UK's cost of living crisis is set to worsen as experts believe food inflation may accelerate over the summer. Food prices could rise as much as 15%.

UK's cost of living crisis: Food inflation to accelerate over summer

The Bank of Japan (BoJ) on Friday stuck to its monetary easing policy even as other central banks raise interest rates to tame inflation, but said it would "pay due attention" to forex markets after the yen hit a 24-year low.

The bank will hold rates at minus 0.1 per cent and continue buying unlimited government bonds to maintain a low cap on long-term yields part of a decade-old plan to boost the world's third-largest economy.

The decision, announced after a two-day policy meeting, bucks a global monetary tightening trend aimed at battling sky-high fuel and food prices caused by the Ukraine war and supply chain snarls.

Also read |&nbsp;<a href="https://www.wionews.com/world/swiss-national-bank-ready-for-more-rate-hikes-after-shock-move-488720">Swiss National Bank ready for more rate hikes after shock move</a>

Rate hikes have been led by the US Federal Reserve, which this week announced its most aggressive increase in nearly 30 years and signalled more were in the pipeline.

The European Central Bank has said it plans to start a series of increases next month, while the Bank of England announced a fifth straight increase on Thursday and Switzerland surprised markets with its own rate hike, the first since 2007.

The widening chasm between Japanese and US monetary policy this week pushed the yen to its lowest level against the dollar since 1998, a cause for increasing concern that even the central bank made reference to in its policy statement.

"It is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices," the BoJ said, in an unusual reference to forex movements.

After the announcement, one dollar bought 134.63 yen, up from 133.41 yen earlier in the day.

'Targeting price stability'

Bank governor Haruhiko Kuroda told reporters that the yen's rapid depreciation is "undesirable for the economy, because it has increased uncertainty about the future and made it difficult for companies to draft business plans".

However, he added that "central banks do not target exchange rates. We run monetary policy targeting price stability".

Watch |&nbsp;Global market meltdown: Series of hikes by central banks

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Kuroda said the BoJ was not considering expanding the trading range of 10-year bonds, a move analysts say could help support the yen.

A weaker currency helps Japanese exporters as it inflates repatriated profits, noted Yoshikiyo Shimamine, executive chief economist of Dai-ichi Life Research Institute.

For the BoJ, it may be that "these benefits overwhelm the negative aspects of a cheaper yen high prices for imported goods, which causes people to suffer without sufficient pay rises," he told AFP.

The bank's ultra-loose monetary policy aims to achieve two-percent inflation, a target that has been stubbornly out of reach during years of price stagnation.

In April, core consumer prices hit the target for the first time since 2015, but the BoJ has cautioned that it sees recent rising prices as a temporary and volatile trend.

Also read |&nbsp;<a href="https://www.wionews.com/world/japanese-airline-ditches-pro-russia-logo-letter-z-associated-with-russias-invasion-of-ukraine-488744">Japanese airline ditches letter 'Z' logo, which may seem pro-Russia</a>

Inflation has been rising for months in the United States and elsewhere as buoyant demand for cars and other goods clashes with supply problems caused by COVID-19 lockdowns.

The problem became dramatically worse after Russia invaded Ukraine in February and Western nations imposed steep sanctions on Moscow, sending food and fuel prices soaring, a particular problem in resource-poor Japan.

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The Bank of Japan (BoJ) on Friday stuck to its monetary easing policy even as other central banks raise interest rates to tame inflation, but said it would "pay due attention" to forex markets after the yen hit a 24-year low.

The Bank of Japan (BoJ) on Friday stuck to its monetary easing policy even as other central banks raise interest rates to tame inflation, but said it would "pay due attention" to forex markets after the yen hit a 24-year low. The bank will hold rates at minus 0.1 per cent and continue buying unlimited government bonds to maintain a low cap on long-term yields part of a decade-old plan to boost the world's third-largest economy. The decision, announced after a two-day policy meeting, bucks a global monetary tightening trend aimed at battling sky-high fuel and food prices caused by the Ukraine war and supply chain snarls. Also read | Swiss National Bank ready for more rate hikes after shock move Rate hikes have been led by the US Federal Reserve, which this week announced its most aggressive increase in nearly 30 years and signalled more were in the pipeline. The European Central Bank has said it plans to start a series of increases next month, while the Bank of England announced a fifth straight increase on Thursday and Switzerland surprised markets with its own rate hike, the first since 2007. The widening chasm between Japanese and US monetary policy this week pushed the yen to its lowest level against the dollar since 1998, a cause for increasing concern that even the central bank made reference to in its policy statement. "It is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices," the BoJ said, in an unusual reference to forex movements. After the announcement, one dollar bought 134.63 yen, up from 133.41 yen earlier in the day. 'Targeting price stability' Bank governor Haruhiko Kuroda told reporters that the yen's rapid depreciation is "undesirable for the economy, because it has increased uncertainty about the future and made it difficult for companies to draft business plans". However, he added that "central banks do not target exchange rates. We run monetary policy targeting price stability". Watch | Global market meltdown: Series of hikes by central banks Kuroda said the BoJ was not considering expanding the trading range of 10-year bonds, a move analysts say could help support the yen. A weaker currency helps Japanese exporters as it inflates repatriated profits, noted Yoshikiyo Shimamine, executive chief economist of Dai-ichi Life Research Institute. For the BoJ, it may be that "these benefits overwhelm the negative aspects of a cheaper yen high prices for imported goods, which causes people to suffer without sufficient pay rises," he told AFP. The bank's ultra-loose monetary policy aims to achieve two-percent inflation, a target that has been stubbornly out of reach during years of price stagnation. In April, core consumer prices hit the target for the first time since 2015, but the BoJ has cautioned that it sees recent rising prices as a temporary and volatile trend. Also read | Japanese airline ditches letter 'Z' logo, which may seem pro-Russia Inflation has been rising for months in the United States and elsewhere as buoyant demand for cars and other goods clashes with supply problems caused by COVID-19 lockdowns. The problem became dramatically worse after Russia invaded Ukraine in February and Western nations imposed steep sanctions on Moscow, sending food and fuel prices soaring, a particular problem in resource-poor Japan. 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.

