It's April, Employers are conducting appraisal interviews, employees are holding their breath for a pay hike. But is the inflation going to kill your increment? Molly Gambhir decodes the possibilities.

Gravitas: Why inflation could spoil your increment

Inflation and high crude prices are two of the biggest challenges faced by world economies now. In such a situation, processed foods sector and producers are going for increasing productivity to meet new challenges. To discuss more on the macro challenges and road ahead today we are joined by Mr

Inflation & high crude prices are two of the biggest challenges | RS Sodhi Exclusive

Grappling with the worst economic crisis since its independence, Sri Lanka celebrates New Year

Argentina's monthly inflation rate has soared to 6.7% in March as spiraling food and fuel prices have dented the value of salaries and savings. The annual inflation rate has hit 55.1% in a month.

Argentina inflation surges to decades-high in March

Consumer Price Inflation has risen to 6.9 in the month of March, it has made it the third consecutive month. The data has been breached by RBI upper margin of six percent there the government has mandated central bank to maintain retail inflation at four percent with a margin of two percent on either side for five-year period.

India inflation soars to 17-month high

A measure of Australian consumer sentiment slipped for a fifth straight month in April as rising inflation and the risk of higher interest rates weighed on family finances and spending intentions.

Australia consumer sentiment slips due to rising inflation

China's&nbsp;factory-gate&nbsp;inflation&nbsp;was&nbsp;higher&nbsp;than&nbsp;expected&nbsp;in March, official data showed Monday, as Russia's war on Ukraine pushes up&nbsp;oil&nbsp;prices&nbsp;while a domestic COVID-19 resurgence strains food supplies and consumer costs.

The producer price index (PPI) -- measuring the cost of goods at the&nbsp;factory&nbsp;gate -- grew 8.3 per cent on-year, National Bureau of Statistics (NBS) figures showed.

This was slightly more&nbsp;than&nbsp;a Bloomberg poll of economists&nbsp;expected, while PPI also rose on-month.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-makes-secret-delivery-anti-aircraft-missiles-to-serbia-report-470108">China makes secret delivery of anti-aircraft missiles to Serbia: Report</a>

"Geopolitical and other factors have pushed global commodity&nbsp;prices&nbsp;to continue increasing, driving the&nbsp;prices&nbsp;of&nbsp;oil, non-ferrous metals and other related industries to rise further domestically," NBS senior statistician Dong Lijuan said in a statement.

China's consumer price index (CPI), a key gauge of retail&nbsp;inflation, rose more&nbsp;than&nbsp;expected&nbsp;as well, by 1.5 per cent on-year in March, the NBS said.

Although consumer demand eased after festive periods earlier in the year, some food&nbsp;prices&nbsp;have picked up due to "rising international&nbsp;prices&nbsp;of wheat, corn and soybeans" and domestic COVID-19 outbreaks, Dong said.

This comes as world food&nbsp;prices&nbsp;hit an all-time high in March following Russia's invasion of Ukraine, an agricultural powerhouse, according to a UN agency.

Watch |&nbsp;US: China to impose arbitrary COVID rules amid record rise in COVID cases

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-china-to-impose-arbitrary-covid-rules-amid-record-rise-in-covid-cases-470027/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Russia and Ukraine make up a massive share of exports in major commodities such as wheat, vegetable&nbsp;oil&nbsp;and corn.

Zhaopeng Xing of ANZ Research said energy&nbsp;prices&nbsp;had "become the major driver for both CPI and PPI".

"CPI&nbsp;inflation&nbsp;could rise further in April as households across&nbsp;China&nbsp;have been stocking up on food and other necessities after taking lessons from the fallout of Shanghai's lockdown," Nomura's chief&nbsp;China&nbsp;economist Ting Lu told AFP.

As the financial hub locked down almost entirely in recent weeks, residents had trouble getting groceries while Covid controls snarled supply chains to the rest of the country.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-slams-us-virus-accusations-as-shanghai-lockdown-drags-on-469971">China slams US virus 'accusations' as Shanghai lockdown drags on</a>

"Due to lockdowns and transport disruptions in northeast&nbsp;China, the largest grain production base in&nbsp;China, this year's spring farming may have been delayed and the risk of food shortage may rise in the second half," Lu added.

This piles pressure on the worsening global food shortage caused by the military conflict in Ukraine, he said.

China's factory-gate inflation was higher than expected in March, official data showed Monday, as Russia's war on Ukraine pushes up oil prices while a domestic COVID-19 resurgence strains food supplies and consumer costs.

China's factory-gate inflation was higher than expected in March, official data showed Monday, as Russia's war on Ukraine pushes up oil prices while a domestic COVID-19 resurgence strains food supplies and consumer costs. The producer price index (PPI) -- measuring the cost of goods at the factory gate -- grew 8.3 per cent on-year, National Bureau of Statistics (NBS) figures showed. This was slightly more than a Bloomberg poll of economists expected, while PPI also rose on-month. Also read | China makes secret delivery of anti-aircraft missiles to Serbia: Report "Geopolitical and other factors have pushed global commodity prices to continue increasing, driving the prices of oil, non-ferrous metals and other related industries to rise further domestically," NBS senior statistician Dong Lijuan said in a statement. China's consumer price index (CPI), a key gauge of retail inflation, rose more than expected as well, by 1.5 per cent on-year in March, the NBS said. Although consumer demand eased after festive periods earlier in the year, some food prices have picked up due to "rising international prices of wheat, corn and soybeans" and domestic COVID-19 outbreaks, Dong said. This comes as world food prices hit an all-time high in March following Russia's invasion of Ukraine, an agricultural powerhouse, according to a UN agency. Watch | US: China to impose arbitrary COVID rules amid record rise in COVID cases Russia and Ukraine make up a massive share of exports in major commodities such as wheat, vegetable oil and corn. Zhaopeng Xing of ANZ Research said energy prices had "become the major driver for both CPI and PPI". "CPI inflation could rise further in April as households across China have been stocking up on food and other necessities after taking lessons from the fallout of Shanghai's lockdown," Nomura's chief China economist Ting Lu told AFP. As the financial hub locked down almost entirely in recent weeks, residents had trouble getting groceries while Covid controls snarled supply chains to the rest of the country. Also read | China slams US virus 'accusations' as Shanghai lockdown drags on "Due to lockdowns and transport disruptions in northeast China, the largest grain production base in China, this year's spring farming may have been delayed and the risk of food shortage may rise in the second half," Lu added. This piles pressure on the worsening global food shortage caused by the military conflict in Ukraine, he said.

