EU plans emergency action to halt energy price rise
The European Union is preparing to take emergency action to reform the electricity market and get a grip on energy prices that have soared since Russia invaded Ukraine, senior officials said Monday. That's why we are now working on an emergency intervention and a structural reform of the electricity market."Energy ministers from EU member states will hold urgent talks in Brussels on September 9.
The IFO Institute does not see a quick end to high inflation in view of the announced price increases of German companies. According to a survey by the Munich researchers, many companies want to raise their prizes to a large extent. In August, the IFO index of the price expectations with 47.5 points was only 0.1 below the July value. Almost every company wants to raise prices in individual areas such as the food industry. "Unfortunately, the inflation wave leakage is not in sight," said IFO economist Timo Wollmerhäuser. © Carsten Koall/dpa Timo Wollmershäuser, economic chief of the IFO Institute in Berlin. On the contrary: In the coming months, he even expects higher inflation rates: "So far, the energy suppliers have only passed on a small part of the strong climbing of the stock market prices for electricity and natural gas to customers," said Wollmershäuser. «That should change in the coming months and lead to double -digit inflation rates. Consumers will therefore restrict their consumption, and all economic output will shrink in the second half of the year. »
A price expectation of 47.5 means that the proportion of those companies who wanted to increase prices is 47.5 percentage points higher than the proportion of companies that want to reduce prices. The numbers are currently particularly high in retail, and the lowest in the main building industry.
Zimbabwean bakers’ profits crumble amid Russia-Ukraine crisis .
Zimbabwe’s bakers are losing staff and profits as Russian invasion of Ukraine disrupts global economy.Customers were queueing outside his modest bakery in Kuwadzana, a high-density residential suburb west of Zimbabwe’s capital, Harare, to get freshly baked sugar buns, doughnuts and other confectioneries.