- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
Prices soaring everywhere: from beans in Brazil to pork in China
Consumers and businesses around the world are facing steeper prices for everything from Mexico's beloved tortillas to the aluminium cans used by beer companies.
Inflation jumped after countries emerged from Covid lockdowns and it has soared since Russia invaded Ukraine, with the IMF expecting consumer prices to rise by 8.3 percent globally this year.
Here is a look at how higher prices are affecting the world:
- Fuel -
The invasion of Ukraine by Russia, the world's third largest oil producer, sent crude oil prices through the roof.
The main international contract, Brent North Sea, almost hit $140 per barrel, but has now dropped back below $100.
Prices at the pump have followed suit, surging to over two euros per litre in eurozone countries and above five dollars per gallon in the United States, before falling back in recent weeks.
Natural gas has also become more expensive, especially in Europe, where electricity prices hit record levels in Germany and France.
Energy prices were up 38.3 percent in the eurozone in August from the same month last year.
Higher energy prices ripple throughout the economy as they affect the production and transportation costs of companies.
- Pasta, beans and tortillas -
The war sent food prices soaring as the war disrupted grain exports from Ukraine, a major supplier of wheat and sunflower oil to countries around the world.
In May, Allianz estimated that pasta prices had risen 19 percent in the eurozone over the previous 18 months.
In Canada, another large exporter of wheat, a 500-gram package had risen by 60 cents in July from the same month last year, to CAN$3.16, according to official data.
In Thailand, the price for instant noodles, which is controlled by the state, rose for the first time in 14 years in August -- a 17 percent increase to seven bahts (20 US cents).
The price of the corn flour used to make tortillas in Mexico -- a staple used for tacos and other dishes -- is up by around 13 percent from last year and contributing to two-decade high inflation.
Pinto beans, a Brazilian staple, cost nearly 23 percent more in August than at the same time last year.
- Meat -
With grain more expensive, feeding livestock has become costlier and farmers have in turn raised their prices.
Pork, the most popular meat in China, cost 22 percent more in August than last year.
Chinese authorities are considering tapping into their strategic reserves of pork for a second time this year in order to stabilise prices.
In Argentina, ground beef patties are popular as their prices have traditionally been low, but these have shot up by three quarters in the past 12 months.
The country currently has one of the highest inflation rates in the world at 56.4 percent over the first eight months of the year.
In Europe, it is chicken prices that have taken wing as farmers have had to contend with bird flu in addition to cost pressures. Wholesale prices were up by a third in August from the same month last year.
- Beer -
Brewers have been hit with not only rising grain prices, but also for the aluminium cans and glass bottles for their beer.
These are 70 percent more expensive than before the war in Ukraine, according to the trade association of European brewers.
Heineken, the world's second-largest brewery group, hiked its prices by an average of 8.9 percent over the first half of this year.
According to estimates by Bloomberg, AB InBev, the world's top brewer whose beers include Budweiser and Corona, has increased its prices by eight percent.
In Britain, the cost of a pint has risen above four pounds ($4.6), the highest price since 1987, according to Britain's Office for National Statistics.
- Newspapers -
Paper prices have climbed as demand has risen following the end of Covid lockdowns. Printing is an energy-intensive process.
Several French dailies raised their prices earlier this year, as have a number British newspapers like the Sun, the Times and Sunday Mail.
Others have reduced their number of pages.
In Europe overall, the prices of newspapers were 6.5 percent higher in July, according to official data.
Y.Ibrahim--CPN