China factory inflation higher than expected as oil prices bite

Sri&nbsp;Lanka's central bank doubled its key&nbsp;interest&nbsp;rates&nbsp;on Friday, raising each by an unprecedented 700 basis points to tame&nbsp; inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicines are in short supply.

Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/crisis-hit-sri-lanka-hikes-rates-by-record-as-protests-spiral-469411">Crisis-hit: Sri Lanka hikes rates by record as protests spiral</a>

The Central Bank of&nbsp;Sri&nbsp;Lanka's (CBSL) monetary board raised its standing lending facility to 14.50 per cent and its standing deposit facility to 13.50 per cent.

The build-up of aggregate demand, domestic supply disruptions, the plunge of the local currency and high prices of commodities globally could keep up the pressure on&nbsp;inflation, CBSL said in its monetary policy decision statement.

"The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible," governor P. Nandalal Weerasinghe said at a post-policy decision briefing.

Independent Central bank

Weerasinghe said that he wanted to run the central bank independently without any external influence and that he had been given the authority to do so by the president and has been asked to expedite measures to get the country out of the current crisis.

"I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes," he added.

Inflation&nbsp;hit 18.7 per cent&nbsp;in March.

Watch |&nbsp;Sri Lanka Crisis Decoded | WION Wideangle

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-crisis-decoded-wion-wideangle-469527/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

An analyst had expected hikes of up to 400 basis points.

"With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage," said Thilina Panduwawala, head of economic research at Frontier Research.

Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet.

"We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry told parliament.

J.P. Morgan analysts estimate that&nbsp;Sri&nbsp;Lanka's gross debt servicing costs will amount to $7 billion this year, with a $1 billion repayment due in July.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-parliament-passes-bill-to-impose-tax-on-rich-to-garner-quick-revenue-469305">Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue</a>

"We have to go for a debt moratorium," said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister.

"We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments."

No-Confidence motion?

President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week, while the opposition and some coalition partners rejected calls for a unity government to deal with the country's worst crisis in decades.

At least 41 lawmakers have quit the ruling coalition to become independents, though the government says it still has a majority in parliament.

"The government needs to address the financial crisis and work to improve governance, or we will move a no-confidence motion," Sajith Premadasa, leader of the Samagi Jana Balawegaya opposition group, said in parliament.

Sabry, a former justice minister, said political stability was necessary as the country prepared to start talks with the International Monetary Fund (IMF) this month. Weerasinghe said he will be holding a virtual meeting with the IMF on April 11.

Earlier on Friday, nearly two dozen associations, representing industries that collectively employ a fifth of the country's 22 million people, together urged the government to quickly seek financial help from the IMF, the World Bank and the Asian Development Bank (ADB).

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-former-minister-calls-sri-lankas-current-situation-chaos-says-govt-trying-to-hold-on-to-power-469337">Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION</a>

Masakorala said that both merchandise and service exports could drop 20-30 per cent this year due to a dollar shortage, higher freight costs and power cuts.

Sri&nbsp;Lanka's foreign exchange reserves have plunged some 70% in the past two years, hitting $1.93 billion at the end of March.

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis. The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicines are in short supply. Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew. Also read | Crisis-hit: Sri Lanka hikes rates by record as protests spiral The Central Bank of Sri Lanka's (CBSL) monetary board raised its standing lending facility to 14.50 per cent and its standing deposit facility to 13.50 per cent. The build-up of aggregate demand, domestic supply disruptions, the plunge of the local currency and high prices of commodities globally could keep up the pressure on inflation, CBSL said in its monetary policy decision statement. "The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible," governor P. Nandalal Weerasinghe said at a post-policy decision briefing. Independent Central bank Weerasinghe said that he wanted to run the central bank independently without any external influence and that he had been given the authority to do so by the president and has been asked to expedite measures to get the country out of the current crisis. "I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes," he added. Inflation hit 18.7 per cent in March. Watch | Sri Lanka Crisis Decoded | WION Wideangle An analyst had expected hikes of up to 400 basis points. "With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage," said Thilina Panduwawala, head of economic research at Frontier Research. Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet. "We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry told parliament. J.P. Morgan analysts estimate that Sri Lanka's gross debt servicing costs will amount to $7 billion this year, with a $1 billion repayment due in July. Also read | Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue "We have to go for a debt moratorium," said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister. "We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments." No-Confidence motion? President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week, while the opposition and some coalition partners rejected calls for a unity government to deal with the country's worst crisis in decades. At least 41 lawmakers have quit the ruling coalition to become independents, though the government says it still has a majority in parliament. "The government needs to address the financial crisis and work to improve governance, or we will move a no-confidence motion," Sajith Premadasa, leader of the Samagi Jana Balawegaya opposition group, said in parliament. Sabry, a former justice minister, said political stability was necessary as the country prepared to start talks with the International Monetary Fund (IMF) this month. Weerasinghe said he will be holding a virtual meeting with the IMF on April 11. Earlier on Friday, nearly two dozen associations, representing industries that collectively employ a fifth of the country's 22 million people, together urged the government to quickly seek financial help from the IMF, the World Bank and the Asian Development Bank (ADB). Also read | Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION Masakorala said that both merchandise and service exports could drop 20-30 per cent this year due to a dollar shortage, higher freight costs and power cuts. Sri Lanka's foreign exchange reserves have plunged some 70% in the past two years, hitting $1.93 billion at the end of March.

Sri Lanka doubles interest rates to tame inflation; stabilise economy

Sri Lanka has doubled the interest rates to tame inflation. There's an unprecedented 700 basis point hike by the Central bank. The rate for deposits has increased to 13.5%. To get more perspective, watch this report by Dasuni Athauda.

Crisis-hit Sri Lanka doubles interest rates to tame inflation

Cash-strapped&nbsp;Sri&nbsp;Lanka's central bank hiked interest rates by a record 700 basis points on Friday as police fired tear gas at hundreds of students protesting about the economic crisis.

Severe shortages of food, fuel and electricity have led to widespread anti-government demonstrations with calls for President Gotabaya Rajapaksa to resign.

The latest protests saw students try to march to the national parliament on Friday.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-former-minister-calls-sri-lankas-current-situation-chaos-says-govt-trying-to-hold-on-to-power-469337">Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION</a>

Elsewhere demonstrators nationwide carried placards demanding Rajapaksa step down over the country's worst economic crisis since independence in 1948.

Buddhists monks, who had largely led Rajapaksa's election bid in November 2019, were also seen joining demonstrations in the capital Colombo.