Bank of Japan keeps monetary easing despite global rate hikes

The US Federal Reserve raised its benchmark interest rate by 75 basis point. This is the biggest and most aggressive interest rate increase since 1994. The Federal Open Market Committee said that it decided to raise the target range for the benchmark borrowing rate to 1.5%-1.75%.

Federal reserve raises benchmark rates, biggest interest rate hike in 3 decades

In UK, Britons are subscribing less to music as they seek more savings. Britons cancelled over 1 million music subscriptions in the first quarter due to worsening cost of living crisis.

UK music subscriptions in decline as households seek more savings

A measure of Australian consumer sentiment slid for a seventh straight month to match pandemic lows in June amid an outsized rise in interest rates and surging inflation.

Inflation, Interest rates bite Australian consumers

Pakistan’s overall inflation topped 13%, with food prices increasing 17% in the month of May. The government has slashed food and fuel subsidies to secure assistance from the IMF. How are low-income families in Pakistan navigating this crisis? Mariam Wardak tells you.

South Asia Diary: How are Pakistani families navigating record inflation?

High inflation and costly crude has led to a steep fall in the value of currencies worldwide in comparison to the US dollar.

Steep fall in value of global currencies

Days after US inflation touched a 40-year high, Asian stocks sank today morning. Bond yields have ticked higher. Red hot US inflation reignited worries about even more aggressive federal policy.

Asian stock sink as high US inflation trigger worries

India's headline retail inflation eased to 7.04 per cent in May from an 8-year high of 7.79 per cent recorded in the previous month on softening food prices, government data showed on Monday.

A favourable base effect is among the major reasons for the decline in the inflation numbers in May 2022.

Consumer Price Index (CPI) based retail inflation stood at 6.3 per cent in May 2021.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-rupee-slides-to-record-low-of-7782-against-us-dollar-486849">Indian rupee slides to record low of 77.82 against US dollar</a>

Despite the decline, the headline inflation remains above the Reserve Bank of India (RBI) upper tolerance level of 6 per cent for the fifth consecutive month.

Rural retail inflation declined to 7.01 per cent in May 2022 from 8.38 per cent recorded in the previous month.

CPI-based urban inflation declined to 7.08 per cent during the month under review from 7.09 per cent in April 2022, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.

Food inflation based on Consumer Food Price Index (CFPI) eased to 7.97 per cent in May 2022 from 8.31 per cent in the previous month.

Watch |&nbsp;US inflation hits new 40-year high, no respite from rising costs

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In May 2021, CFPI-based food inflation stood at 5.01 per cent.

The CPI-based retail inflation is projected to remain at 7.5 per cent in the first quarter of the current financial year, as per the RBI.

In it's&nbsp;monetary policy review last week, the RBI raised the inflation forecast for the current financial year to 6.7 per cent from its earlier projection of 5.7 per cent.

As per the RBI's new projection announced after the Monetary Policy Committee (MPC) meeting, inflation is likely to remain above the central bank's upper tolerance limit of 6 per cent for the first three quarters of 2022-23.

Also read |&nbsp;<a href="https://www.wionews.com/india/rbi-raises-repo-rate-by-50bps-to-49-to-fight-inflation-pressure-486153">RBI raises repo rate by 50bps to 4.9% to fight inflation pressure</a>

In the second quarter CPI-based retail inflation is projected at 7.4 per cent and for the third quarter, it is projected at 6.2 per cent, as per the RBI.

Inflation is likely to come within the RBI's tolerance limit in the fourth quarter of 2022-23.

For the fourth quarter of the current financial year, the RBI's forecast for inflation is 5.8 per cent.

For the calculation of the May inflation data, the Ministry of Statistics and Programme Implementation said, "price data are collected from selected 1114 urban markets and 1181 villages covering all States/UTs through personal visits by field staff of Field Operations Division of NSO, MoSPI on a weekly roster".

"During the month of May 2022, NSO collected prices from 99.8 per cent of villages and 98.3 per cent urban markets while the market-wise prices reported therein were 90.0 per cent for rural and 93.1 per cent for urban", the ministry said in a statement.

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India's headline retail inflation eased to 7.04 per cent in May from an 8-year high of 7.79 per cent recorded in the previous month on softening food prices, government data showed on Monday.

