The 8.6% yearly increase is the biggest since 1981. President Biden's efforts to stem the tide are having little effect as the impact of Russia's invasion of Ukraine continues to hit global economies.

In what is set to be a landmark agreement for gender equality, the EU is to vote on legislation where companies will face mandatory quotas to ensure women have at least 40 percent of seats on corporate boards. Annette Young talks to Carlien Scheele from the European Institute for Gender Studies on what it means for businesses across the European bloc. Also as the Taliban continues to ban schooling for girls aged over 11, we meet the Afghan people risking all to ensure girls receive an education. Plus the story of Viola Smith, the first female professional jazz drummer who fought for greater recognition of women in the industry.

German Chancellor Olaf Scholz has called on Bulgaria to withdraw its objection to North Macedonia joining the EU. The West Balkan nation was given the nod to start accession talks two years ago but progress has stalled.

The Japanese and Indian currencies plunged to their lowest records in decades against the US dollar as Washington looked set to hike interest rates in a bid to tackle inflation.

Wall Street had one of its worst days in recent weeks on Monday as a worse-than-expected US inflation figure last Friday fuelled concern about more aggressive rate hikes to come from the Federal Reserve. Cryptocurrencies also continued to tank after a lender froze withdrawals. Plus, as Europe looks to bolster the continent's energy security, France's TotalEnergies signs a deal with Qatar on a major gas field project.

The European Union has reached a deal on anti-monkeypox vaccines, with first jabs expected to arrive within weeks. The agreement was made through a new bloc-wide authority formed in response to the COVID-19 pandemic.

Inflation is a problem everywhere but in Turkey it is currently a staggering 73.5%, with no end in sight. Still, President Erdogan insists on maintaining low interest rates.

Federal Reserve raises key interest rate 0.75% as it tries to calm inflation. The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades.

"What a special moment," European Commission chief Ursula von der Leyen said after signing the gas memorandum. Europe is looking for alternate sources of energy since Russia’s invasion of Ukraine.

German Chancellor Olaf Scholz, along with Italian Prime Minister Mario Draghi, French President Emmanuel Macron and Romanian President Klaus Iohannis, decried Russia's attacks during their joint trip to Ukraine.

The executive body of the European Union has recommended that Ukraine be granted EU candidate status. Kyiv has sought candidate status since 2014.

The Cypriot government says the vast majority of migrants enter the island's breakaway north via Turkey and then seek asylum in the EU-backed south. Arrivals doubled to about 10,000 in the first five months of this year.