The Central Bank of&nbsp;Sri&nbsp;Lanka&nbsp;said its benchmark lending rate had been raised to 14.5 per cent to "stabilise the exchange rate" after the rupee tumbled over 35 per cent in a month.

The rate for deposits was also increased by seven percentage points to 13.5 per cent as reports said&nbsp;Sri&nbsp;Lanka's rupee was the worst performing currency in the world, edging out the Russian ruble.

The bank said the shock-treatment rate hike was due to its belief that the embattled island's inflation, which is already at record levels, could get worse.

The Colombo Consumer Price Index rose 18.7 per cent in March while food inflation stood at more than 25 per cent, but private analysts placed inflation at over 50 per cent in the month.

Watch |&nbsp;Gravitas: A Chinese bailout for Sri Lanka?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-a-chinese-bailout-for-sri-lanka-469229/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo">
International rating agencies have downgraded&nbsp;Sri&nbsp;Lanka&nbsp;as fears grow that it could default on its $51 billion external debt after foreign reserves fell below $2 billion at the end of March.

This week Rajapaksa appointed a panel of experts to organise a restructuring of foreign debt.

His government is preparing for bailout negotiations with the International Monetary Fund, and finance ministry officials told AFP the panel will prepare a programme for sovereign bond holders and other creditors to take a haircut.

"What&nbsp;Sri&nbsp;Lanka&nbsp;is keen to do is avoid a hard default," a source from the ministry who requested anonymity told AFP.&nbsp;

"It will be a negotiated restructuring of the debt with the help of the IMF."

Meetings with the IMF are set to begin by next week but finance minister Basil Rajapaksa -- the president's brother -- resigned on Sunday night along with nearly the entire cabinet.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-parliament-passes-bill-to-impose-tax-on-rich-to-garner-quick-revenue-469305">Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue</a>

The country is still without a replacement, with his successor quitting after just one day in office.

Public anger is at fever pitch, and thousands of people were expected to take part on Saturday in what likely will be the biggest protest since the crisis began.

Recent days have seen civil servants and schoolchildren join in demonstrations largely organised through social media.

In an apparent bid to head off more protests, the government on Thursday declared extra public holidays for next week to coincide with the traditional Sinhalese and Tamil New Year.

Opposition parties have rejected an overture from the president to form a unity administration and instead joined calls for him to step down.

The shortages of essentials have been caused by a wide-ranging import ban as&nbsp;Sri&nbsp;Lanka&nbsp;seeks to conserve its meagre foreign currency reserves to pay its debts.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-heathcare-sector-witnesses-major-downfall-amid-shortage-of-essential-medicines-469146">Sri Lanka's healthcare sector witnesses downfall amid shortage of essential medicines</a>

In recent years the vital tourism sector has also been hit hard by Islamist bomb attacks in 2019 and the coronavirus pandemic, which dried up remittances from&nbsp;Sri&nbsp;Lankans abroad.

Economists say the crisis has been exacerbated&nbsp;by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.
</div>

Cash-strapped Sri Lanka's central bank hiked interest rates by a record 700 basis points on Friday as police fired tear gas at hundreds of students protesting about the economic crisis.

Cash-strapped Sri Lanka's central bank hiked interest rates by a record 700 basis points on Friday as police fired tear gas at hundreds of students protesting about the economic crisis. Severe shortages of food, fuel and electricity have led to widespread anti-government demonstrations with calls for President Gotabaya Rajapaksa to resign. The latest protests saw students try to march to the national parliament on Friday. Also read | Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION Elsewhere demonstrators nationwide carried placards demanding Rajapaksa step down over the country's worst economic crisis since independence in 1948. Buddhists monks, who had largely led Rajapaksa's election bid in November 2019, were also seen joining demonstrations in the capital Colombo. The Central Bank of Sri Lanka said its benchmark lending rate had been raised to 14.5 per cent to "stabilise the exchange rate" after the rupee tumbled over 35 per cent in a month. The rate for deposits was also increased by seven percentage points to 13.5 per cent as reports said Sri Lanka's rupee was the worst performing currency in the world, edging out the Russian ruble. The bank said the shock-treatment rate hike was due to its belief that the embattled island's inflation, which is already at record levels, could get worse. The Colombo Consumer Price Index rose 18.7 per cent in March while food inflation stood at more than 25 per cent, but private analysts placed inflation at over 50 per cent in the month. Watch | Gravitas: A Chinese bailout for Sri Lanka? International rating agencies have downgraded Sri Lanka as fears grow that it could default on its $51 billion external debt after foreign reserves fell below $2 billion at the end of March. This week Rajapaksa appointed a panel of experts to organise a restructuring of foreign debt. His government is preparing for bailout negotiations with the International Monetary Fund, and finance ministry officials told AFP the panel will prepare a programme for sovereign bond holders and other creditors to take a haircut. "What Sri Lanka is keen to do is avoid a hard default," a source from the ministry who requested anonymity told AFP. "It will be a negotiated restructuring of the debt with the help of the IMF." Meetings with the IMF are set to begin by next week but finance minister Basil Rajapaksa -- the president's brother -- resigned on Sunday night along with nearly the entire cabinet. Also read | Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue The country is still without a replacement, with his successor quitting after just one day in office. Public anger is at fever pitch, and thousands of people were expected to take part on Saturday in what likely will be the biggest protest since the crisis began. Recent days have seen civil servants and schoolchildren join in demonstrations largely organised through social media. In an apparent bid to head off more protests, the government on Thursday declared extra public holidays for next week to coincide with the traditional Sinhalese and Tamil New Year. Opposition parties have rejected an overture from the president to form a unity administration and instead joined calls for him to step down. The shortages of essentials have been caused by a wide-ranging import ban as Sri Lanka seeks to conserve its meagre foreign currency reserves to pay its debts. Also read | Sri Lanka's healthcare sector witnesses downfall amid shortage of essential medicines In recent years the vital tourism sector has also been hit hard by Islamist bomb attacks in 2019 and the coronavirus pandemic, which dried up remittances from Sri Lankans abroad. Economists say the crisis has been exacerbated by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.

Crisis-hit: Sri Lanka hikes rates by record as protests spiral

Venezuela's inflation slowed down further to reach 1.4% in March, its lowest level in almost a decade, according to figures reported on Wednesday by the Central Bank.

Venezuela's inflation slows down to 1.4%, lowest in almost a decade

Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine.