India's headline retail inflation eased to 7.04 per cent in May from an 8-year high of 7.79 per cent recorded in the previous month on softening food prices, government data showed on Monday. A favourable base effect is among the major reasons for the decline in the inflation numbers in May 2022. Consumer Price Index (CPI) based retail inflation stood at 6.3 per cent in May 2021. Also read | Indian rupee slides to record low of 77.82 against US dollar Despite the decline, the headline inflation remains above the Reserve Bank of India (RBI) upper tolerance level of 6 per cent for the fifth consecutive month. Rural retail inflation declined to 7.01 per cent in May 2022 from 8.38 per cent recorded in the previous month. CPI-based urban inflation declined to 7.08 per cent during the month under review from 7.09 per cent in April 2022, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation. Food inflation based on Consumer Food Price Index (CFPI) eased to 7.97 per cent in May 2022 from 8.31 per cent in the previous month. Watch | US inflation hits new 40-year high, no respite from rising costs In May 2021, CFPI-based food inflation stood at 5.01 per cent. The CPI-based retail inflation is projected to remain at 7.5 per cent in the first quarter of the current financial year, as per the RBI. In it's monetary policy review last week, the RBI raised the inflation forecast for the current financial year to 6.7 per cent from its earlier projection of 5.7 per cent. As per the RBI's new projection announced after the Monetary Policy Committee (MPC) meeting, inflation is likely to remain above the central bank's upper tolerance limit of 6 per cent for the first three quarters of 2022-23. Also read | RBI raises repo rate by 50bps to 4.9% to fight inflation pressure In the second quarter CPI-based retail inflation is projected at 7.4 per cent and for the third quarter, it is projected at 6.2 per cent, as per the RBI. Inflation is likely to come within the RBI's tolerance limit in the fourth quarter of 2022-23. For the fourth quarter of the current financial year, the RBI's forecast for inflation is 5.8 per cent. For the calculation of the May inflation data, the Ministry of Statistics and Programme Implementation said, "price data are collected from selected 1114 urban markets and 1181 villages covering all States/UTs through personal visits by field staff of Field Operations Division of NSO, MoSPI on a weekly roster". "During the month of May 2022, NSO collected prices from 99.8 per cent of villages and 98.3 per cent urban markets while the market-wise prices reported therein were 90.0 per cent for rural and 93.1 per cent for urban", the ministry said in a statement. Watch WION LIVE HERE:

Retail inflation eases to 7.04 per cent in May; remains above RBI tolerance band for 5th month in row

Oil&nbsp;prices dropped more than 2 dollars on Monday as a flare-up in&nbsp;COVID-19&nbsp;cases in Beijing dashed hopes for a rapid pick-up in China's fuel demand, while worries about global&nbsp;inflation&nbsp;and&nbsp;sluggish economic growth further depressed the market.

Brent crude futures fell 2.3 dollars, or 1.89 per cent, to 119.71 dollars a barrel by 0647 GMT, while US&nbsp;West Texas Intermediate crude was at 118.4 dollars&nbsp;a barrel, down 2.27 dollars, or 1.88 per cent.

Prices fell after Chinese officials warned on the weekend of a "ferocious" spread of&nbsp;COVID-19&nbsp;in the capital, where mass testing is planned until Wednesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/nearly-200-covid-infections-linked-to-a-single-bar-in-beijing-487673">Nearly 200 Covid infections linked to a single bar in Beijing</a>

"China remains the significant near-term downside risk, but most view the gradual normalisation of Chinese demand&nbsp;as a powerful positive for&nbsp;oil", Stephen Innes of SPI Asset Management said in a note.

That was despite the potential for lockdown noise in coming weeks, Innes added, with demand&nbsp;still far from reflecting normal conditions.

Both global&nbsp;oil&nbsp;benchmarks rose more than 1 per cent&nbsp;last week after data showed robust&nbsp;oil&nbsp;demand&nbsp;in the world's top consumer, the United States, despite&nbsp;inflation&nbsp;concerns.

Watch |&nbsp;Gravitas: Western powers want to fix Russian oil price?

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Their rise was aided by hopes for a consumption rebound in the second-biggest global consumer China after lockdown measures were lifted starting June 1.

Concerns&nbsp;about further interest rate hikes after Friday's red-hot US inflation&nbsp;data are also weighing on global financial markets.

The US consumer price index increased a bigger-than-expected 8.6 per cent&nbsp;last month, in its largest annual increase since December&nbsp;1981, official figures showed, dashing hopes that&nbsp;inflation&nbsp;had peaked.

Also read |&nbsp;<a href="https://www.wionews.com/south-east-asia/mass-covid-testing-announced-for-beijings-chaoyang-district-amid-ferocious-outbreak-487540">Mass COVID-19 testing announced for Beijing's Chaoyang district amid 'ferocious' outbreak</a>

"Worries over slowing economic growth dampening global consumption in the coming&nbsp;months&nbsp;and&nbsp;persistent&nbsp;COVID&nbsp;curbs in China denting its consumption in the short term are dominating market sentiment", Vandana Hari, founder of analysis provider Vanda Insights, said in a note.

Oil&nbsp;producers&nbsp;and&nbsp;refiners are running at full throttle to meet peak summer demand, while traders are watching closely for any possible impact from labour disputes in Libya, Norway&nbsp;and&nbsp;South Korea on&nbsp;oil&nbsp;exports&nbsp;and&nbsp;consumption.

To boost supplies in the West, top exporter Saudi Arabia plans to divert some crude to Europe from China in July, traders said.

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Oil prices dropped more than 2 dollars on Monday as a flare-up in COVID-19 cases in Beijing dashed hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and sluggish economic growth further depressed the market.

