Nigeria’s February inflation up 11.3%

The Fed raises interest rates by the most in over 20 years The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.

The central bank has announced a 0.5% interest rate hike — its highest increase in more than 20 years. The US move comes as a number of other countries cut lending rates to deal with rising prices.

After a sell-off on Wall Street, global investors are grappling with price increases and rising borrowing costs. Inflation is particularly brutal in Turkey, and the Greek government unveils a program to protect households from soaring energy prices.

Inflation is at its highest level in decades in many parts of the world. In the US, consumer prices were 8.3 percent higher in April than a year earlier. In the eurozone, they rose by around 7.5 percent. Energy prices have been driving the surge, with Russia's war in Ukraine further fuelling the trend. But higher inflation tends to have a bigger impact on low-income households. Xavier Jaravel from the London School of Economics discusses this and more with FRANCE 24's Kate Moody.

British inflation surged last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up his help for households facing a worsening cost-of-living crisis.

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

Inflation in the eurozone has hit another record high, as the war in Ukraine stokes energy and food prices. Prices had already been increasing because of supply chain problems in the wake of the coronavirus pandemic.

French inflation comes in higher than expected at 5.2 percent at May, with consumer prices also on the rise across the continent, driven by skyrocketing food and fuel costs. We take a closer look at how French consumers are looking for discounts in supermarkets. Also, we see how the fashion industry's sustainability efforts continue to fall short.

The German government is supporting Ukraine, battling inflation, and combatting climate change. A monthly survey has asked voters how they rate the efforts.

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.

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