Physical gas flows through the Yamal-Europe pipeline, at Germany’s Mallnow border point see-sawed over the weekend and last stood at zero, data from operator Gascade showed.

Nominations, or requests, for Russian gas deliveries via Slovakia’s Velke Kapusany entry point from Ukraine were steady on Monday at 967,954 MWh/day, as were flows through the Nord Stream 1 pipeline to Germany at 73,379,286 kWh/h.

Russian state-owned energy giant Gazprom said it was continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers.

However, questions remained over future deliveries in light of the Kremlin’s demand that buyers start paying Gazprom in roubles.

Slovakia’s Prime Minister Eduard Heger confirmed over the weekend that his country would act in unison with the EU against such payment demands.

Meanwhile, Germany, which gets around 40 percent of its gas from Russia, is working "every day" toward being able to ban Russian energy, the economy minister said on Monday.

Germany has already activated an emergency plan that could lead to gas rationing if supplies drop too low but German Finance Minister Christian Lindner said an encompassing ban on all Russian energy imports would inflict more economic damage on EU member states than on Russia.

Germany will face a steep recession if there is a stop to imports or delivery of Russian gas and oil, a top German bank lobby warned.

France’s economic analysis council said a hefty EU-wide tariff on Russian energy imports could prove more efficient than an outright ban, although even a full embargo would have a limited impact on most countries.

The Conseil d'Analyse Economique said that a full energy ban could on average cause a loss of gross national income of 0.2-0.3 percent, working out to €100 ($110) per adult.

Italy, which is also heavily reliant on Russian gas, said it will not veto sanctions on Russian gas imports and said it has sufficient reserves to forego Russian gas supply over the next few months.

Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine.

Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine. Physical gas flows through the Yamal-Europe pipeline, at Germany’s Mallnow border point see-sawed over the weekend and last stood at zero, data from operator Gascade showed. Nominations, or requests, for Russian gas deliveries via Slovakia’s Velke Kapusany entry point from Ukraine were steady on Monday at 967,954 MWh/day, as were flows through the Nord Stream 1 pipeline to Germany at 73,379,286 kWh/h. Russian state-owned energy giant Gazprom said it was continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers. However, questions remained over future deliveries in light of the Kremlin’s demand that buyers start paying Gazprom in roubles. Slovakia’s Prime Minister Eduard Heger confirmed over the weekend that his country would act in unison with the EU against such payment demands. Meanwhile, Germany, which gets around 40 percent of its gas from Russia, is working "every day" toward being able to ban Russian energy, the economy minister said on Monday. Germany has already activated an emergency plan that could lead to gas rationing if supplies drop too low but German Finance Minister Christian Lindner said an encompassing ban on all Russian energy imports would inflict more economic damage on EU member states than on Russia. Germany will face a steep recession if there is a stop to imports or delivery of Russian gas and oil, a top German bank lobby warned. France’s economic analysis council said a hefty EU-wide tariff on Russian energy imports could prove more efficient than an outright ban, although even a full embargo would have a limited impact on most countries. The Conseil d'Analyse Economique said that a full energy ban could on average cause a loss of gross national income of 0.2-0.3 percent, working out to €100 ($110) per adult. Italy, which is also heavily reliant on Russian gas, said it will not veto sanctions on Russian gas imports and said it has sufficient reserves to forego Russian gas supply over the next few months.

Russia maintains gas deliveries as Europe moots fresh sanctions

Turkey's&nbsp;inflation&nbsp;has soared to a new&nbsp;record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy.

Exacerbating a cost of living crisis, consumer prices accelerated to 61.14&nbsp;per cent&nbsp;at an annual rate, up from 54.4&nbsp;per cent&nbsp;in February, according to the statistics agency.

The weakening lira and runaway&nbsp;inflation&nbsp;have become major sources of public discontent in Turkey as President Recep Tayyip Erdogan faces an election next year.

Also read |&nbsp;<a href="https://www.wionews.com/world/erdogan-says-turkey-ready-in-principle-to-act-as-ukraines-guarantor-media-467195">Erdogan says Turkey ready in principle to act as Ukraine's guarantor -media</a>

Turkey has recorded double digit&nbsp;inflation&nbsp;since early 2017 but the latest figure is the highest since the ruling Justice and Development Party (AKP) came to power in 2002.

The currency was stable following the latest&nbsp;inflation&nbsp;data, trading at 14.7 lira against the dollar and 16.2 lira against euro.

The war in Turkey's Black Sea neighbourhood has had a major impact on the country as Russia is a key supplier of energy while Ukraine ships wheat.&nbsp;Turkish&nbsp;tourism industry also mainly relies on Russian tourists.&nbsp;

On Friday, S&amp;P global rating agency kept a negative outlook on Turkey and cut its credit rating.&nbsp;

"The fallout of the Russia-Ukraine military conflict, including rising food and energy prices, will further weaken Turkey's already tenuous balance of payments and exacerbate&nbsp;inflation," it said.

The biggest&nbsp;price increases in March were in transportation and food prices, according to the statistics agency.

Watch |&nbsp;West prepares more sanctions on Russia as Bucha killings in Ukraine shock the world

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'Be patient'

While countries around the world are facing rising&nbsp;inflation&nbsp;as energy prices have soared while economies emerge Covid restrictions, Turkey's problems have also been affected by Erdogan's unorthodox economic approach.&nbsp;

The&nbsp;Turkish&nbsp;leader rejects the idea that&nbsp;inflation&nbsp;should be fought by hiking the main interest rate, which he believes causes prices to grow even higher -- the exact opposite of conventional economic thinking.

Turkish&nbsp;central bank "policies are just not working in countering&nbsp;inflation," said Timothy Ash, emerging markets strategist at BlueBay Asset Management.&nbsp;

"Indeed, I think the overwhelming consensus is that the unorthodox policy settings of the CBRT (central bank) are a major cause of&nbsp;inflation," he said in a note to clients.

"The war in Ukraine is just making things that much worse."

On Saturday, Erdogan said the increase in food and energy prices triggered by the war in Ukraine "is affecting us too."

"We are fighting against those who are charging unreasonably high prices," he said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/turkey-says-gas-pipeline-with-israel-not-possible-in-short-term-467193">Turkey says gas pipeline with Israel not possible in short term</a>

"There are problems we need to address ... I ask you to be patient and trust us," in reference to people squeezed by the biting&nbsp;inflation.&nbsp;

In January, Erdogan changed the head of the state statistics agency.

Turkish&nbsp;media reported that he was unhappy with the&nbsp;inflation&nbsp;figures it published while the opposition believes that the official figures grossly underestimate the reality.