Oil prices dropped more than 2 dollars on Monday as a flare-up in COVID-19 cases in Beijing dashed hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and sluggish economic growth further depressed the market. Brent crude futures fell 2.3 dollars, or 1.89 per cent, to 119.71 dollars a barrel by 0647 GMT, while US West Texas Intermediate crude was at 118.4 dollars a barrel, down 2.27 dollars, or 1.88 per cent. Prices fell after Chinese officials warned on the weekend of a "ferocious" spread of COVID-19 in the capital, where mass testing is planned until Wednesday. Also read | Nearly 200 Covid infections linked to a single bar in Beijing "China remains the significant near-term downside risk, but most view the gradual normalisation of Chinese demand as a powerful positive for oil", Stephen Innes of SPI Asset Management said in a note. That was despite the potential for lockdown noise in coming weeks, Innes added, with demand still far from reflecting normal conditions. Both global oil benchmarks rose more than 1 per cent last week after data showed robust oil demand in the world's top consumer, the United States, despite inflation concerns. Watch | Gravitas: Western powers want to fix Russian oil price? Their rise was aided by hopes for a consumption rebound in the second-biggest global consumer China after lockdown measures were lifted starting June 1. Concerns about further interest rate hikes after Friday's red-hot US inflation data are also weighing on global financial markets. The US consumer price index increased a bigger-than-expected 8.6 per cent last month, in its largest annual increase since December 1981, official figures showed, dashing hopes that inflation had peaked. Also read | Mass COVID-19 testing announced for Beijing's Chaoyang district amid 'ferocious' outbreak "Worries over slowing economic growth dampening global consumption in the coming months and persistent COVID curbs in China denting its consumption in the short term are dominating market sentiment", Vandana Hari, founder of analysis provider Vanda Insights, said in a note. Oil producers and refiners are running at full throttle to meet peak summer demand, while traders are watching closely for any possible impact from labour disputes in Libya, Norway and South Korea on oil exports and consumption. To boost supplies in the West, top exporter Saudi Arabia plans to divert some crude to Europe from China in July, traders said. 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.

Oil falls on Beijing's COVID-19 warning and inflation concerns

Bank of England will raise interest rates again as UK inflation heads for double digits. While UK forecast to be the weakest economy in 2023 among the rich nations, investors predict a quarter-point rate hike by the Bank.

Bank of England to raise interest rates as UK inflation heads for 10%

In the United States, the costs of gas, and other necessities jumped in May, raising inflation to a new 40-year high. Lower-income households are facing the burnt as May inflation rate stood at 8.6%. Watch this ground report!

US inflation hits new 40-year high, no respite from rising costs

US treasury secretary Janet Yellen has said she did not expect the US economy to tip into a recession but growth would slow down and gasoline prices were unlikely to fall anytime soon.

Americans pessimistic about the economy: Combating inflation US President Joe Biden's first priority

Gold inched lower on Thursday pressured by elevated US&nbsp;Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase.

The&nbsp;ECB&nbsp;said it will end bond buys on July 1 then raise rates by 25 basis points later that month. It will hike again in September and may opt for a bigger move then if the inflation outlook fails to improve.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

Spot gold fell 0.3 per cent&nbsp;to 1,847.59 dollars per ounce by 1249 GMT, little changed after the&nbsp;ECB&nbsp;decision.

US gold futures shed 0.3 per cent&nbsp;to 1,850.00 dollars.

"It seems to be that the&nbsp;ECB&nbsp;are willing to raise rates, but not go particularly aggressive and that's the sentiment the (gold) market's taking away", said Nitesh Shah, analyst at WisdomTree.

Watch |&nbsp;Oil hovers near 13-week high, China optimism backs price surge

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"Inflation upside surprises are always a catalyst for gold price moves. But on the flip side, you got the Fed reacting to these numbers,&nbsp;the market right now is expecting back to back 50 bps rate increases that will act as a headwind", Shah added.

The monthly US&nbsp;consumer price index data on Friday could signal whether the Fed will continue its aggressive policy tightening post July.

The benchmark US&nbsp;10-year Treasury yields held steady near the key 3 per cent&nbsp;threshold, eroding gold's appeal.&nbsp;

Rising interest rates increase the opportunity cost of holding non-yielding bullion, even though the metal is considered a safe haven amid political and economic uncertainties.

Also read |&nbsp;<a href="https://www.wionews.com/world/shrinkflation-is-on-the-rise-companies-reducing-package-size-without-lowering-price-486505">‘Shrinkflation’ is on the rise: Companies reducing package size, without lowering price</a>

"We'll probably have to wait until tomorrow's CPI report before we see a sustainable move in either direction, but we've taken comfort that ETF (exchange-traded fund) flows into gold yesterday were their strongest in a month", City Index senior market analyst Matt Simpson said.

Spot silver dipped 0.5 per cent&nbsp;to 21.92 dollars per ounce, while platinum shed 2.1 per cent, to 984.71 dollars. Palladium fell 0.8 per cent&nbsp;to 1,927.59 dollars.

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Gold inched lower on Thursday pressured by elevated US Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase.

Gold inched lower on Thursday pressured by elevated US Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase. The ECB said it will end bond buys on July 1 then raise rates by 25 basis points later that month. It will hike again in September and may opt for a bigger move then if the inflation outlook fails to improve. Also read | Dollar gains as US stocks fall, ECB decision on tap Spot gold fell 0.3 per cent to 1,847.59 dollars per ounce by 1249 GMT, little changed after the ECB decision. US gold futures shed 0.3 per cent to 1,850.00 dollars. "It seems to be that the ECB are willing to raise rates, but not go particularly aggressive and that's the sentiment the (gold) market's taking away", said Nitesh Shah, analyst at WisdomTree. Watch | Oil hovers near 13-week high, China optimism backs price surge "Inflation upside surprises are always a catalyst for gold price moves. But on the flip side, you got the Fed reacting to these numbers, the market right now is expecting back to back 50 bps rate increases that will act as a headwind", Shah added. The monthly US consumer price index data on Friday could signal whether the Fed will continue its aggressive policy tightening post July. The benchmark US 10-year Treasury yields held steady near the key 3 per cent threshold, eroding gold's appeal. Rising interest rates increase the opportunity cost of holding non-yielding bullion, even though the metal is considered a safe haven amid political and economic uncertainties. Also read | ‘Shrinkflation’ is on the rise: Companies reducing package size, without lowering price "We'll probably have to wait until tomorrow's CPI report before we see a sustainable move in either direction, but we've taken comfort that ETF (exchange-traded fund) flows into gold yesterday were their strongest in a month", City Index senior market analyst Matt Simpson said. Spot silver dipped 0.5 per cent to 21.92 dollars per ounce, while platinum shed 2.1 per cent, to 984.71 dollars. Palladium fell 0.8 per cent to 1,927.59 dollars. 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.

