.6%. Meanwhile, Moscow has seized control of the Sakhalin gas project.

Energy crisis brews amid Ukraine war: Eurozone inflation hits record 8.6%

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier.

Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine.

But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy.

"Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management.

The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check.

"With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research.

"This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added.

Rate hike

As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter.

Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month.

But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade.

The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows.

"We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday.

The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices.

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Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy. The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine. But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy. "Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management. The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check. "With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research. "This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added. Rate hike As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter. Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month. But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade. The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows. "We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday. The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices. 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 ×

Eurozone inflation hits record, as gas crunch looms

Record inflation or price hikes across the world are showing no signs of abating. Even as crude prices have softened a bit in the last few weeks, in the latest the price growth in the Eurozone has hit a new record high of 8.6 percent last month.

Inflation in 19 EU nations hits record high

As the island nation's inflation hit a ninth consecutive record in the month of June, inflation reached an all-time high and with this Sri Lanka is now broken into the hyperinflation zone.

Sri Lanka breaks into hyperinflation zone, IMF suggests to raise taxes to revive economy

EU leaders on Friday warned that "cheap energy is gone" and agreed to boost preparations for further cuts in Russian gas, accusing Moscow of "weaponising" energy via a supply squeeze which Germany warned could partly shut its industry.

A day after celebrations over setting Kyiv on the road to membership of the bloc, Friday's summit in Brussels was a sober reflection on the economic impact of Russia's invasion of Ukraine, with growing worries over soaring prices and warnings of a "tough winter".

Also read |&nbsp;<a href="https://www.wionews.com/world/historic-moment-eu-agrees-to-grant-candidate-status-to-ukraine-moldova-491142">'Historic moment': EU agrees to grant candidate status to Ukraine, Moldova</a>

"Inflation is a major concern for all of us," European Council chief Charles Michel told a news conference as the two-day summit ended.

"Russia's war of aggression is pushing up the price of food, energy and commodities," he said, adding that leaders had agreed to closely coordinate their economic policy responses.

The summit agreed few concrete steps but the leaders tasked the European Commission with finding more ways to secure "supply at affordable prices" because of "the weaponisation of gas by Russia."

European Commission chief Ursula von der Leyen said the search for alternative supplies was already in progress, with U.S. LNG deliveries up 75 per cent&nbsp;this year from last year, and Norway pipeline gas deliveries up 15 per cent.

Besides, the EU executive will present a plan on preparedness for more gas cuts from Russia to leaders in July she said, adding: "Hope for the best, prepare for the worst. That's what we are doing right now."

The European Commission will come up with proposals and options to discuss at the next EU summit in October, including considering alternative market designs that would potentially include decoupling gas from the formation of the market price for electricity, von der Leyen said.

"We are working on different models, not only to look into how to curb the energy prices or electricity prices but also to look at the market design, with the question: is the market design we have today still fit for purpose?", she said.

One contentious issue is whether governments should step in to cap prices.

Watch |&nbsp;Ukraine a step closer to EU membership amid Russian invasion?

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Spain and Portugal capped gas prices in their local electricity market this month, but other states warn price caps would disrupt energy markets and drain state coffers further, if governments had to pay the difference between the capped price and the price in international gas markets.

'Tough Winter'

Leaders of the 27 EU nations placed the blame for a huge spike in prices and sagging global growth on the war that began exactly four months ago.

"The notion of cheap energy is gone and the notion of Russian energy is essentially gone and we are all in the process of securing alternate sources," Latvian Prime Minister Krisjanis Karins said, adding governments must "support those portions of society that suffer the most".

Following unprecedented Western sanctions imposed over the invasion, a dozen European countries have so far been thumped by cuts in gas flows from Russia.

"It is only a matter of time before the Russians close down all gas shipments," said one EU official ahead of Friday's talks.

German Economy Minister Robert Habeck warned his country was heading for a gas shortage if Russian supplies remained as low as now, and some industries would have to close come winter.

"Companies would have to stop production, lay off their workers, supply chains would collapse, people would go into debt to pay their heating bills," he told Der Spiegel magazine.

The EU relied on Russia for as much as 40 per cent&nbsp;of its gas needs before the war - rising to 55 per cent&nbsp;for Germany - leaving a huge gap to fill in an already tight global gas market.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-has-nothing-against-ukraine-joining-eu-putin-489203">Russia has 'nothing against' Ukraine joining EU, says Vladimir Putin</a>

Inflation in the 19 countries sharing the euro currency has shot to all-time highs above 8% and the EU's executive expects growth to dip to 2.7 per cent this year.