Jason Tuvey, senior emerging markets economist at the London-based Capital Economics, said&nbsp;inflation&nbsp;was likely to rise further over the coming months and stay close to the current high rates for much of this year.

"But there is still little sign that the central bank and, crucially, President Erdogan are about to shift tack and hike interest rates," he said.&nbsp;

Turkey's inflation has soared to a new record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy.

Turkey's inflation has soared to a new record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy. Exacerbating a cost of living crisis, consumer prices accelerated to 61.14 per cent at an annual rate, up from 54.4 per cent in February, according to the statistics agency. The weakening lira and runaway inflation have become major sources of public discontent in Turkey as President Recep Tayyip Erdogan faces an election next year. Also read | Erdogan says Turkey ready in principle to act as Ukraine's guarantor -media Turkey has recorded double digit inflation since early 2017 but the latest figure is the highest since the ruling Justice and Development Party (AKP) came to power in 2002. The currency was stable following the latest inflation data, trading at 14.7 lira against the dollar and 16.2 lira against euro. The war in Turkey's Black Sea neighbourhood has had a major impact on the country as Russia is a key supplier of energy while Ukraine ships wheat. Turkish tourism industry also mainly relies on Russian tourists. On Friday, S&P global rating agency kept a negative outlook on Turkey and cut its credit rating. "The fallout of the Russia-Ukraine military conflict, including rising food and energy prices, will further weaken Turkey's already tenuous balance of payments and exacerbate inflation," it said. The biggest price increases in March were in transportation and food prices, according to the statistics agency. Watch | West prepares more sanctions on Russia as Bucha killings in Ukraine shock the world 'Be patient' While countries around the world are facing rising inflation as energy prices have soared while economies emerge Covid restrictions, Turkey's problems have also been affected by Erdogan's unorthodox economic approach. The Turkish leader rejects the idea that inflation should be fought by hiking the main interest rate, which he believes causes prices to grow even higher -- the exact opposite of conventional economic thinking. Turkish central bank "policies are just not working in countering inflation," said Timothy Ash, emerging markets strategist at BlueBay Asset Management. "Indeed, I think the overwhelming consensus is that the unorthodox policy settings of the CBRT (central bank) are a major cause of inflation," he said in a note to clients. "The war in Ukraine is just making things that much worse." On Saturday, Erdogan said the increase in food and energy prices triggered by the war in Ukraine "is affecting us too." "We are fighting against those who are charging unreasonably high prices," he said. Also read | Turkey says gas pipeline with Israel not possible in short term "There are problems we need to address ... I ask you to be patient and trust us," in reference to people squeezed by the biting inflation. In January, Erdogan changed the head of the state statistics agency. Turkish media reported that he was unhappy with the inflation figures it published while the opposition believes that the official figures grossly underestimate the reality. Jason Tuvey, senior emerging markets economist at the London-based Capital Economics, said inflation was likely to rise further over the coming months and stay close to the current high rates for much of this year. "But there is still little sign that the central bank and, crucially, President Erdogan are about to shift tack and hike interest rates," he said.

Russia-Ukraine crisis causes Turkish inflation to hit fresh record of 61.1 per cent

Amid the ongoing Russian invasion of Ukraine and a steep rise in inflation worldwide, UK consumer confidence slides.

UK consumer confidence slides as inflation and war worries mount

Japan's central&nbsp;bank&nbsp;chief said on Friday the country will likely reach its key two-percent&nbsp;inflation&nbsp;target as&nbsp;oil&nbsp;rates surge, but the&nbsp;bank&nbsp;will continue monetary easing policies because the price rises are caused by external factors.

The&nbsp;Bank&nbsp;of&nbsp;Japan&nbsp;has struggled to lift&nbsp;inflation&nbsp;for nearly a decade with the world's third-largest economy swinging between periods of sluggish&nbsp;inflation and deflation, both considered bad for growth.

"Unlike in the US and Europe,&nbsp;inflation&nbsp;is currently at around 0.6 percent, and is likely to rise to about two percent after April," BoJ governor Haruhiko Kuroda told reporters following a two-day policy meeting.

Also read |&nbsp;<a href="https://www.wionews.com/world/japanese-emperors-daughter-says-being-an-adult-royal-still-rather-tense-marriage-far-off-463173">Japanese emperor's daughter says being an adult royal still 'rather tense', marriage far off</a>

"Most of the rise in prices will be caused by increases in international commodity supplies, energy, and food import prices, so naturally it is not necessary&nbsp;or appropriate to tighten monetary policy."

The United States Federal Reserve raised its benchmark interest rate on Wednesday for the first time since 2018 in a bid to tackle soaring&nbsp;inflation.

Kuroda said consumption in&nbsp;Japan&nbsp;is expected to further recover from a pandemic dip as the government lifts restrictions -- which mainly require restaurants and bars to limit opening hours -- in Tokyo and elsewhere on Monday.

Japan's core consumer prices, which exclude volatile fresh food, rose 0.6 per cent in February from a year earlier, government data showed Friday.

Also read |<a href="https://www.wionews.com/world/japan-imposes-new-sanctions-on-russian-billionaire-and-16-others-462386">&nbsp;Japan imposes new sanctions on Russian billionaire, and 16 others</a>

The internal affairs ministry said the rise was driven by food prices and utility bills due to a surge in energy costs linked to the Ukraine crisis.

It met market expectations as the sixth straight monthly gain, and the sharpest rise since February 2020.

The BoJ's target of sustained two-percent&nbsp;inflation&nbsp;is seen as key to spurring healthy economic growth in&nbsp;Japan.

But analysts say that even if the target is hit in the coming months, it is unlikely to last.

"Once the energy-price shock and deterioration in terms of trade is gone, prices will decline again," Shigeto Nagai of Oxford Economics told AFP ahead of the BoJ meeting.

Excluding energy prices as well as fresh food,&nbsp;Japan's consumer prices were down 1.0 percent in February, the 11th straight monthly fall, the ministry said.

Watch |&nbsp;Gravitas: 7.4 Magnitude Earthquake hits Japan

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-74-magnitude-earthquake-hits-japan-463275/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Japan's central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors.

