IMF chief warns of multiple inflationary shocks amid market jitters Kristalina Georgieva cites Russia’s war in Ukraine and cost pressures caused by China’s zero-Covid policies
World Bank pledges $12bn to support low-income countries hit by shortages Move follows warning from head of UN World Food Programme about high prices leading to social unrest
Ukraine farming group calls for urgent end to ports blockade Group warns of ‘cascade of export bans’ amid failure to ease grain bottlenecks fuelling shortages and inflation, MHP said
EU growth forecast cut as war in Ukraine fuels inflation European Commission downgrades growth prospects from 4% to 2.7%, while economy slows rapidly in China
Sri Lanka is the first domino to fall in the face of a global debt crisis The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last
Global stock markets fall sharply amid fears over inflation and China slowdown FTSE 100 and S&P 500 among those to slide as investors worry that worldwide growth is weakening
Russia’s war in Ukraine ‘causing £3.6bn of building damage a week’ Kyiv School of Economics estimates cost of conflict could rise to $600bn, almost four times the nation’s GDP
EU faces crunch point over Russia’s gas payment demands As deadline loom, Brussels commissioner says handing over roubles would breach sanctions
How EU energy firms plan to pay for Russian gas without breaking the law Germany, Hungary and others are devising ways they can use roubles to pay Gazprom and not be in breach of sanctions
Ukraine war ‘will mean high food and energy prices for three years’ World Bank says biggest commodity shock since 1970s raises spectre of stagflation
Global stocks fall amid fears of new Covid lockdowns in China FTSE 100 drops by 141 points to 7380.5, its lowest close in more than five weeks
World Bank and IMF gathering underscores a bleak global outlook If Russia’s invasion of Ukraine is hurting developed countries, it’s proving a hammer blow for the poor
Ban on Russian gas would plunge Germany into recession, warns Bundesbank Immediate embargo would cost €180bn but economy may not shrink as much as first year of Covid
India and UK to press ahead with talks on free trade deal Narendra Modi hails ‘good progress’ as Boris Johnson signals he is willing to make concessions on immigration
Nestlé says more price rises are coming after 5.2% increase KitKat and Nescafé owner blames surge in cost of ingredients, energy, labour and transport