Eurogroup chief Paschal Donohoe warned that the bloc must "acknowledge the risk we could face if inflation becomes embedded in our economies".

"If we don't pay attention then the whole EU economy will go into a recession with all its consequences," Belgian Prime Minister Alexander De Croo warned of a potential "tough winter" ahead.

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EU leaders on Friday warned that "cheap energy is gone" and agreed to boost preparations for further cuts in Russian gas, accusing Moscow of "weaponising" energy via a supply squeeze which Germany warned could partly shut its industry.

EU leaders on Friday warned that "cheap energy is gone" and agreed to boost preparations for further cuts in Russian gas, accusing Moscow of "weaponising" energy via a supply squeeze which Germany warned could partly shut its industry. A day after celebrations over setting Kyiv on the road to membership of the bloc, Friday's summit in Brussels was a sober reflection on the economic impact of Russia's invasion of Ukraine, with growing worries over soaring prices and warnings of a "tough winter". Also read | 'Historic moment': EU agrees to grant candidate status to Ukraine, Moldova "Inflation is a major concern for all of us," European Council chief Charles Michel told a news conference as the two-day summit ended. "Russia's war of aggression is pushing up the price of food, energy and commodities," he said, adding that leaders had agreed to closely coordinate their economic policy responses. The summit agreed few concrete steps but the leaders tasked the European Commission with finding more ways to secure "supply at affordable prices" because of "the weaponisation of gas by Russia." European Commission chief Ursula von der Leyen said the search for alternative supplies was already in progress, with U.S. LNG deliveries up 75 per cent this year from last year, and Norway pipeline gas deliveries up 15 per cent. Besides, the EU executive will present a plan on preparedness for more gas cuts from Russia to leaders in July she said, adding: "Hope for the best, prepare for the worst. That's what we are doing right now." The European Commission will come up with proposals and options to discuss at the next EU summit in October, including considering alternative market designs that would potentially include decoupling gas from the formation of the market price for electricity, von der Leyen said. "We are working on different models, not only to look into how to curb the energy prices or electricity prices but also to look at the market design, with the question: is the market design we have today still fit for purpose?", she said. One contentious issue is whether governments should step in to cap prices. Watch | Ukraine a step closer to EU membership amid Russian invasion? Spain and Portugal capped gas prices in their local electricity market this month, but other states warn price caps would disrupt energy markets and drain state coffers further, if governments had to pay the difference between the capped price and the price in international gas markets. 'Tough Winter' Leaders of the 27 EU nations placed the blame for a huge spike in prices and sagging global growth on the war that began exactly four months ago. "The notion of cheap energy is gone and the notion of Russian energy is essentially gone and we are all in the process of securing alternate sources," Latvian Prime Minister Krisjanis Karins said, adding governments must "support those portions of society that suffer the most". Following unprecedented Western sanctions imposed over the invasion, a dozen European countries have so far been thumped by cuts in gas flows from Russia. "It is only a matter of time before the Russians close down all gas shipments," said one EU official ahead of Friday's talks. German Economy Minister Robert Habeck warned his country was heading for a gas shortage if Russian supplies remained as low as now, and some industries would have to close come winter. "Companies would have to stop production, lay off their workers, supply chains would collapse, people would go into debt to pay their heating bills," he told Der Spiegel magazine. The EU relied on Russia for as much as 40 per cent of its gas needs before the war - rising to 55 per cent for Germany - leaving a huge gap to fill in an already tight global gas market. Also read | Russia has 'nothing against' Ukraine joining EU, says Vladimir Putin Inflation in the 19 countries sharing the euro currency has shot to all-time highs above 8% and the EU's executive expects growth to dip to 2.7 per cent this year. Eurogroup chief Paschal Donohoe warned that the bloc must "acknowledge the risk we could face if inflation becomes embedded in our economies". "If we don't pay attention then the whole EU economy will go into a recession with all its consequences," Belgian Prime Minister Alexander De Croo warned of a potential "tough winter" ahead. 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.

European Union plans for life without Russian gas amid inflation spike

US Fed chairman Jerome Powell has warned of the risk of a recession but said inflation is a global issue, not unique to United States. Meanwhile, gas and food prices are increasing in US .

US Fed chair Jerome Powell says recession a possibility

In United States, inflation is rocking American consumers at levels not experienced in over 40 years. From the weekly groceries to filling up the gas tank, rising prices have hit up Americans.

US inflation hits 40-year-high, Americans worry about price hikes

Inflation in the US has touched a 40-year-high, and the rising prices are now affecting America's kitchens. WION's Susan Tehrani gets you this report.