Gold subdued on firm yields with US inflation in focus

Cash-strapped Pakistan, which is looking for ways to rein in inflation and save electricity, has announced a series of austerity measures to tackle the nationwide fuel crisis.

Among the significant measures were the curtailment of overseas trips for officials, fuel quotas for government employees to be cut by 40 per cent, and reimposing five-day workweek.

The move comes at a time when the South Asian country is hit by hours-long power outages, with demand outstripping supply during the peak summer months. Soaring global fuel prices have also increased pressure on the external account and the local currency has hit record lows against the dollar.

Apart from that, announcements were made to stop purchases of new vehicles for use by officials and appliances such as air conditioners.

Speaking to reporters, Information Minister Marriyum Aurangzeb said the nation is aiming to lower energy consumption at government offices by 10 per cent.

Lunches, dinners and high teas will no longer be served to officials, and the government will also consider&nbsp;making&nbsp;Friday a mandatory work-from-home day for its employees.

Watch |&nbsp;Climate Change Impact: 'Pakistan to become water-scarce country'

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Aurangzeb said Prime Minister Shehbaz Sharif had formed a committee to determine how “efficiency is not affected” and how the government “may benefit from it in an effective manner”.

Discussions are being carried out with to switch off streetlights on alternate days.

“A complete ban has been imposed on official visits by government officials, functionaries and ministries. Only obligatory visits and very important bilateral visits will be allowed,” she said, adding that a committee would decide the importance of each visit before giving approval.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-needs-usd-41-billion-in-next-12-months-says-finance-minister-486098" hreflang="en">Pakistan needs USD 41 billion in next 12 months, says finance minister</a>

Aurangzeb said there was currently a gap of 4,600 megawatts between supply and demand, with supply at 21,000 megawatts and demand at 25,600 megawatts.

In the wake of soaring energy prices, Pakistan is facing a balance of payment crisis with forex reserves falling below $10 billion, enough for around 45 days of imports, as well as double-digit inflation.

(With inputs from agencies)

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Cash-strapped Pakistan, which is looking for ways to rein in inflation and save electricity, has announced a series of austerity measures to tackle the nationwide fuel crisis.

Cash-strapped Pakistan, which is looking for ways to rein in inflation and save electricity, has announced a series of austerity measures to tackle the nationwide fuel crisis. Among the significant measures were the curtailment of overseas trips for officials, fuel quotas for government employees to be cut by 40 per cent, and reimposing five-day workweek. The move comes at a time when the South Asian country is hit by hours-long power outages, with demand outstripping supply during the peak summer months. Soaring global fuel prices have also increased pressure on the external account and the local currency has hit record lows against the dollar. Apart from that, announcements were made to stop purchases of new vehicles for use by officials and appliances such as air conditioners. Speaking to reporters, Information Minister Marriyum Aurangzeb said the nation is aiming to lower energy consumption at government offices by 10 per cent. Lunches, dinners and high teas will no longer be served to officials, and the government will also consider making Friday a mandatory work-from-home day for its employees. Watch | Climate Change Impact: 'Pakistan to become water-scarce country' Aurangzeb said Prime Minister Shehbaz Sharif had formed a committee to determine how “efficiency is not affected” and how the government “may benefit from it in an effective manner”. Discussions are being carried out with to switch off streetlights on alternate days. “A complete ban has been imposed on official visits by government officials, functionaries and ministries. Only obligatory visits and very important bilateral visits will be allowed,” she said, adding that a committee would decide the importance of each visit before giving approval. Also read | Pakistan needs USD 41 billion in next 12 months, says finance minister Aurangzeb said there was currently a gap of 4,600 megawatts between supply and demand, with supply at 21,000 megawatts and demand at 25,600 megawatts. In the wake of soaring energy prices, Pakistan is facing a balance of payment crisis with forex reserves falling below $10 billion, enough for around 45 days of imports, as well as double-digit inflation. (With inputs from agencies) WATCH WION LIVE HERE

Cash-strapped Pakistan announces austerity measures as soaring energy cost, inflation bite hard

The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation.

The Paris-based organisation, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict, which has sent food and energy prices soaring.

In its latest economic outlook, the Organisation for Economic Co-operation and Development said global gross domestic product would grow by three percent in 2022, down sharply from the 4.5 percent estimated in December.

Also read |&nbsp;<a href="https://www.wionews.com/world/world-bank-lowers-2022-global-growth-forecast-to-29-from-41-in-january-486030">World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January</a>

The OECD also doubled its forecast for inflation among its members -- which range from the United States to Australia, Japan, and Latin American and European nations -- to 8.5 percent, its highest level since 1988.&nbsp;

"The world is set to pay a hefty price for Russia's war against Ukraine," wrote the OECD's chief economist and deputy secretary-general, Laurence Boone, adding that a "humanitarian crisis is unfolding before our eyes".

"The extent to which growth will be lower and inflation higher will depend on how the war evolves, but it is clear the poorest will be hit hardest," Boone said.

"The price of this war is high and will need to be shared."

Before the war broke out, the outlook had appeared "broadly favourable" for 2022-23, with growth and inflation expected to return to normal after the devastating Covid-19 pandemic, said the OECD.

However, "the invasion of Ukraine, along with shutdowns in major cities and ports in China due to the zero-Covid policy, has generated a new set of adverse shocks," it said.

Food shortage risk

The OECD was supposed to publish its outlook in March, but it delayed its detailed assessment until now due to uncertainty over the war. At the time, it said the conflict could cut global GDP growth by "over one percentage point".

