US inflation at 40-year high with 9.1%

A government plan calls for a tax on Spain's "big fortunes" would help offset inflation relief measures to assist low and middle-income Spaniards.

At the head of a right-wing coalition, far-right Brothers of Italy leader Giorgia Meloni is gearing up to become Italy's new head of government. On the economic front, she'll be faced with rising consumer prices as well as the ongoing issue of national debt.

Inflation is a major concern in Germany, where the rate is currently at around 7.9%. Energy and food costs have risen sharply, and the winter months are approaching.

Rampant inflation and soaring energy costs have caused German consumer sentiment to drop according to new market research, with no indication just yet that inflation will improve soon.

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Inflation in the eurozone reached 10% in September, the highest it has ever been in the history of the common European currency.

Inflation is a major concern in Germany, where the rate is currently at around 7.9%. Energy and food costs have risen sharply, and the winter months are approaching.

Ports in Africa lose vast sums of money because of corrupt port officials, inefficiencies, and poor infrastructure, among others. Corruption has affected economic growth and slowed the clearance and forwarding of goods.

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides to respond by cutting supply to participating countries.

Inflation is hitting home for consumers across the EU, with new data showing that a regular cup of coffee may soon become a "luxury" for some. In some countries, the price of coffee is up over 40% compared to last year.

The latest data shows that inflation rose on average to 10.9% across the European Union. The figures come as inflation in the UK hit a 40-year high.

Inflation in the UK has spiked back to its 40-year high of 10.1% as households and businesses continue to struggle with soaring food and energy prices. The data come "despite the Bank of England trying to turn down the heat on this bubbling pot of prices", says Susannah Streeter, Senior Markets Analyst at Hargreaves Lansdown. The figures will add more pressure to the struggling government of Prime Minister Liz Truss.