Headline consumer inflation in South Africa surged to 7.4% in June, higher than analysts' predictions and ahead of a central bank interest rate announcement. Rhiannon Oliver has more.

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.

Inflation in Germany is likely to start dropping again over the rest of the year, according to a prestigious economic think tank. But researchers warn food prices may still rise.

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.

Inflation is running at its highest levels ever among the 19 countries using the euro, according to numbers published by Eurostat. Energy prices, which went up almost 40% in July, have contributed to the record hike.

Shepherd Chowe pushes a cart filled with tins, iron rods and other metallic objects down a dusty pathway in Hopley, a poor settlement about 15 km west of Zimbabwe's capital, Harare. He is among desperate Zimbabweans selling scrap metal for survival as the cost of living soars, piling pressure on a population already facing food shortages and high unemployment, and stirring memories of economic chaos years ago under the late leader Robert Mugabe's near four-decade rule.

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

The German Finance Ministry has revealed a plan to ease income tax in response to spiraling inflation. However, critics had claimed the measures would benefit top earners the most, and squeeze public spending.

Inflation is generally understood to be a sustained hike in the price level of goods and services. Most economists favor relatively low and stable inflation rates for a nation's economy to work smoothly.

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

The bill, which involves major spending on climate action and healthcare, is a triumph for President Joe Biden's legislative agenda.

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