Japan's central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors. The Bank of Japan has struggled to lift inflation for nearly a decade with the world's third-largest economy swinging between periods of sluggish inflation and deflation, both considered bad for growth. "Unlike in the US and Europe, inflation is currently at around 0.6 percent, and is likely to rise to about two percent after April," BoJ governor Haruhiko Kuroda told reporters following a two-day policy meeting. Also read | Japanese emperor's daughter says being an adult royal still 'rather tense', marriage far off "Most of the rise in prices will be caused by increases in international commodity supplies, energy, and food import prices, so naturally it is not necessary or appropriate to tighten monetary policy." The United States Federal Reserve raised its benchmark interest rate on Wednesday for the first time since 2018 in a bid to tackle soaring inflation. Kuroda said consumption in Japan is expected to further recover from a pandemic dip as the government lifts restrictions -- which mainly require restaurants and bars to limit opening hours -- in Tokyo and elsewhere on Monday. Japan's core consumer prices, which exclude volatile fresh food, rose 0.6 per cent in February from a year earlier, government data showed Friday. Also read | Japan imposes new sanctions on Russian billionaire, and 16 others The internal affairs ministry said the rise was driven by food prices and utility bills due to a surge in energy costs linked to the Ukraine crisis. It met market expectations as the sixth straight monthly gain, and the sharpest rise since February 2020. The BoJ's target of sustained two-percent inflation is seen as key to spurring healthy economic growth in Japan. But analysts say that even if the target is hit in the coming months, it is unlikely to last. "Once the energy-price shock and deterioration in terms of trade is gone, prices will decline again," Shigeto Nagai of Oxford Economics told AFP ahead of the BoJ meeting. Excluding energy prices as well as fresh food, Japan's consumer prices were down 1.0 percent in February, the 11th straight monthly fall, the ministry said. Watch | Gravitas: 7.4 Magnitude Earthquake hits Japan

Bank of Japan says no tightening as oil stirs inflation

The US Federal Reserve announced a 0.25 percent hike in its bench-mark short-term interest rate, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount.

US Fed lifts policy rate by 0.25%

&nbsp;

In the midst of Pakistan's record-breaking inflation, Prime Minister Imran Khan declared on Sunday that he did not enter politics to learn about the 'aloo and tamatar' process.

Speaking at a rally in Hafizabad, Punjab, Khan expressed confidence that Pakistan would set new development milestones in the coming year and a half.&nbsp;

"I didn't enter politics to know the prices of potatoes and tomatoes. I joined it for the sake of the country's youth... This country will break records in terms of development in the next one-and-a-half years, "Khan was quoted as saying by Geo News.

The remarks of Pakistan's prime minister should be evaluated within the context of the country's ongoing inflation and unemployment crisis, which began in August 2019.

The 69-year-old former cricketer believes that if Pakistan is to become a great nation, it must embrace the truth he has preached for the past 25 years.

Khan's comments come only days after the country's opposition parties filed a no-confidence vote in him in the National Assembly.

Opposition leaders are set to meet on Monday at the home of Shehbaz Sharif, the Leader of the Opposition in the National Assembly and President of the Pakistan Muslim League-Nawaz (PML-N), to discuss the details of the no-confidence resolution against Imran Khan.&nbsp;

(With inputs from agencies)

In the midst of Pakistan's record-breaking inflation, Prime Minister Imran Khan declared on Sunday that he did not enter politics to learn about the 'aloo and tamatar' process.

In the midst of Pakistan's record-breaking inflation, Prime Minister Imran Khan declared on Sunday that he did not enter politics to learn about the 'aloo and tamatar' process. Speaking at a rally in Hafizabad, Punjab, Khan expressed confidence that Pakistan would set new development milestones in the coming year and a half. "I didn't enter politics to know the prices of potatoes and tomatoes. I joined it for the sake of the country's youth... This country will break records in terms of development in the next one-and-a-half years, "Khan was quoted as saying by Geo News. The remarks of Pakistan's prime minister should be evaluated within the context of the country's ongoing inflation and unemployment crisis, which began in August 2019. The 69-year-old former cricketer believes that if Pakistan is to become a great nation, it must embrace the truth he has preached for the past 25 years. Khan's comments come only days after the country's opposition parties filed a no-confidence vote in him in the National Assembly. Opposition leaders are set to meet on Monday at the home of Shehbaz Sharif, the Leader of the Opposition in the National Assembly and President of the Pakistan Muslim League-Nawaz (PML-N), to discuss the details of the no-confidence resolution against Imran Khan. (With inputs from agencies)

I didn't join politics to know the prices of aloo and tamatar: Pakistan PM Imran Khan

In the wake of Russian invasion of Ukraine, several western countries are contemplating to impose a ban on Russian oil import.

Even though US announcing sanctions on Russian oil is very much on the cards, several European countries have carefully avoided directly hitting the country’s energy exports.

Moreover, Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports.

Even if US moves ahead with its plan, can other western nations follow suit considering that Russia caters to almost half of Europe’s gas needs?

Russian oil

Russia is the world’s second-largest producer of petroleum after the United States although, at times, its position fluctuates with that of Saudi Arabia.

Russia accounts for 7 per cent of the global share and is the top exporter of crude and oil products worldwide. Several European countries are heavily reliant on Russian energy.

Russia produces close to 11 million barrels of crude oil per day, of which roughly half the output is used to meet domestic demand.

About half of Russia’s oil output is shipped to European countries and another large chunk goes to China.

EU’s dependence

According to the International Energy Agency, the EU imported 155 billion cubic meters of natural gas from Russia in 2021, almost half (45%) of its gas imports and nearly 40 per cent of the total amount used.

The IEA has put together a 10-part plan to help the region reduce its dependence&nbsp;on&nbsp;the&nbsp;Russian energy source by a third in&nbsp;one year — while still adhering to the&nbsp;European Green Deal.

The plan includes not renewing expired contracts, ramping up renewable sources, keeping open existing nuclear power plants and asking the public to turn down the heat inside buildings.

Switching from burning natural&nbsp;gas&nbsp;to burning coal is a quick fix that is technically possible, but it’s not going to help the&nbsp;EU&nbsp;achieve its climate goals.

European countries that rely most on Russian gas

According to data from the European Union Agency for the Cooperation of Energy Regulators, Germany imports around half of its gas from Russia.

France procures about a quarter of its supply from Russia while it relies heavily more on Norway.

Italy would also be among the most impacted major economies at a 46 per cent reliance on Russian gas.

The UK, on the other hand, draws half its gas supply from domestic sources and imports mostly from Norway and Qatar.

Gas used in Spain also comes from different locations, the biggest trade partners being Algeria and the United States.

Some smaller countries in Europe rely exclusively on Russian gas, namely North Macedonia, Bosnia and Herzegovina and Moldova.