US inflation shows no signs of slowing down

Canadian inflation jumped to 7.7 percent in May, marking the largest annual increase in prices for goods and services in almost four decades, the government statistical agency said Wednesday.

The figure topped even the most bullish forecasts, following a 6.8 percent rise in prices the previous month.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-hits-91-as-prices-continue-to-rise-at-their-fastest-rate-for-40-years-490633">UK inflation hits 9.1% as prices continue to rise at their fastest rate for 40 years</a>

The price increases, Statistics Canada said in a statement, were "broad-based, pinching the pocketbooks of Canadians and in some cases&nbsp;affecting their ability to meet day-to-day expenses."

Desjardins analyst Royce Mendes reacted by saying the agency "really should add a warning label to these scorching hot inflation prints."

"We had expected stronger price increases than the consensus, but this is very surprising," he said in a research note, warning that a "jumbo-sized" interest rate hike by the Bank of Canada is now likely coming.

Watch |&nbsp;Gravitas: Denmark and Canada end 50-year "Whiskey war"

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According to Statistics Canada, gasoline led the rise in prices, up 48 percent in the 12 months to May 31.

Groceries also cost more (up 9.7 percent) due to supply chain disruptions as well as higher transportation and input costs.&nbsp;

Cooking oil notably recorded its largest price increase ever. Costs of fresh vegetables such as onions, peppers and carrots, as well as fish also rose.

Also read |&nbsp;<a href="https://www.wionews.com/world/canada-lifts-covid-vaccine-mandate-for-domestic-outbound-travel-488408">Canada lifts Covid vaccine mandate for domestic, outbound travel</a>

Shelter and furniture costs were up too, along with prices for hotel rooms and restaurant meals, reflecting higher demand for travel following the lifting of most pandemic public health measures.

Wages, meanwhile, failed to keep pace, rising only 3.9 percent year over year in May.

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Canadian inflation jumped to 7.7 percent in May, marking the largest annual increase in prices for goods and services in almost four decades, the government statistical agency said Wednesday.

Canadian inflation jumped to 7.7 percent in May, marking the largest annual increase in prices for goods and services in almost four decades, the government statistical agency said Wednesday. The figure topped even the most bullish forecasts, following a 6.8 percent rise in prices the previous month. Also read | UK inflation hits 9.1% as prices continue to rise at their fastest rate for 40 years The price increases, Statistics Canada said in a statement, were "broad-based, pinching the pocketbooks of Canadians and in some cases affecting their ability to meet day-to-day expenses." Desjardins analyst Royce Mendes reacted by saying the agency "really should add a warning label to these scorching hot inflation prints." "We had expected stronger price increases than the consensus, but this is very surprising," he said in a research note, warning that a "jumbo-sized" interest rate hike by the Bank of Canada is now likely coming. Watch | Gravitas: Denmark and Canada end 50-year "Whiskey war" According to Statistics Canada, gasoline led the rise in prices, up 48 percent in the 12 months to May 31. Groceries also cost more (up 9.7 percent) due to supply chain disruptions as well as higher transportation and input costs. Cooking oil notably recorded its largest price increase ever. Costs of fresh vegetables such as onions, peppers and carrots, as well as fish also rose. Also read | Canada lifts Covid vaccine mandate for domestic, outbound travel Shelter and furniture costs were up too, along with prices for hotel rooms and restaurant meals, reflecting higher demand for travel following the lifting of most pandemic public health measures. Wages, meanwhile, failed to keep pace, rising only 3.9 percent year over year in May. 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.

Canada inflation jumps to 7.7%, highest since 1983

Singapore has announced a $1.1 billion dollar stimulus package to tackle the cost-of-living crisis. Do stimulus packages work during periods of high inflation? Why are other countries not announcing similar schemes? Palki Sharma tells you.

Gravitas: Singapore announces $1.1 bn inflation relief package

President Joe Biden's administration is reviewing the removal of some tariffs on China and a pause on the federal gas tax as well. This is after the United States struggles to tackle soaring gasoline prices and inflation.

The US looks at reducing China tariffs amid soaring inflation in the country

The world has witnessed its steepest weekly slide in world stocks since March 2020. Tighter monetary rules are worrying investors. Swiss Bank had to announce the first hike in 15 years.

Steepest weekly slide in World stocks: Markets heading to recession after record inflation?

Amid a decline in his approval ratings, US President Joe Biden spoke on inflation that has gripped the US economy. He says that Recession is not inevitable.

US President Joe Biden speaks on Inflation: 'Recession is not inevitable'

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