Inflation is finally cooling in the US. But has the Federal Reserve really reached the end of its rate hikes? And what does that mean for other central banks? We speak to Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown.

Sky-high inflation and a plunging lira continue to be at the forefront of Turkish voters' minds as the country appears set for a runoff election between President Recep Tayyip Erdogan and his challenger Kemal Kilicdaroglu. Erdogan's unorthodox economic theories have unnerved investors and analysts as he contradicts mainstream methods to tame the country's cost-of-living crisis.

German consumers are looking less concerned when shopping for groceries these days, as prices for food have begun falling slowly. But is peak inflation behind them?

The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.

The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.

Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.

The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.

Turkey has increased its base interest rates by a whopping 6.5%, the clearest indication yet that the unconventional economic policy dubbed "Erdonomics" might be history now in Recep Tayyip Erdogan's new government.

Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.

African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.

The Russian ruble hit its lowest level since March 2022 when the currency crashed following Moscow's invasion of Ukraine. Inflation, meanwhile, has remained persistently high.

The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.