The World Bank revised its own figures on Tuesday, lowering its global growth forecast from 4.1 percent to 2.9 percent. The IMF cut its forecast by nearly one point to 3.6 percent in April.

The OECD cut its growth forecast for the United States from 3.7 percent to 2.5 percent and that of China, the world's second biggest economy, from 5.1 percent to 4.4 percent. The eurozone's GPD is now seen growing by 2.6 percent instead of 4.3 percent while Britain's outlook was lowered to 3.6 percent from 4.7 percent.

The OECD noted that commodity prices had risen, hitting real income and spending, "particularly for the most vulnerable households".

"In many emerging-market economies the risks of food shortages are high given the reliance on agricultural exports from Russia and Ukraine," it said.

The report warned that the "effects of the war in Ukraine may be even greater than assumed", raising as an example a scenario of Russia cutting gas supplies to Europe.

As central banks tighten their monetary policies to counter inflation, the report said sharp increases of interest rates could also hit growth more than anticipated.

Covid risk

The Covid pandemic, meanwhile, could take another turn for the worse.

"New more aggressive or contagious variants may emerge, while the application of zero-Covid policies in large economies like China has the potential to sap global demand and disrupt supply for some time to come," the OECD said.

Faced with these challenges, governments needed to protect the most vulnerable from the economic shockwaves, it added.

Also read |&nbsp;<a href="https://www.wionews.com/videos/kyrgyzstan-endures-soaring-inflation-and-poverty-residents-struggle-to-find-work-486128">Kyrgyzstan endures soaring inflation and poverty, residents struggle to find work</a>

In the short term, "temporary, timely and well-targeted" fiscal measures would help the poorest households, the OECD said.

Over the medium- and long-term, governments would have to invest more in clean energy and defence spending.

"The world is already paying the price for Russia's aggression," wrote Boone.

"The choices made by policymakers and citizens will be crucial to determining how that price will be distributed across people and countries."

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The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation.

The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation. The Paris-based organisation, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict, which has sent food and energy prices soaring. In its latest economic outlook, the Organisation for Economic Co-operation and Development said global gross domestic product would grow by three percent in 2022, down sharply from the 4.5 percent estimated in December. Also read | World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January The OECD also doubled its forecast for inflation among its members -- which range from the United States to Australia, Japan, and Latin American and European nations -- to 8.5 percent, its highest level since 1988. "The world is set to pay a hefty price for Russia's war against Ukraine," wrote the OECD's chief economist and deputy secretary-general, Laurence Boone, adding that a "humanitarian crisis is unfolding before our eyes". "The extent to which growth will be lower and inflation higher will depend on how the war evolves, but it is clear the poorest will be hit hardest," Boone said. "The price of this war is high and will need to be shared." Before the war broke out, the outlook had appeared "broadly favourable" for 2022-23, with growth and inflation expected to return to normal after the devastating Covid-19 pandemic, said the OECD. However, "the invasion of Ukraine, along with shutdowns in major cities and ports in China due to the zero-Covid policy, has generated a new set of adverse shocks," it said. Food shortage risk The OECD was supposed to publish its outlook in March, but it delayed its detailed assessment until now due to uncertainty over the war. At the time, it said the conflict could cut global GDP growth by "over one percentage point". The World Bank revised its own figures on Tuesday, lowering its global growth forecast from 4.1 percent to 2.9 percent. The IMF cut its forecast by nearly one point to 3.6 percent in April. The OECD cut its growth forecast for the United States from 3.7 percent to 2.5 percent and that of China, the world's second biggest economy, from 5.1 percent to 4.4 percent. The eurozone's GPD is now seen growing by 2.6 percent instead of 4.3 percent while Britain's outlook was lowered to 3.6 percent from 4.7 percent. The OECD noted that commodity prices had risen, hitting real income and spending, "particularly for the most vulnerable households". "In many emerging-market economies the risks of food shortages are high given the reliance on agricultural exports from Russia and Ukraine," it said. The report warned that the "effects of the war in Ukraine may be even greater than assumed", raising as an example a scenario of Russia cutting gas supplies to Europe. As central banks tighten their monetary policies to counter inflation, the report said sharp increases of interest rates could also hit growth more than anticipated. Covid risk The Covid pandemic, meanwhile, could take another turn for the worse. "New more aggressive or contagious variants may emerge, while the application of zero-Covid policies in large economies like China has the potential to sap global demand and disrupt supply for some time to come," the OECD said. Faced with these challenges, governments needed to protect the most vulnerable from the economic shockwaves, it added. Also read | Kyrgyzstan endures soaring inflation and poverty, residents struggle to find work In the short term, "temporary, timely and well-targeted" fiscal measures would help the poorest households, the OECD said. Over the medium- and long-term, governments would have to invest more in clean energy and defence spending. "The world is already paying the price for Russia's aggression," wrote Boone. "The choices made by policymakers and citizens will be crucial to determining how that price will be distributed across people and countries." 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.

OECD doubles 2022 inflation forecast in 38-nation group to 8.5%

Shehbaz Sharif's government in Pakistan has launched an austerity drive ahead of its June 10th annual budget. Pakistan's government announced a list of measures applicable on all departments and officials to curb unnecessary expenditure.

Pakistan: Govt announces cost-cutting measures, launches austerity drive

In Kyrgyzstan, residents are struggling to make ends meet due to exponential increase of the cost of living and lack of jobs. Covid-19 pandemic and the war in Ukraine have only worsened the situation.

Kyrgyzstan endures soaring inflation and poverty, residents struggle to find work

Egyptian ambassador to India Wael Hamed has dismissed reports of Indian wheat being infected with pests even as the country receives its first consignments.

