Inflation rate rises to 12.40% in May 2020 – NBS

The coronavirus seven-day incidence rate in Germany has crossed 1,600 for the first time. Meanwhile, New Zealand is opening its doors to tourists after a long wait.

Prices in Germany have increased by 7.9% this month, the highest amount since reunification.

The European Central Bank has left the interest rate unchanged but indicated that it will rise in July — the first hike since 2011. It is also halting a program which ultimately amounts to printing electronic money.

The Bank of England has followed the US Federal Reserve in raising interest rates. Both economies are battling the highest level of inflation in years and hope that tighter monetary policy will curb spiralling price rises. Also in the show: Australia's new government commits to more ambitious emissions reduction targets, and TV critics question Netflix's plans for a reality show based on the life-or-death hit "Squid Game".

Find these stories and much more when you grab a copy of The Guardian on Friday.⁣

Find these stories and much more when you grab a copy of The Guardian on Wednesday.⁣

Soaring inflation is prompting the bank to raise interest rates from current historic lows. The move could put a brake on rising prices but might also dampen growth.

The ECB bank has raised key rates by 50 basis points, more than it had signaled. The hike could hurt its credibility as being predictable, but that's a small price to pay in these unusual times, says Ashutosh Pandey.

The Fed added 0.75% to its benchmark interest rate for a second straight time. The increase of the interest rate to its highest level in four years comes as inflation continues to reach new heights.

The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.

Iran has executed at least 251 people in the first half of 2022, including women defending themselves against domestic violence.

Find these stories and much more when you grab a copy of The Guardian on Wednesday.⁣