German inflation gathered pace again in August, official data published Tuesday showed, as the soaring price of energy heaped pressure on households.

Germany is replenishing its gas stocks more quickly than expected despite drastic Russian supply cuts and should meet an October target early, the government said Sunday.

Oil edged higher on Monday to extend last week’s gains as potential Opec+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Central banks will fail to control inflation and could even push price growth higher unless governments start playing their part with more prudent budget policies, according to a study presented to policymakers at the Jackson Hole conference in the United States.

France’s finance minister pledged Saturday to keep electricity costs in check for consumers as European energy prices soar.

British energy bills will jump 80 per cent to an average of 3,549 pounds ($4,188) a year from October, the regulator said on Friday, plunging millions of households into fuel poverty and businesses into jeopardy unless the government steps in.

With double-digit inflation and an economy teetering on the brink of recession, the cost-of-living crisis has dominated the race for Downing Street.

Asian and European equities fell Wednesday as investors awaited news on the next US interest rate hikes.

Ukraine is on course to ship nearly as much grain this month as it did before the Russian invasion, in a triumph for international efforts to ease food shortages, a US official said Tuesday.

Exports of key Ukrainian agricultural commodities have fallen by almost half since the start of the Russian invasion earlier this year compared to the same period in 2021, data from the agriculture ministry showed late on Monday.

It was meant to be Europe’s stellar year. A post-pandemic spending euphoria, supported by copious government spending was set to drive the economy and help fatigued households regain a sense of normality after two dreadful years.

Business activity across the euro zone contracted for a second straight month in August as the cost of living crisis forced consumers to curtail spending while supply constraints continued to hurt manufacturers, a survey showed on Tuesday.

Oil rose $1 a barrel on Tuesday as tight supply moved back into focus as a result of Saudi Arabia floating the idea of Opec+ output cuts to support prices and the prospect of a drop in US crude inventories.

Growth in Britain’s private sector slowed to a crawl in August as factory output fell and the larger services sector eked out only a modest expansion, adding to signs that recession may be looming, a closely watched survey showed on Tuesday.

A recession in Germany, the euro zone’s biggest economy, is increasingly likely and inflation will continue to accelerate and could peak at more than 10 per cent this autumn, the Bundesbank said in a monthly report on Monday.

Britain recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the Covid-19 pandemic, as well as a larger decline than any other major economy, updated official figures showed on Monday.

Oil prices were largely steady on Monday as a relatively tight global supply picture competed with fears of a recession and a rising dollar.

Britain will recruit health professionals from Nepal under its first labour agreement with the Himalayan country, officials said on Monday, helping Britain offset a labour gap while Nepal bids to boost remittances from migrant workers.

A charge to fund gas imports into Germany to boost national stocks has been set at 0.59 euro per megawatt hour (MWh), gas market operator Trading Hub Europe said on Thursday, feeding into a sharp rise in consumer energy costs.

Britain’s slide towards a recession has gathered momentum after data this week showed inflation jumping above 10 per cent, wages lagging far behind price growth and consumer confidence sinking to a record low.