Speaking to WION, ambassador Hamed said, "These are miscommunicated reports... Egypt, as a big wheat importer, stands by its deals, provided they observe the requirements and have undergone the inspection procedures agreed with India as the exporting country."

In April, Egypt gave a go-ahead to import wheat from India. That month, officials from Egypt’s Agriculture Quarantine and Pest Risk Analysis department visited various processing units, port facilities and farms in Maharashtra, Madhya Pradesh, and Punjab.

It is pertinent to mention that the north African country is one of the largest importers of wheat in the world and has a major say in global wheat prices with its import capacity.

The envoy explained that the "consignments not intended for Egypt are simply that... not intended for Egypt. On the other hand, consignments intended for Egypt cannot possibly have pests since the inspections take place before loading the cargo ships.”

Egypt has been traditionally importing wheat from Russia and Ukraine. But this has been impacted by the Russian invasion of Ukraine, chocking the supplies.

New markets, especially India, are being looked into internationally. India is one of the largest producers of wheat globally and has got requests from over 20 countries as the prices of the food commodity increase.

Last financial year, India exported 7 million tonnes of wheat. Amid the heatwave and inflation, New Delhi put a ban on the export of wheat. But it has allowed government-to-government transactions.

External Affairs Minister Dr S Jaishankar said, "We are not going to give speculators an open access to the Indian market so that Indian customers and the least developed nations of the world are at the short end.”

He highlighted that India’s aim is to prevent a "diversion to high-income countries because what we saw happening to vaccines, we don't want to see happen with wheat—wherein which rich people were vaccinated, and the poor left out."

India has exported wheat to 23 countries this year.

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Egyptian ambassador to India Wael Hamed has dismissed reports of Indian wheat being infected with pests even as the country receives its first consignments. Speaking to WION, ambassador Hamed said, "These are miscommunicated reports.

Egyptian ambassador to India Wael Hamed has dismissed reports of Indian wheat being infected with pests even as the country receives its first consignments. Speaking to WION, ambassador Hamed said, "These are miscommunicated reports... Egypt, as a big wheat importer, stands by its deals, provided they observe the requirements and have undergone the inspection procedures agreed with India as the exporting country." In April, Egypt gave a go-ahead to import wheat from India. That month, officials from Egypt’s Agriculture Quarantine and Pest Risk Analysis department visited various processing units, port facilities and farms in Maharashtra, Madhya Pradesh, and Punjab. It is pertinent to mention that the north African country is one of the largest importers of wheat in the world and has a major say in global wheat prices with its import capacity. The envoy explained that the "consignments not intended for Egypt are simply that... not intended for Egypt. On the other hand, consignments intended for Egypt cannot possibly have pests since the inspections take place before loading the cargo ships.” Egypt has been traditionally importing wheat from Russia and Ukraine. But this has been impacted by the Russian invasion of Ukraine, chocking the supplies. New markets, especially India, are being looked into internationally. India is one of the largest producers of wheat globally and has got requests from over 20 countries as the prices of the food commodity increase. Last financial year, India exported 7 million tonnes of wheat. Amid the heatwave and inflation, New Delhi put a ban on the export of wheat. But it has allowed government-to-government transactions. External Affairs Minister Dr S Jaishankar said, "We are not going to give speculators an open access to the Indian market so that Indian customers and the least developed nations of the world are at the short end.” He highlighted that India’s aim is to prevent a "diversion to high-income countries because what we saw happening to vaccines, we don't want to see happen with wheat—wherein which rich people were vaccinated, and the poor left out." India has exported wheat to 23 countries this year. WATCH WION LIVE HERE

Egypt envoy Hamed dismisses reports of Indian wheat being infected with pests

Job gains maintained their impressive run in May, even as government policymakers took steps to cool the economy and ease inflation.

The Labor Department reported Friday that employers added 390,000 jobs, the 17th straight monthly gain.

The unemployment rate was 3.6 per cent&nbsp;for the third straight month, near a half-century low. Average hourly earnings for employees rose by 10 cents, or 0.3 per cent&nbsp;on a monthly basis, and were 5.2 per cent&nbsp;higher than a year earlier.

Record levels of consumer spending, which makes up about 70 per cent of the economy, have driven business expansion and job creation, as companies try to keep up with demand for a wide variety of goods and services. The hiring push has lent some workers a degree of agency regarding pay and conditions that is unfamiliar to both job seekers and employers.

Yet the Federal Reserve is worried that rising labor costs will be passed along to consumers, constraining efforts to bring down inflation, which is near a 40-year high.

Last month, Fed Chair Jerome Powell stressed that his institution’s attempts to cool off prices were a part of ensuring a more sustainable form of full employment. “We’ve got to get back to price stability so that we can have a labor market where people’s wages aren’t being eaten up by inflation,” he said. “And where we can have a long expansion, too.”

The environment for job seekers remains as strong as it has been since the 1960s, some economists say. The Kansas City Fed’s labour market conditions index — which is based on 24 measures tracking the market’s tightness — is near highs last seen in 2000.

In a speech, this week to the Economic Club of Memphis, Tennessee, James Bullard, president of the Federal Reserve Bank of St. Louis, noted that “real-time indicators” of economic growth suggested expansion would continue for several quarters.

It appears that fewer Americans will be able to fully share in a continued expansion, however. There are growing signals that lower-income families, which have been hit the hardest by price increases and used up much of their pandemic-era savings, are beginning to pull back on discretionary purchases. The cost of groceries is an intensifying headache, and energy prices, which are roughly 30 per cent&nbsp;higher than a year ago, are forcing people to make difficult decisions about what goods and services to cut back on to prevent further erosion of their budgets.

