The message from the world's top finance chiefs is loud and clear: rampant inflation is here to stay and taming it will take an extraordinary effort, most likely a recession with job losses and shockwaves through emerging markets.
European shares dropped on Monday, while bond yields surged as comments from central bank policymakers heightened fears of aggressive measures to stamp out inflation amid rising risks of a recession.
European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in the bank's inflation-fighting credentials.
Consumer morale in the euro zone's two biggest economies diverged starkly in August as French consumers benefited from fresh government measures while concerns over rising energy bills hit their German counterparts, surveys showed on Friday.
Hungary's central bank is expected to raise its base interest rate by 100 basis points to 11.75% next Tuesday.
Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks.
Tomasz Luksza, who took over his father's Polish confectionary business just over a decade ago, has a problem he's not unhappy about: European supermarkets want more gummy bears and chocolate-covered marshmallows than he can make.
It will be a chilly winter for global stocks, according to analysts in a Reuters poll who cut year-end predictions for most major indices from three months ago and warned the risks to that already-dull outlook were skewed to the downside.
Another dramatic spike in natural gas prices appears to have ended any hopes that Europe's inflation battle is set to ease, with financial markets now bracing for higher prices, a faster pace of interest rate hikes and a deeper economic downturn.
The global economy is increasingly at risk of sliding into recession, surveys showed on Tuesday, as consumers faced with generation-high inflation rein in spending while central banks are tightening policy aggressively just when support is needed.
Singapore's key consumer price gauge in July rose again at its fastest pace in more than 13 years, official data showed on Tuesday, mounting pressure on the central bank to consider another policy tightening move later this year.
Asian shares were down for a sixth straight session on Tuesday after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows.
British consumer price inflation is set to peak at 18% - nine times the Bank of England's target - in early 2023, an economist at U.S.
Oil prices are set in dollars, so any rise in the currency makes barrels more expensive for importers using other currencies.
British households are feeling "a sense of exasperation" about the surging cost of living which has pushed consumer sentiment to its lowest since at least 1974, according to the country's longest-running survey of household finances.
Britain's opposition Labour Party said parliament should be recalled on Monday to freeze energy bills for the winter as the country deals with the worst cost-of-living crisis in decades.
British two-year government bond yields surged on Wednesday to their highest level since the depths of the global financial crisis almost 14 years ago as stronger-than-expected inflation data fuelled bets on further Bank of England interest rate hikes.
The Bank of England warned earlier this month that UK inflation would climb to just above 13 percent this year, which would be the highest level since 1980.
British consumer price inflation jumped to 10.1% in July, its highest since February 1982, up from an annual rate of 9.4% in June, intensifying the squeeze on households, official figures showed on Wednesday.
China's central bank is set to take more easing steps, pressured by a shaky economy that is undercutting jobs, but it faces limited room to manoeuvre due to worries over rising inflation and capital flight, policy insiders and analysts said.
U.S. inflation at a four-decade high has hit lower-income Americans the hardest. On Tuesday, Walmart's results showed that those with bigger wallets are getting squeezed, too.
Walmart Inc nudged up its annual profit forecast on Tuesday, partly reversing a hefty cut less than a month ago, as discounts to clear excess merchandise and lower fuel prices helped it beat expectations for quarterly sales.