Dependence also exceeded 90 per cent of gas supply in Finland and Latvia. It stood at 89 per cent in Serbia as per the latest available data.

Inflationary shock

Expectations remain grim. JP Morgan predicts oil could hit a record $185 a barrel by 2022-end if the supply disruption to Russian exports lasts long, while a Reuters poll showed most&nbsp;analysts expect yearly price&nbsp;to average below $100.

With natural gas prices hitting all-time highs, soaring energy costs are expected to push inflation above 7 per cent on both sides of the Atlantic in the coming months and severely impact households' purchasing power.

What are the alternatives?

According to&nbsp;current estimates, 79.4 per cent of the world's proven oil reserves (1,189.80 billion barrels, as of 2018) are located in Organization of the Petroleum Exporting Countries (OPEC) member countries, with the bulk in West Asia, accounting for 64.5 per cent of the bloc's total.

During 2011-2020, OPEC members added 71.1 billion barrels to their total proven crude reserves, a significant addition compared to other producers.

On March 1, the US and other member states of the International Energy Agency (IEA) decided to release 60 million barrels of oil reserves to make up for supply disruptions caused by Russia's invasion of Ukraine.

(With inputs from agencies)

In the wake of Russian invasion of Ukraine, several western countries are contemplating to impose a ban on Russian oil import. Even though US announcing sanctions on Russian oil is very much on the cards, several European countries have carefully avoided directly hitting the country’s energy exports.

In the wake of Russian invasion of Ukraine, several western countries are contemplating to impose a ban on Russian oil import. Even though US announcing sanctions on Russian oil is very much on the cards, several European countries have carefully avoided directly hitting the country’s energy exports. Moreover, Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. Even if US moves ahead with its plan, can other western nations follow suit considering that Russia caters to almost half of Europe’s gas needs? Russian oil Russia is the world’s second-largest producer of petroleum after the United States although, at times, its position fluctuates with that of Saudi Arabia. Russia accounts for 7 per cent of the global share and is the top exporter of crude and oil products worldwide. Several European countries are heavily reliant on Russian energy. Russia produces close to 11 million barrels of crude oil per day, of which roughly half the output is used to meet domestic demand. About half of Russia’s oil output is shipped to European countries and another large chunk goes to China. EU’s dependence According to the International Energy Agency, the EU imported 155 billion cubic meters of natural gas from Russia in 2021, almost half (45%) of its gas imports and nearly 40 per cent of the total amount used. The IEA has put together a 10-part plan to help the region reduce its dependence on the Russian energy source by a third in one year — while still adhering to the European Green Deal. The plan includes not renewing expired contracts, ramping up renewable sources, keeping open existing nuclear power plants and asking the public to turn down the heat inside buildings. Switching from burning natural gas to burning coal is a quick fix that is technically possible, but it’s not going to help the EU achieve its climate goals. European countries that rely most on Russian gas According to data from the European Union Agency for the Cooperation of Energy Regulators, Germany imports around half of its gas from Russia. France procures about a quarter of its supply from Russia while it relies heavily more on Norway. Italy would also be among the most impacted major economies at a 46 per cent reliance on Russian gas. The UK, on the other hand, draws half its gas supply from domestic sources and imports mostly from Norway and Qatar. Gas used in Spain also comes from different locations, the biggest trade partners being Algeria and the United States. Some smaller countries in Europe rely exclusively on Russian gas, namely North Macedonia, Bosnia and Herzegovina and Moldova. Dependence also exceeded 90 per cent of gas supply in Finland and Latvia. It stood at 89 per cent in Serbia as per the latest available data. Inflationary shock Expectations remain grim. JP Morgan predicts oil could hit a record $185 a barrel by 2022-end if the supply disruption to Russian exports lasts long, while a Reuters poll showed most analysts expect yearly price to average below $100. With natural gas prices hitting all-time highs, soaring energy costs are expected to push inflation above 7 per cent on both sides of the Atlantic in the coming months and severely impact households' purchasing power. What are the alternatives? According to current estimates, 79.4 per cent of the world's proven oil reserves (1,189.80 billion barrels, as of 2018) are located in Organization of the Petroleum Exporting Countries (OPEC) member countries, with the bulk in West Asia, accounting for 64.5 per cent of the bloc's total. During 2011-2020, OPEC members added 71.1 billion barrels to their total proven crude reserves, a significant addition compared to other producers. On March 1, the US and other member states of the International Energy Agency (IEA) decided to release 60 million barrels of oil reserves to make up for supply disruptions caused by Russia's invasion of Ukraine. (With inputs from agencies)

Just how crucial Russian gas is for West, in spite of its invasion of Ukraine

In a massive jolt to Pakistan Prime Minister Imran Khan, the opposition lawmakers submitted a no-confidence motion seeking to ouster his government over failure to control inflation.

A delegation of lawmakers submitted the no-trust motion to the secretariat in the Parliament House in Islamabad.

A total of 86 Members of the National Assembly from the Opposition have signed the motion. As per rules, 68 MNAs need to sign the petition and the Speaker has 3-7 days to call the session for voting.

Further, PML-N MNAs have been directed to remain in Islamabad as the coming 3 weeks were crucial politically.

In order to make the no-confidence motion against the prime minister successful, the joint opposition requires the support of 172 MNAs.

Khan, 69, is heading a coalition government and he can be removed if some of the partners decide to switch sides, which is not unusual in parliamentary democracies.

This comes after a former minister and member of Khan’s Pakistan Tehreek-e-Insaf (PTI), Aleem Khan, switched sides with a rival faction in the party as he had reservations with the prime minister.

Also read |&nbsp;P<a href="https://www.wionews.com/south-asia/pakistan-pm-imran-khans-striking-speech-targeting-western-envoys-joint-letter-on-russia-grabs-attention-459828">akistan PM Imran Khan's striking speech targeting Western envoys' joint letter on Russia grabs attention</a>

Khan has been facing heat for uncontrolled inflation that has broken the back of poor people of the country.

Khan, a former cricketer, came to power in 2018 and elections are to be held in 2023 if he succeeded to ward off the challenge of no-trust move.

He had promised to clean the country of corruption and create a new Pakistan.

Meanwhile, Khan asserted that his government would not be ousted and would become stronger.

"The army stands with me, it will never support thieves [...] and since the people are not backing the Opposition anymore, they are claiming that the establishment is supporting them," GEO TV quoted Khan as saying.

"A mind game is going on right now, and I am a master at it," he added.