Inflation has already made a striking impact: Personal savings as a percentage of personal disposable income fell to 4.4 per cent&nbsp;in April, the Commerce Department reported last week. It was the lowest rate since 2008, and far from the anomalous high of 33 per cent&nbsp;in April 2020 at the height of federal aid.

Throughout the year, inflation and general volatility in the economy have created a dissonance between sour consumer sentiment and relatively positive raw data. Checking accounts are still above 2019 levels for nearly all income groups. And the share of households under duress as a result of debt burdens is historically low. Auto loan delinquency rates are low. And new bankruptcies and debt-collection proceedings are at their lowest level since the New York Fed began collecting data on them in 1999.

The Fed’s aim is to engineer a modest economic slowdown that avoids a painful recession. Gregory Daco, chief economist at EY-Parthenon, a consulting firm, insisted that “whether we have a recession or not isn’t what matters” compared with the characteristics of any potential downturn, such as its depth and duration.

“Recency bias has us thinking of a recession being like the covid&nbsp;crisis, or the global financial crisis, but these were ‘once in a hundred years’ events which are unlikely to repeat in the near term,” he said. “At the same time, the elevated inflation backdrop has brought comparisons with the 1970s, but there again the situation was different, lasting 15 years from the late 1960s to the early 1980s and featuring two moderate and two deep recessions.”

Job gains maintained their impressive run in May, even as government policymakers took steps to cool the economy and ease inflation. The Labor Department reported Friday that employers added 390,000 jobs, the 17th straight monthly gain.

Job gains maintained their impressive run in May, even as government policymakers took steps to cool the economy and ease inflation. The Labor Department reported Friday that employers added 390,000 jobs, the 17th straight monthly gain. The unemployment rate was 3.6 per cent for the third straight month, near a half-century low. Average hourly earnings for employees rose by 10 cents, or 0.3 per cent on a monthly basis, and were 5.2 per cent higher than a year earlier. Record levels of consumer spending, which makes up about 70 per cent of the economy, have driven business expansion and job creation, as companies try to keep up with demand for a wide variety of goods and services. The hiring push has lent some workers a degree of agency regarding pay and conditions that is unfamiliar to both job seekers and employers. Yet the Federal Reserve is worried that rising labor costs will be passed along to consumers, constraining efforts to bring down inflation, which is near a 40-year high. Last month, Fed Chair Jerome Powell stressed that his institution’s attempts to cool off prices were a part of ensuring a more sustainable form of full employment. “We’ve got to get back to price stability so that we can have a labor market where people’s wages aren’t being eaten up by inflation,” he said. “And where we can have a long expansion, too.” The environment for job seekers remains as strong as it has been since the 1960s, some economists say. The Kansas City Fed’s labour market conditions index — which is based on 24 measures tracking the market’s tightness — is near highs last seen in 2000. In a speech, this week to the Economic Club of Memphis, Tennessee, James Bullard, president of the Federal Reserve Bank of St. Louis, noted that “real-time indicators” of economic growth suggested expansion would continue for several quarters. It appears that fewer Americans will be able to fully share in a continued expansion, however. There are growing signals that lower-income families, which have been hit the hardest by price increases and used up much of their pandemic-era savings, are beginning to pull back on discretionary purchases. The cost of groceries is an intensifying headache, and energy prices, which are roughly 30 per cent higher than a year ago, are forcing people to make difficult decisions about what goods and services to cut back on to prevent further erosion of their budgets. Inflation has already made a striking impact: Personal savings as a percentage of personal disposable income fell to 4.4 per cent in April, the Commerce Department reported last week. It was the lowest rate since 2008, and far from the anomalous high of 33 per cent in April 2020 at the height of federal aid. Throughout the year, inflation and general volatility in the economy have created a dissonance between sour consumer sentiment and relatively positive raw data. Checking accounts are still above 2019 levels for nearly all income groups. And the share of households under duress as a result of debt burdens is historically low. Auto loan delinquency rates are low. And new bankruptcies and debt-collection proceedings are at their lowest level since the New York Fed began collecting data on them in 1999. The Fed’s aim is to engineer a modest economic slowdown that avoids a painful recession. Gregory Daco, chief economist at EY-Parthenon, a consulting firm, insisted that “whether we have a recession or not isn’t what matters” compared with the characteristics of any potential downturn, such as its depth and duration. “Recency bias has us thinking of a recession being like the covid crisis, or the global financial crisis, but these were ‘once in a hundred years’ events which are unlikely to repeat in the near term,” he said. “At the same time, the elevated inflation backdrop has brought comparisons with the 1970s, but there again the situation was different, lasting 15 years from the late 1960s to the early 1980s and featuring two moderate and two deep recessions.”

US added 390,000 jobs in May amid efforts to cool the economy

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

Gravitas Global Headlines: Sri Lanka inflation, Russia-Ukraine war continues

Inflation in the 19 countries of the eurozone soared to 8.1% in May from 7.4% in April. Rising prices have been exacerbated over recent months by the war in Ukraine, particularly food and energy costs.

Eurozone inflation hits record 8.1% amid rising food and energy costs

The Covid-19 pandemic seems to be under control for now in several parts of the world, normalcy is returning but what is not normal is the cost of lunch in the US. Lunch inflation is here and it's pinching office goers pockets.

Groceries become costlier in United States, 'Lunchflation' is here to stay

The Russian Central Bank cut interest rates from 14% to 11%, after inflation slowed to 17.5% in May compared to 17.8% in April, which is now forecasting that annual inflation will decrease to 5–7% in 2023 and return to 4% in 2024.

Russian Central Bank cuts interest rates from 14% to 11%

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