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.

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.

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.

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.

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 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.

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.

Ghana's inflation has hit nearly 30% — the highest in the last two decades — as citizens lament the skyrocketing cost of living. Could the International Monetary Fund provide a solution for the West African nation?

Estonia is considered the richest country out of the three Baltic states, and yet it has the highest inflation in the eurozone. That's making life difficult for the poor.

The Hungarian government has just extended price caps on fuel and other items until July 1. Will that work against soaring prices?

Inflation in the US sent prices for gas, food and rent surging in the fastest rate since 1981. The pressure on US households is likely to lead to the Federal Reserve hiking interest rates again.

Rising inflation worldwide has made nearly everything more expensive - from energy to essential consumer goods. One country hit the hardest by rising prices is Argentina - inflation hit 51% at the end of 2021 and is expected to top 70% by the end of this year. Our correspondents Eléonore Vanel and Nicolas Flon took a look at the different avenues - both legal and illegal - Argentinians are taking to deal with the skyrocketing cost of living.