Speaking about estranged PTI leader Jahangir Tareen, the prime minister said: "I know that he will never join these robbers."

(With inputs from agencies)

In a massive jolt to Pakistan Prime Minister Imran Khan, the opposition lawmakers submitted a no-confidence motion seeking to ouster his government over failure to control inflation.

In a massive jolt to Pakistan Prime Minister Imran Khan, the opposition lawmakers submitted a no-confidence motion seeking to ouster his government over failure to control inflation. A delegation of lawmakers submitted the no-trust motion to the secretariat in the Parliament House in Islamabad. A total of 86 Members of the National Assembly from the Opposition have signed the motion. As per rules, 68 MNAs need to sign the petition and the Speaker has 3-7 days to call the session for voting. Further, PML-N MNAs have been directed to remain in Islamabad as the coming 3 weeks were crucial politically. In order to make the no-confidence motion against the prime minister successful, the joint opposition requires the support of 172 MNAs. Khan, 69, is heading a coalition government and he can be removed if some of the partners decide to switch sides, which is not unusual in parliamentary democracies. This comes after a former minister and member of Khan’s Pakistan Tehreek-e-Insaf (PTI), Aleem Khan, switched sides with a rival faction in the party as he had reservations with the prime minister. Also read | Pakistan PM Imran Khan's striking speech targeting Western envoys' joint letter on Russia grabs attention Khan has been facing heat for uncontrolled inflation that has broken the back of poor people of the country. Khan, a former cricketer, came to power in 2018 and elections are to be held in 2023 if he succeeded to ward off the challenge of no-trust move. He had promised to clean the country of corruption and create a new Pakistan. Meanwhile, Khan asserted that his government would not be ousted and would become stronger. "The army stands with me, it will never support thieves [...] and since the people are not backing the Opposition anymore, they are claiming that the establishment is supporting them," GEO TV quoted Khan as saying. "A mind game is going on right now, and I am a master at it," he added. Speaking about estranged PTI leader Jahangir Tareen, the prime minister said: "I know that he will never join these robbers." (With inputs from agencies)

Opposition submits no-confidence motion as Pak PM Khan says 'army stands with me'

There is huge pressure on policymakers to raise interest rates as South Korea's inflation nears decade-high levels. Consumer inflation hovered near a 10-year high.

South Korea inflation nears decade-high levels: Pressure on policymakers to raise interest rates

The Jamiat Ulema-i-Islam-Fazl (JUI-F) activists recently held a protest against the frequent increases in the prices of electricity and petroleum products in the country.

The JUI-F activists protested outside the Dera Press Club in Khyber Pakhtunkhwa`s Dera Ismail Khan city, Dawn newspaper reported. The protesters held placards and banners inscribed with slogans against inflation and government policies.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/imran-khan-govt-surrendered-countrys-economic-control-to-imf-pak-opposition-454534">Imran Khan govt surrendered country's economic control to IMF: Pak Opposition</a>

Meanwhile, Jamaat-e-Islami (JI) leader Zahid Mohibullah Advocate, President Al-Khidmat Foundation Manzar Masood Khattak and tehsil president Haji Aqeel Dumra led the protest, the Pakistani newspaper reported. JI's leaders insisted that the rulers had mortgaged the entire country to IMF.

They added that the increases in taxes, electricity, gas and petroleum products had created a tsunami of inflation in the country, Dawn newspaper reported. The protestors blasted at Imran Khan-led PTI government for what they said people`s oppression by squeezing their purchasing power through taxes and increasing prices of essential items, the Pakistani newspaper reported.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/politicisation-by-some-countries-says-pakistan-on-fatf-grey-list-454549">Politicisation by some countries, says Pakistan on FATF grey list</a>

Earlier, the Imran Khan government dropped a "petrol bomb" on the masses by increasing the prices of petroleum products by up to Rs 12.03 per litre.&nbsp;Besides politicians, traders, farmers, businessmen and people from all walks of life had expressed their serious concerns over the latest government move that, according to them, would bring a new wave of price-hike and inflation in the country, making it difficult for the middle and working classes to survive.

The Jamiat Ulema-i-Islam-Fazl (JUI-F) activists recently held a protest against the frequent increases in the prices of electricity and petroleum products in the country.

The Jamiat Ulema-i-Islam-Fazl (JUI-F) activists recently held a protest against the frequent increases in the prices of electricity and petroleum products in the country. The JUI-F activists protested outside the Dera Press Club in Khyber Pakhtunkhwa`s Dera Ismail Khan city, Dawn newspaper reported. The protesters held placards and banners inscribed with slogans against inflation and government policies. Also read | Imran Khan govt surrendered country's economic control to IMF: Pak Opposition Meanwhile, Jamaat-e-Islami (JI) leader Zahid Mohibullah Advocate, President Al-Khidmat Foundation Manzar Masood Khattak and tehsil president Haji Aqeel Dumra led the protest, the Pakistani newspaper reported. JI's leaders insisted that the rulers had mortgaged the entire country to IMF. They added that the increases in taxes, electricity, gas and petroleum products had created a tsunami of inflation in the country, Dawn newspaper reported. The protestors blasted at Imran Khan-led PTI government for what they said people`s oppression by squeezing their purchasing power through taxes and increasing prices of essential items, the Pakistani newspaper reported. Also read | Politicisation by some countries, says Pakistan on FATF grey list Earlier, the Imran Khan government dropped a "petrol bomb" on the masses by increasing the prices of petroleum products by up to Rs 12.03 per litre. Besides politicians, traders, farmers, businessmen and people from all walks of life had expressed their serious concerns over the latest government move that, according to them, would bring a new wave of price-hike and inflation in the country, making it difficult for the middle and working classes to survive.

Opposition party JUI-F protests against rising inflation in Pakistan

The Tunisian economic crisis is only deepening ever since the power grab by the President in July last year. Things have gone from only bad to worse and now with the inflation level skyrocketing the common people in the country are finding it extremely hard to make ends meet.

Tunisia reels under impact of economic mismanagement

Inflation in the UK has reached the highest level for nearly three decades as the cost of living continues to rise. The Office for National Statistics said Consumer Prices Index (CPI) inflation reached 5.5% in January, up from 5.4% in December.

UK inflation hits nearly 30-year high, consumer prices edge up to 5.5%

Trouble for the British PM Boris Johnson is not limited to the partygate scandal. The United Kingdom has also hit the highest inflation levels in the last three decades adding pressure to the cost of living and also to the Bank of England to keep raising rates.

UK inflation hits 30-year high

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